Security prices in capital markets are not independent of investment theory. A useful academic overview of the field of ‘investment theory’ can be found in the hyper-text book, “An Introduction to Investment Theory“, by Professor William N. Goetzmann of Yale University School of Management. There is no single ‘investment theory’. Capital Flow Analysis is one of the modern […]

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 […]

In March 2004, news tickers reported a larger trade deficit. The Fed announced its decision to raise short term interest. Bond traders, crowded elbow to elbow on their communal desks, alerted by blaring bull horns, were quick to react. Intermediate and long bond prices fell sharply. Operating with a time horizon of a few […]