Losses aren’t the only risk to worry about

Given today’s headlines – including an impeachment inquiry, trade wars, and a looming Brexit deadline – it’s not surprising that investors are particularly concerned about the potential for equity market volatility. But risk is always present for investors — and the possibility of losing money is just one form it can take. Below, I describe […]


Comments on September Housing Starts

Earlier: Housing Starts decreased to 1.256 Million Annual Rate in September Total housing starts in September were below expectations, however starts for July and August were revised up combined. The housing starts report showed starts were down 9.4% in September compared to August, and starts were up 1.6% year-over-year compared to September 2018. Single family […]


Philly Fed Manufacturing shows slow Growth in October

From the Philly Fed: Current Manufacturing Indexes Suggest Growth in October Manufacturing activity in the region continued to grow, according to results from the October Manufacturing Business Outlook Survey. The survey’s broad indicators remained positive, although their movements were mixed this month: The general activity and shipments indicators decreased from their readings last month, but […]


Industrial Production Decreased in September

From the Fed: Industrial Production and Capacity Utilization Industrial production fell back 0.4 percent in September after advancing 0.8 percent in August. For the third quarter, industrial production rose at an annual rate of 1.2 percent following declines of about 2 percent in both the first and the second quarters. Manufacturing production decreased 0.5 percent […]


Housing Starts decreased to 1.256 Million Annual Rate in September

From the Census Bureau: Permits, Starts and Completions Housing Starts:Privately‐owned housing starts in September were at a seasonally adjusted annual rate of 1,256,000. This is 9.4 percent below the revised August estimate of 1,386,000, but is 1.6 percent above the September 2018 rate of 1,236,000. Single‐family housing starts in September were at a rate of […]


Sustainable cost accounting recognises the myth within current accounting, which is that business can go on as it is, when it can’t

There’s a quote often attributed to Mahatma Ghandi, although that may be apocryphal, which goes along the lines of ‘First they ignore you, then they laugh at you, then they fight you, then you win.’ I have to admit comments coming in on the blog on sustainable cost accounting last night suggested that it was going […]


Why we need sustainable cost accounting

I have already published the Corporate Accountability Network’s two page summary of sustainable cost accounting. A longer briefing note has also been prepared by me for the Corporate Accountability Network. It’s available here, and goes into much more detail as to what sustainable cost accounting is and why it needed. The critical few paragraphs that justify […]


Japanese equities: still in the doldrums

Japanese equities have been the star performer since September – rising more dramatically than their global peers in a response to a perceived thaw in U.S.-China trade tensions. Yet we maintain our underweight on Japanese equities: They are particularly vulnerable to a growth slowdown in China, and we see no sustained letup in the protectionist […]