We discuss the lessons from Calvin of Calvin & Hobbes fame on the exorbitant privilege of unfairness for bankers. We look at the game theory behind Deutsche Bank’s too big to fail, too broke to punish sweet spot as it attempts to ‘negotiate’ with the U.S. Department of Justice. In the second half, Max interviews precious metals expert, Ned Naylor-Leyland of Old Mutual Global Investors about gold – the original denominator – and about return-free risk in the negative yielding bond markets.
previous post