The second wave of COVID-19 is making headlines across the globe and one cannot help but wonder: will most countries return to full lockdowns? If…

Retail in transition
COVID-19 has been a part of our lives for over six months now. Most sectors of the economy are already past the initial shock caused…

Limitless printing, bitcoin halving
Bitcoin’s inventor and first miner, the obscure Satoshi Nakamoto encoded a message into the blockchain’s genesis block. It was the headline of The Times from…

Bitcoin jewelry
Obviously, the title is absurd. Bitcoin does have something to do with chains, but it is not used for manufacturing jewelry. That is especially relevant here, because…

The Flyer Index gave a signal
After several years, the Hungarian housing market raised from its ashes in 2014. A long stagnation was broken and prices began a steep climb, just…

How did the Hungarian Revolution of 1956 birth Bitcoin and Ethereum?
200,000 left Hungary after the Revolution of 1956 was defeated. Among them was a young man who took part in the fight and was forced…

THE HIDDEN OPPORTUNITY FOR EUROPEAN STOCKS
The US stock market has outperformed Europe in the last decade. Of course, the better returns can be explained by structural (such as the higher…

Why did I bet on bitcoin at the peak of the mania? — Without leaders
Part 4: Without leaders I was well aware that we were in the final phase of a mania and the crash was near. Still, in…

Why did I bet on bitcoin at the peak of the mania? — The network effect
Part 3: The network effect I was well aware that we were in the final phase of a mania and the crash was near. Still,…

Why did I bet on bitcoin at the peak of the mania? – Digital gold
Part 2: Digital gold Satoshi Nakamoto, the anonymous inventor of Bitcoin originally hoped to create a payment system with radically cheap (even free) transactions, which…

IT IS INCREASINGLY REASONABLE TO KEEP GOLD AS PART OF OUR LONG-TERM SAVINGS PORTFOLIO
The election of Christine Lagarde to head the European Central Bank is the latest confirmation. This is not personal; I have no intention of questioning…

Why did I bet on bitcoin at the peak of the mania?
Part 1: Let’s make a bet! In December 2017, some of us received a spot-on group mail, as we routinely do, from our colleague Viktor…

Interview with Hold Asset Management’s CIO and Senior Portfolio Manager
Major stock markets have become very expensive, and there are many signs that the way from here is going downwards globally. Such a situation has…

Economics Misbelieves – Part 1
Rehabilitation of the Lost Decade(s) As in the case of most developing scientific fields, it is also true that economic models and metrics should only…