Howard Marks sent a memo; Ray Dalio explained the last 500 years as they related to empires and reserve currencies; we learned a new word, “shoshin”; and scanned a lot of charts about U. S. advertising revenue trends.

Back in March, as physical distancing practices were being implemented globally, I was bemused by contrasting provocatively titled articles published within a day of one another.

A podcast about decision-making theory, a global fiscal policy tracker, a blog about market assumptions, and an infinite monkey theorem experiment. The ideas springs have sprung.

Back in March, as physical distancing practices were being implemented globally, I was bemused by contrasting provocatively titled articles published within a day of one another.

A podcast about decision-making theory, a global fiscal policy tracker, a blog about market assumptions, and an infinite monkey theorem experiment. The ideas springs have sprung.

Over the last week, the world has seen a continued increase in COVID-19 cases and, consequently, a greater effort to contain the virus.

Throughout the week, governments around the world have continued to take more significant measures to contain the spread of COVID-19.

Considering the significant market volatility resulting from the COVID-19 outbreak, as well as the plunge in oil prices reflecting Saudi Arabia’s decision to accelerate output, we wanted to provide you with an update on Mawer’s strategy in this challenging environment.

Why, in investing, it is better to ‘avoid the zeros’; what 700 years of falling interest rates looks like; how mathematics can be a study in wonder (i. e. , fun); and the way spices spurred on empires.