The cohort of managers leading Japan’s companies today are almost exclusively engineers who have rebuilt their companies during a period of maximum pessimism. If anyone had an excuse for nihilism, it was that group. Yet they somehow managed to lead Japan towards what Jesper rightly calls Capitalism that Works . In the bargain, they formed the... See more

Nihilism seems ascendant. Grant and Demetri Kofinas discern it within financial markets just as Michel Schellenberger sees it in the streets of California. Doomberg and Luke Gromen have chronicled its rise in the anti-energy movement. The nothingburgers served by our elites seem to justify this feeling: Boeing cannot make planes or rockets that... See more

t is as sure as eggs are eggs that the power of AI content and distribution, if applied to the (now) old paradigm of marketing, will break it and inflate the concept and quality of ‘content’ to the point of zero utility. The new firms and leaders will be the ones who both recognise that and formulate a new paradigm, whatever that looks like

nderstanding the rules of the game one is playing is absolutely fundamental to participation and, while the rules of our particular game have changed constantly over the last four decades, those changes have been both smooth and one-directional—a loosening of monetary conditions, more leeway given to policymakers, more protections afforded... See more

bull markets in gold always coincide with bear markets in trust. Gold is the only financial asset that is not a promise; whenever trust in promises wavers, demand for a promise-free safe haven soars. Because of its physicality and unique properties, gold is to finance what the North Star is to navigation

But now, according to Boris Pistorius, the German Minister of Defence, Russian military industry is outproducing the entire Western alliance 4:1. This, despite Russian GDP being reported at only 10% of that of the US. Clearly, the assumption that overwhelming GDP superiority automatically conferred overwhelming military superiority was incorrect.... See more