Banks

If the Seven Wonders of the Ancient World were not limited to the Mediterranean region, the Great Wall of China would likely make the list. The one that made later lists was mostly built in and after the 14th century but prior walls were built as far back as 200BC. Defending against Mongol raids was the most obvious purpose but trade and immigration control were also reasons why the Han Dynasty built the early earthen barriers so that workers and goods were accounted for and taxed.

The Armageddon countdown clocks were back, ticking away the second quarter in the bottom of
our TV screens as the world awaited the June 23rd Brexit vote determining if Great Britain would
leave the European Union. The referendum was considered a joke until recent polls showed it
having a chance to pass which kicked the ruling class into gear saying the Euroskeptics should not
be taken seriously. President Obama went to London to warn against Brexit saying “The UK is
going to be in the back of the queue” when the US negotiates trade deals. His comments were

“Look up here, I’m in Heaven!” is the opening line of David Bowie’s off Broadway production, Lazarus, which premiered earlier this month two days before the artist’s death. Known for innovating the world of music, Bowie revisited the theater as a creative way to say goodbye as he lost his battle with cancer. Many of the retrospectives on his unique life include his innovation in the financial world too.

The recently completed third quarter reminded us that financial markets entail risk even as the
Federal Reserve continues to pursue its extraordinary monetary policies adopted during the
financial crisis seven years ago. The third 10% stock market correction since the bull market
emerged in 2009 came after a record stretch of time without one. However, the volatility was
minor compared to the Black Monday crash of October 19, 1987 which convinced President
Reagan to establish the President’s Working Group on Financial Markets. Comprised of the