Late to the Ponzi Party
Growth has slowed…cradles are empty…and the cost of accumulated debt has gone up. Younger generations, late to the Ponzi party, miss dessert; they only get to wash the dishes.
Where there’s smoke
Where there’s smoke
By almost any metric you use, stocks are near the highest levels ever – once again on the 10th floor or higher. They could go up, of course. And maybe AI could power a whole new economic boom.
Terrorize the Bourgeois
Terrorize the Bourgeois
We’re not really foolish enough to think we know what is going on. We make our guesses. We take our chances. History tells her story when and how she pleases.
A Blaze of Glorious Inflation
A Blaze of Glorious Inflation
It is mathematically and physically impossible for asset values to become too far removed from the underlying economy for too long. Instead, they cycle up and down, anchored to the real economy.
A Pure Bar Room Brawl
A Pure Bar Room Brawl
Poor Donald Trump. He hailed from Queens, not from Manhattan — separated by a few miles, the East River, and a whole cosmos of snobbery.
Fast Money and Fast Women
Fast Money and Fast Women
It is an illusion to think you are making money by inactivity. You are always long or short. The real difference is that the shrewd investor waits a long time between moves.
A Loyal Servant— but Not of the People
A Loyal Servant— but Not of the People
Back in the 1980s, senator William Fulbright noted that 90% of the Senate was controlled by Israel. Today, the total is probably closer to 95%.
The Behavior of Analog Animals
The Behavior of Analog Animals
“Another scorcher!” A neighbor drove up yesterday with an alarming report.
The Filter Stretches Like the Waistband
The Filter Stretches Like the Waistband
We have it on the very best authority that old men are not the same as young men.
If not now, when?
If not now, when?
A sustained drop in interest rates should make other income streams — say, corporate earnings — relatively more valuable. A rise in interest rates makes bonds more attractive.
