Do we have the capability to eliminate booms and busts in economic activity? The answer in my judgment is no, because there is no tool to change human nature. Too often people are prone to recurring bouts of optimism and pessimism.
January 09, 2018
The start of a new year is globally a time of celebration. It is a new beginning with a universal theme of optimism. But how many of us in the past 10-15 years have genuinely felt a sense of anticipation as a New Year began? This year we can and should feel that way. The long-term average Gross Domestic Product (GDP) for the United States...
December 18, 2017
As I was walking, my cell phone rang. I looked and saw it was my younger son. “Yeah, that’s good” I reminded myself. “He’s in the ‘States.’ ” My son has lived throughout the world for the past 15 years as a Foreign Service Officer with the U.S. State Department. He’s a diplomat. As a parent, it’s been fine, but Pakistan was a concern. ...
November 22, 2017
It was roughly 27 years ago when I became convinced that the brokerage industry business model was irrevocably broken. It was too conflicted. Customers were taken advantage of by hidden commissions. However, it continued right up to the moment two Bear Sterns managers couldn’t sell bonds they held in a hedge fund. It started the debt...
October 16, 2017
The world of active investment management was dramatically and negatively impacted on March 6, 2006. On that day, the New York Stock Exchange became a for-profit organization. The impact of the event would be disruptive to active management for years, yet the impending impact was missed by everybody. After all, who would...
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