The pre-war days of $60 crude are not coming back soon

Options markets show optimism is giving way to euphoria

Most of them are not found in ivory towers

Nowhere in the developing world has done so well out of the past year

It will enrich an adversary

More difficult than knowing what to buy is how much

Vladimir Putin is still able to fund his aggression

Entrepreneurs, exchange operators and AI firms are creating tradable instruments backed by processing power

The household saving rate has plunged—but don’t panic

Smaller lenders are saddled with low-return bonds they cannot sell

The conditions and will for a deal are not what they were in 1985

The country is a case study in the spillovers of conflict—both positive and negative