by Chris Gaffney
Daily Pfennig
Good morning. As has become our tradition on ‘Infusion Confusion’ Fridays, we will start today’s Pfennig with a few words from the big boss, Frank Trotter. He had sent me his ‘introduction’ yesterday afternoon prior to the events in Nice, France. The introduction spoke about Bastille day celebrations and compared the French revolution to today’s Brexit and a general push against the ‘establishment’. After last night’s terrorist attacks on those celebrating Bastille day we decided to leave the opening paragraphs out of this morning’s Pfennig. So with that set up here is the rest of Frank’s introduction to today’s Pfennig:
In an intellectual revolution in process right now we note that pretty much the entire foundation of the theory of modern finance is built upon the concept of a Risk-Free rate-of-return.