The short answer is…we’re not sure, but by the time we realize it, it may be too late.  In order to get a bit of perspective on historical volatility, below is a very informative chart prepared by FT Alphaville that gives the ten lowest and ten highest observations of volatility…

The June trend towards differentiating markets continued in July, with the US putting up some better economic numbers, Europe putting up some worse economic numbers and Asia holding out the possibility of recovery.  One can see this play out in the stock markets to a certain extent, with the S&P…

“In the spring a young man’s fancy lightly turns to thoughts of love.”  Putin was not thinking of Lord Tennyson when he lustfully grasped for Crimea and eastern Ukraine but his desire is heartfelt, nevertheless.  The West (see how that Cold War nomenclature slips readily back into the vernacular?) is…

Putin getting Crimea is like a dog chasing a car and actually catching it… his teeth are gripping the bumper, but he has to somehow carry away the prize.  Rightfully, away from the stage of grand politics and egos, the markets are generally ignoring the Ukrainian situation – at least…