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Markets and Valuations

It’s the Discount Rate The current low interest rate environment increases the discounted present value of future cash flows and reduces the return demanded for every investment. In other words, when the Fed funds rate is zero, 6% bonds become disproportionately...

Pandemic Time

Instead of “internet time” we now have “pandemic time.” The need for advanced systems to keep society functioning, manufacturing moving, and give consumers some sense of safety is immediate. Driving innovations – whether those innovations are...

A New and Different Credit Crisis

Supply Shocks and Demand Disappearance: The World Needs A Bridge Loan The Fed Does Not Have the Arsenal The US economy is facing a transitory, but critical, credit emergency beyond the Fed’s normal scope. A new federal credit facility is needed to ensure that...