Over the last twenty years, stock exchanges have morphed into a new type of institution: the ‘demutualized exchange’. The position and power of stockbrokers — once the ‘masters of the investment universe’ — has been significantly lessened. “Demutualization” is the process by which a stock exchange is transformed from the traditional configuration of a broker-owned, […]

Although you might not get this impression from the press or politicians excoriating oil company executives, the United States benefits from energy costs that are relatively low compared to other countries. […]

On this site you will find five special link pages on the exogenous forces that move capital markets — forces I call the ‘Five Horsemen of the Investment Apocalypse’ : Here are some links on five great forces that move markets War New Leaders Demographics New Technology New Economic Theory These link collections are intended to help analysts keep up to date […]