Journal
March 2025
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Incrementum Year-End Competition 2025-Edition
Good Morning Ladies and Gentlemen ”It’s such a momentous change going on. If it continues like this, capital allocators will wonder: ‘Do I want to stay allocated to the U.S.?” Mansoor Mohi-uddin, chief economist at Bank of Singapore I believe that Europe is undergoing an awakening process, which is a positive development! However, […]
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Where Will Growth Come From?
Good Morning Ladies and Gentlemen ”Don’t criticise what you can’t understand.” Bob Dylan In my previous weekly update, I discussed the possibility of stagflation in the U.S., and I received a few messages asking how considerable that risk was. Obviously, I do not know, and usually, stagflation is rare. However, household consumption and […]
February 2025
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Let Us Speak About Stagflation
Good Morning Ladies and Gentlemen ”It’s never stupid to be afraid of shit that can kill you.” Anna Windsor, from Bound by Light (a book I have not read) Stagflation is a challenging economic phenomenon characterised by high inflation, low growth, and elevated unemployment rates. In this week’s edition of “Stefan’s Weekly,” I […]
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Debt
Good Morning Ladies and Gentlemen ”I wasn’t worth a cent two years ago, and now I owe two million dollars.” Mark Twain I have long been interested in debt and have observed a prevalent misperception of its nature among the general populace. I would like to clarify that not all forms of debt […]