Journal
February 2026
-
Capex: Big Tech versus Oil & Mining and the Outlook for Free Cash Flow
G Good Morning Ladies and Gentlemen ”Sicilians never want to improve for the simple reason that they think themselves perfect,” says Don Fabrizio. “Their vanity is stronger than their misery.” Bloomberg’s “Balance of Power” The appointed Federal Reserve Chairman, Kevin Warsh, has yet to receive Senate confirmation. In contrast to the sitting Chairman Jerome […]
-
The Price of Influence: Consequences of Corporate Giving to Politicians
Good Morning Ladies and Gentlemen ”Middle powers must act together because if you are not at the table, you are on the menu.” Mark Carney Last week, I indicated that I would be sharing my thoughts on “The Price of Influence: Consequences of Corporate Giving to Politicians” in this week’s edition of “Stefan’s Weekly.” […]
-
Ambition, Inflation, and Century Bonds: A Modern Tragedy in Four Acts
Good Morning Ladies and Gentlemen ”How quickly arrives suddenly?” Pete Doherty (during his concert in Zürich in February 2026) Richard III is a historical tragedy that explores themes of unchecked ambition, political manipulation, and the corrupting influence of power, centred around one of Shakespeare’s most notorious villains. Reading the news about today’s social and […]
-
Market Movement: What Drives Prices in Financial Markets?
Good Morning Ladies and Gentlemen ”Crypto is all over the Epstein files. In the documents that were released, a search for Bitcoin yields 1’520 hits.” Bloomberg’s “Odd Lots” According to an analysis by The Economist, a depreciation of the U.S. dollar is likely to reduce the weight of U.S. assets in global financial indices. […]