Inflation never disappeared; it is only misstated. Its true definition would be the loss of purchasing power suffered by revenues not indexed to stock markets. This two-tiered purchasing power is bad for growth.

In times of market chaos, betting on volatility or mitigating it with derivatives makes the biggest difference. Non directional strategies are key. A number of Swiss managers are top performers.

While it is important to flatten the curve of new infections, the economic costs of lockdown measures should not be underestimated, as they fall disproportionately on the poor.

Myths of financial markets being essentially well-functioning and efficient die hard. We need to radically change the way finance is taught.

The recent market plunge was short sellers’ paradise. Is it an offence to make gains on the back of a disaster? The point is, attempts at banning them, let alone closing markets, are misguided and can’t be warranted.

In deciding on possible countermeasures, residents of Western democracies often hear only two opposite perspectives: Is the priority to minimize the loss of human lives, or to minimize the impact that the countermeasures might have on the economy? Even the simplest cost-benefit analysis suggests that the US government should be willing to spend up to $65 trillion and lock down the country to avoid extra deaths.