Blog Archives

The media’s preoccupation with China’s slowing economy is the crucible for a stock market correction, but it’s not the whole answer. Until today, stocks’ decline was about in line with the 5% to 7% declines that happen every calendar year … Continue reading →

In the last few years, we’ve seen certain municipalities in the US fail to pay their debts, Detroit being the largest. On August 3, Puerto Rico defaulted. Around the same time, Greece defaulted. This is the tip of the iceberg. … Continue reading →

After the credit crisis of ’08/’09, Americans decided they didn’t like banks. Ever willing to oblige, politicians highjacked the populist uproar and created a behemoth of a regulatory morass, called Dodd Frank. If your community bank has closed its branch … Continue reading →

At some point in every market cycle, investors forget the last cycle and get too frisky. We can tell when this happens because it usually coincides with so-so performance for value managers, and great performance for growth managers. Value managers … Continue reading →