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Nicholas Mitsakos

Research

Understanding Risk

Understanding Risk

Risk is the permanent loss of capital. It is not volatility, nor is it uncertainty. It is the realization of a loss. Therefore, risk ishard to understand because it is only clear with hindsight that a loss has occurred.Understanding how risk works can avoid this...

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Liquidity and the Pandemic

Liquidity and the Pandemic

Abundant Cash Is Not Cash Available Abundantly The pandemic, Fed interest rate policy and bond purchases, restrictive bankingregulations, and banks’ swelling cash balances will have a lingering impact on liquidityand produce some mind-bending policies to deal with...

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Market Flash 04/06/2021

Market Flash 04/06/2021

More volatility. Less predictability. S&P 500 stock market values are experiencing the same volatility as the first half of2020, the start of the Covid-19 pandemic (based on the 50 largest value movements as apercentage of the index’s total market value)....

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Lessons from Archegos

Lessons from Archegos

The Archegos implosion teaches the same lessons that apparently need to be taught over and over again. High leverage eventually brings margin calls.Margin calls equal disaster.Margin calls come when too much leverage is attached to securities linked to market...

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Market Flash 03/05/2021

Market Flash 03/05/2021

Things are getting interesting Interest rates are up, and highflying technology stocks are down. The US dollar is up versus major world currencies, and oil is higher.The global economy looks encouraging despite recent stock market performance. Economic growth is...

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