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This chart caught my eye this morning. Investors are increasingly worrying about investment grade (IG) corporate bonds. And they should. Most IG bonds carry the lowest IG credit rating; and they are overweighted in the energy sector. When bottom-rung IG … Continue reading →

Summary: Long ago, Friedrich von Hayek published two brilliant papers describing a price system as an information network. Since then, thousands of scientific papers have been published in network theory. Epidemiology is the study of how a pathogen like the … Continue reading →