Pragmatic Capitalism

Practical Views on Money & Finance

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Cutting Through the Currency Fog

With the euro sliding deeper against the dollar this week, equity investors have been getting nervous. But why is everyone so surprised when known currency fluctuations derail earnings? In our view, a sharper focus on company exposures can help create a “natural” currency hedge in global equity portfolios.

Z.1 Dumpage

I had been meaning to follow up after last week’s Z.1 report came out and it totally slipped my mind. It is, in my view, one of the most important documents the government releases. Which is funny because it doesn’t get much attention. Anyway, here are some general takeaways: The government’s deficit continues to contribute… Read More

What’s Right With Finance

Morgan Housel wrote a great piece this week called What’s Wrong With Finance where he laid out four problems that stem from the fact that finance is strange in so many ways. Here were his four problems:

A World Without the Federal Reserve

The Federal Reserve is, without a doubt, one of the most controversial entities in the world. This is always a strange notion for me because, at its most basic level, the Federal Reserve is actually a very boring entity. It is, for all practical purposes, just a big clearinghouse where banks have deposits that they settle… Read More