Stocks have gone up a lot in this expansion but so have earnings – on an almost one for one basis. But earnings are volatile and we’ve seen this plenty of times before. In this article at Project Syndicate, Robert Shiller compares the current period to the 1920s and other...
I went to the crossroad, fell down on my kneesI went to the crossroad, fell down on my kneesasked the lord above "have mercy, now save poor bob, if you please"Yeoo, standin' at the crossroad, tried to flag a rideooo eee, i tried to flag a ridedidn't...
I am not a fan of bitcoin and the myriad other cryptocurrencies. No, I'm sorry if you bought the hype, but these things have no intrinsic value and they are not currencies. Not now and not in the future, at least not in their current form. Governments are not...
One of my favorite financial writers, Edward Chancellor, has posted this article over at ThinkMarkets, an NYU economic blog. Chancellor is the author of Devil Take The Hindmost: A History Of Financial Speculation, by far the most literate book ever written on financial manias. Yes, Chancellor says, the US is...
A short interview with Jeremy Siegel by Robert Huebscher in Advisor Perspectives. Siegel touches on a number of interesting topics: The US stock market is fairly cheap at 16 times next year's earnings - as long as interest rates are around 3%. The volatility we've been seeing lately is...
Ever watched an episode of Antiques roadshow on PBS?  So have I (much to the chagrin of my wife)  Has it ever inspired you to look through some junk in your garage or basement? Me too... only problem is my junk is not worth nearly as much as the...
Tim Wu, a Columbia University law professor, has an intriguing opinion article in the Sunday New York Times about the link between big business and fascism. He makes the case that a lack of anti-trust enforcement has contributed to the rise of populism around the world. I don't know...
Elon Musk's lack of self control has finally bought Tesla a real problem. Does Tesla survive without Musk? That's a harder question to answer than it seems at first blush. The stock price is intimately intertwined with the aura of Elon Musk. Without him, Tesla is just a money...
I have been a fan of Japan as an investment for quite a while now. Shinzo Abe's economic reforms are, for now, paying large dividends. There are questions of course about monetary policy as implemented by the inventors of Quantitative Easing, taking monetary policy where it has rarely been....
Tuesday's election result was about as expected as you can get in markets. The accepted wisdom going into the election was that Democrats would take control of the House of Representatives and Republicans would retain control of the Senate. Sure, there were scattered articles by Democratic partisans predicting -...