If there is one phrase which describes the financial performance of the autonomous region of Macau, it is punching above its own weight. Thought to be home to just 600,000 people, the area remains in rude health with its economy expanding by 6.1 percent year-on-year in the third quarter of 2017 and growth across the first three-quarters of the year being recorded at 9.3 percent year-on-year in real terms.

In a seminal paper [1] from 1958, Franco Modigliani and Merton H Miller showed why investors should not care about whether firms were financed with debt or equity...

The past week has showed the dark side of media coverage and analysis of current events and a test on just how much information you stuff down the public's throat.

I have used the metaphor of Japan as a bumblebee before and while I believe that the story on Japanese savings may just be a little more complicated than many believe...

“China poised to pass Japan as world’s No. 2 economy,” reports CNN.com. Q2 GDP figures from Japan and China show the latter exceeding the former, $1.34 trillion vs. $1.29 trillion. In 2009, it was Japan ahead for the full year, at $5.07 trillion compared to China at $4.91 trillion, according to the IMF. Given the two lost decades now in Japan, this was only a matter of time.

Like watching an old friend who fell from the high life as a special bracket investment banker to a stumbling drunk, I can't help but pity Japan's beleaguered stock investors. Since peaking in 1989 at 39,800, they have been mired in a 20 year bear market, the longest in history, and there is no sign of the index climbing substantially off the current 10,000 level anytime soon. I have watched with dismay as GDP growth shriveled from a white hot 10% in the sixties, to 7%, 5%, 3%, and now 1%, and share prices reflect this.

FX punters and other of their ilk are beginning to look to the Euro as a source of global liquidity to play the carry wheel in high yield economies.

Liquidity senders, liquidity receivers and the liquidity cycle.

Random Shots: Absolute Returns Partners Edition

Rapidly aging societies are not, in the main, characterized by dissaving but rather by the fight against it, says Claus Vistesen.