My measure by which I find a book useful is the likelihood that I am going to read it again and again and again.

For that to happen a book has of course to be well written but has to also hold lots of nuggets of information and insight that…


The recent spike in energy prices and concerns over shortages is finally starting to highlight the difficult choices that governments face in trying to accelerate the zero carbon energy transition and meet their net zero targets. …


One thing that is not in short supply are stories about shortages.

The BBC leads with “Shortage problem: What’s the UK running low on and why?”, meanwhile The New Yorker has, “The Supply-Chain Mystery: Why, more than a year and a half into the pandemic, do strange shortages keep popping…


The most authoritative estimate of bitcoin’s current and potential future value I have seen comes from a Dutch quantitative investment manager. Known only as PlanB on Twitter he has provided a way of valuing bitcoin (and indeed precious metals like gold and silver) based on the stock-to-flow (SF) ratio.

The…


It creeps up on you, little by little. It’s not even something you notice at first, standing at the till paying for your groceries. You check the receipt again! No, the weekly shop is pretty much the same as it was last week, and the month before that.

But standing…


On 29th April 2011 former US President Barack Obama made one of his most difficult decisions. He had to decide whether to launch an attack on a compound in Pakistan that intelligence agents suspected to be the home of Osama bin Laden.

Photo by Profound Whatever on Foter.com


“Our competitors are our friends. Our customers are our enemies.” — James Randall, former president of Archers Daniel Midland

We tend to think that higher input costs will automatically be passed onto the end consumer in the form of higher prices. Higher commodity prices, and escalating shipping and wage costs…


Capital Returns: Investing Through The Capital Cycle was published in 2015 and outlines the capital cycle approach to investing used by Marathon Asset Management. Introduced and edited by financial historian and investment strategist Edward Chancellor the book includes a number of Marathon client essays published between 2002 and 2015. As…


Howard Marks is the founder of Oaktree Capital. He has been writing memos about markets to his clients since 1990 (they are all published on their website). Marks’ first book, “The Most Important Thing: Uncommon Sense for the Thoughtful Investor” is a collection of the best insights from his memos.


Over seven years, 45 of the world’s top investors were given between $25 and $150m to invest by fund manager Lee Freeman-Shor. His instructions were simple. There was only one rule. They could only invest in their ten best ideas to make money.

The process gave Lee the perfect position…

Peter Sainsbury

I write about commodity markets at www.materials-risk.com. Author of a book about the power of media narratives and reclaiming your thinking.

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