As simple a post as we can write on a beautiful winter's day in Princeton, New Jersey: "If you choose to sail upon the seas of banking, build your bank as you would your boat, with the strength to sail safely through any storm." (Joseph Safra, 1 September 1938- 10 December 2020) When we interact with company managements and institutional investors, without fail, the conversation turns to capital allocation. For capital intensive companies like banks, this means a strong per

They say a good picture can be worth a thousand words. Well, it's just as true that a bad stock chart always tells a sad tale. As we prepare to gratefully leave 2020 behind, while always remembering the unfathomable suffering that marked a year of global pandemic alongside continued social and geopolitical disruption, we look ahead to 2021. It brings the promise of vaccines, and the enduring hope for global peace, economic progress, social justice, and environmental healin