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Worlds Collide in an Ivy League Classic
by Andrew Schiff of Euro Pacific Capital, 11/27/19

Like particles in a super collider, opposing forces of American culture smashed together this past weekend on a historic football field in Connecticut. And like a physics experiment, the resulting impact shed light on the state of the country and provides us all with a ready framed discussion for the Thanksgiving weekend.

Surviving Austerity
by Andrew Schiff of Euro Pacific Capital, 1/28/14
With the Standard & Poors 500 Index having posted a 30% gain, its easy to assume that U.S. stocks easily led the world in 2013. (There is more on what is behind this rally in the latest version of the Euro Pacific Capital Newsletter). But as it turns out, the stimulus-loving U.S. markets had plenty of company. Surprisingly, this includes countries supposedly saddled by the scourge of austerity.

Political Theater
by Andrew Schiff of Euro Pacific Capital, 8/24/11
Unfortunately issues can be complicated, but the image of strength is simple. Mitt Romney leaning over a hay bale in Iowa while thrusting a finger at an audience heckler is the campaign moment most clearly relished by his supporters. What he said to the heckler was immaterial; he just looked strong doing it. There is a very similar dynamic in the financial world in which, during times of uncertainty, investors often blindly follow the crowd while seeking safety in numbers. They flock to U.S. Treasuries simply for the aura of safety, not for any inherent virtue of the asset.

The Center of Gravity Shifts Slowly
by Andrew Schiff of Euro Pacific Capital, 8/5/11
To an extent not fully appreciated by the investing public, financial markets are influenced by human emotion just as much as they are by economic data, corporate earnings, and dividend yields. Of all human motivations, fear is perhaps the most powerful. When people get scared, the fight or flight instinct forces us to take action. Simple dangers prompt simple responses. If we unexpectedly encounter a bear on our driveway, we immediately run into the house and call animal control. But its harder to know what to do when financial danger stalks the stock market.
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