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Editor
Harry Wilson is the editor of Trading News Global. Every article is read against the editorial policy before publication — in particular for claims stated more confidently than the sources support, for figures that cannot be traced to a primary source, and for anything that reads as advice rather than explanation. Where reporting on a number is contradictory, his call is to leave the number out and explain the mechanism instead. Corrections are routed to him.
Harry Wilson can be reached at corrections@tradingnewsglobal.com. If you believe something on this site is wrong, that address is the fastest way to say so — see our editorial policy for how corrections are handled.
Headlines quote CPI. The Federal Reserve's 2% target is set against PCE, a different index that usually reads lower. The gap is not a rounding difference and the reasons for it are instructive.
After a series of exchange failures, proof of reserves became standard practice. It answers one question well and leaves a larger one almost entirely open.
A 1% annual fee sounds trivial next to the returns being discussed. Over a working life it is not trivial, and the reason is that fees compound against you exactly as returns compound for you.
A bilateral rate tells you what a currency did against one other. REER tells you what it did against everything a country trades with, adjusted for inflation - which is what competitiveness actually depends on.
A buyback returns cash to shareholders by shrinking the company rather than paying them directly. Whether that creates value depends entirely on one thing, and it is not the size of the programme.
A strategy tested on the companies that exist today has been tested on a list assembled with hindsight. The ones that failed are missing, and their absence flatters every result.
