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“When the facts change, I change my mind. What do you do, Sir?”

“When the facts change, I change my mind. What do you do, Sir?”

I attributed this quote to the economist John Maynard Keynes in my last Weekly Comment in August (“As per John Maynard Keynes, change your mind – portfolio positioning – when the facts change. But not before”). There is some disagreement on the origin of this quote, but apparently the comment should have been attributed to

October sell-off: An air pocket or something more serious?

“The Dollar is our currency, but it is your problem“ – John Connolly, US Secretary to the Treasury – 1971

So why have I decided to lead with this famous quote?  Well the answer is that what held true in 1971 still holds true 47 years later.  In 2018, the Dollar is still the reserve currency of the world, which means we still live in a US-centric world, with trade flows and markets still dominated


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