What did we learn this year? Well, not too much.

Observing is not learning. Acting is. But we’re not going to do that. A call for action is sufficient, as long as someone else does it. That much we’ve learned.

Pandemic Time

What used to take several years now takes…

Transformation, Valuation, Employment, and Deflation

Disruption to some of the world’s most important industries, deflationary pressure caused by scaling lower-cost businesses, and sustained low interest rates challenge traditional valuation models. Technological platforms, from blockchain-based businesses to energy storage to DNA sequencing, enable unprecedented disruption to business and economic models.

Interest…

Stupidity and Misery by Another Name

A National Investment Authority, an idea gaining traction among the administration, would be responsible for “devising, financing, and executing a long-term national strategy of economic development and reconstruction.”

This is not the job of a government; this is the role of the free market…

Interest Rates and Investment Strategy

Investors expected that the Fed would not only end its bond-buying program, but many believed it would also raise interest rates. While the Fed did agree to taper its bond-buying, essentially decreasing its $150 billion monthly bond-buying program by $15 billion per month, ending the…

We’ve got nothing to worry about. Inflation won’t be an issue, unless…

Nothing to See Here

Central bank independence and fiscal responsibility matter, even though the Western world is acting as if these rules no longer apply. Well, perhaps. …

Failures are not Failure

Failures are essential for success. The NASA flight director, Gene Kranz, who is famous for the Apollo 13 quote, “Failure is not an option” has been misunderstood. Mr. Kranz did not mean “don’t fail.” …

A Faustian Bargain

Decentralized finance (DeFi) can disrupt global finance — but only if Defi systems and central governments cooperate. Yes, sworn enemies cooperating for the greater good.

While each seems to be the sworn enemy of the other, ultimately, a cooperative relationship between decentralized and efficient (versus anachronistic and…

Nicholas Mitsakos

I am an investor, entrepreneur, writer, and lecturer.

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