The economics of radical religious terrorism

The Charlie Hebdo attack has led many to claim that – or at least question why – Islam is associated with terrorism. I would reverse the order of causality the question implies. We must first try to answer why there are so many terrorist organizations linked to radical Islam. The attack led me to read, […]

Have Turkish Political Risks Been Priced In?

Two of the three analysts interviewed by Wall Street Journal Turkey for an article with a similar title think so. Most of the investment professionals I have talked to this past week are of the same opinion. That second sentence was confirmed when Turkish stocks rallied after the remaining detainees in the graft scandal, including […]

Would you invest a dime in Turkey?

I have been getting a lot of calls from investors, those with a longer-term focus as well as the usual short-term hedgies, who are obviously concerned about the political and economic developments in Turkey. I used to urge them to be cautious, while also emphasizing the potential gains they could have if Turkey emerges from […]