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.
July 22, 2016
As I sat in the faculty club dining room with Professor John Sterman I thought, “My God, it’s going to be miserable to go through a long-wave downturn.” Our lunch was 25 years ago. Judging by the current economic and presidential activity, my foreboding was totally justified. Professor Sterman is a professor at M.I.T.’s Sloan School and an...
June 16, 2016
The investment world is experiencing something it has never seen before … a “rolling” bear market. Sector by sector, industry by industry, the market has been declining for a year and a half. Yet, overall the market has not declined! It is a situation that has confused everyone.
The energy and consumer discretionary...
May 27, 2016
“How would you like your business card to read?” the office receptionist asked. “Francis Patrick Boland,” I answered. It was an outlandish statement on my part. Everyone around me had a nick name. I did not. But then I wasn’t an upper-class Boston Brahmin. “Might as well put my Irish heritage up front,” I thought. It was the spring of...
March 29, 2016
How often have you heard an investment management firm discuss or write about their sell discipline? Probably never! Most firms don’t have one. I was, in fact, in the investment business for 35 years before I fully realized its importance. Even then, it wasn’t my epiphany. The realization was forced on me by a client who became a friend...
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