Insights
“It is more sekyr [certain] a byrd in your fest, Than to haue three in the sky a‐boue.” - John Capgrave's The Life of St Katharine of Alexandria, 1450 The last four months have seen investors move from a futurity (new word for us) approach to a
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“So I just don’t think a lot of people have seen this. When’s the last time anyone here has seen interest rates up 2 years in a row and 6 or 7 times this year and 4 or 5 next? Nobody has seen that. Nobody has seen a
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Two thoughts from Oliver Burkeman (h/t @jposhaughnessey) “True security lies in the unrestrained embrace of insecurity—in the recognition that we never really stand on solid ground, and never can.” “Uncertainty is where things happen.” Over the past two long-drawn-out years, we have discussed the idea that market participants
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The world’s addiction to low interest rates reminds us of the Sirens of Greek mythology who allegedly (never convicted) inhabited an island between Aeaea (and you thought Auour had a lot of vowels) and the rocks of Scylla. Their sweet songs (low interest rates) attracted sailors (borrowers), only to
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In our May 2021 newsletter, Breaking Windows, we discussed inflation and its impact on the investment markets. We said the primary drivers of inflation were the large stimuli injected unevenly into the global economic system through governments and central banks. That newsletter focused on one side of the equation—demand—
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We recently watched a TED talk by fiction author John Green. He opened his talk by discussing Agloe, a made-up town in New York that he used in his book Paper Towns. Agloe was created by the cartographers who made Esso maps in the 1930s as a means of detecting
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<img class="wp-image-6814" src="https://auour.com/wp-content/uploads/2021/10/graphical-user-interface-description-automaticall.png" alt="Graphical user interface Description automatically generated"> We are keeping with our summer series of more charts and fewer words. Most of this newsletter will be discussing interest rates,
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If you follow us on LinkedIn, you will notice our desire to improve our vocabulary through the launch of the Auour Word of the Day (AWOTD). Within this note, you will see demonstrations of our fresh learnings. As with our last note, however, we are going to keep text to
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Summer has officially begun. Humidity is rising on the East Coast. The Pacific Northwest is hitting temps we have never seen before. Sunburns are fading into tans. With summer hitting its stride, then, we will keep this note short… We love what Mark Twain said about speculation: “There are two
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“Everyone wants to live at the expense of the state. They forget that the state wants to live at the expense of everyone.” —Frédéric Bastiat Not a day goes by without an article discussing inflation. And since that is the topic of this article, today will not be the exception.
Insights
In the early 1980’s, Dave Davies, of the English rock band the Kinks, wrote the song, “Living on a Thin Line.” He was writing about England as the last century waned, but it resonates today with our current economic situation. Economic life sits on a changing and unstable ground
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“One generation passeth away, and another generation cometh: but the earth abideth for ever.” – Ecclesiastes 1:4 Note: We have been consistently concerned about very high valuations in the global investing markets as well as a growing set of participants whose investment patterns are gambling-like. While we remain concerned about
