Tag: business cycles

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The Stock Market, Credit, And Capital Formation

(The epub edition here: The Stock Market, Credit, And Capital Formation PDF: stock-market-credit-and-capital-formation_4 fritz-machlup-a-tribute A continual rise of stock prices cannot be explained by improved conditions of production or by increased voluntary savings, but only by an inflationary credit supply–Fritz Machlup […]

Hummingbird Partners 2Q16 Investor Letter

Hummingbird Partners 2Q16 Investor Letter

Hummingbird Partners letter to investors for the second quarter ended June 30, 2016. “Economics is a discipline for quiet times. The profession, it turns out, … has no grip on understanding how the abnormal grows out of the normal and […]