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I have long been a Buffett observer, and back in 2011, I was worried that his vice Chairman, Charlie Munger, was getting on a bit. If I wanted to attend the Berkshire Hathaway (BRK) annual general meeting in Omaha, I had better get on with it. I went, and it

Over the weekend, the world lost yet another bank, First Republic. $100bn of deposits have already fled, and JP Morgan has swooped in once again. Could we end up with just two banks, the Fed and JP Morgan? Or maybe just JP Morgan. The US Treasury Secretary, Janet Yellen, says

This week, I discuss risk management and update you on developments on Melrose. Economic and market indicators are telling us that a recession is getting closer, which inevitably leads to a decline in earnings and a tough environment for stockmarkets. In this issue, I look at the latest warning signs

Trades in Whisky and Soda The animal spirits have returned but with a twist. One of the biggest winners since the autumn, and despite the then crisis in UK politics, has been the pound. It started from a low level and is back to somewhere close to normal. For UK

Trade in Whisky Things are not what they seem. In recent months, a trillion dollars of stimulus from Europe, Japan, and China has more than neutralised the Fed’s tightening. Strange though it may seem, this appears to have been enough for markets to shrug off the recent banking crisis.

It is nice to get through a week without a bank failure. The authorities have plugged the hole, reassuring depositors that all is well, at least for the time being. But just as the banks have been saved (again), problems arise in commercial real estate. Another asset class comes under