Faced with a choice between changing one's mind and proving there is no need to do so, almost everyone gets busy with the proof. J.K. Galbraith I've learned so much from my mistakes, I'm thinking of making a few more. Anonymous I was prepared to dislike our new Fed Chairman, Kevin Warsh. His past track record at the Fed stood [...]
You can't take the same actions as everyone else and expect to outperform. In order to outperform, by definition, you have to depart from the crowd. You have to hold a different position. If your portfolio looks like everyone else's, you may do well, or you may do poorly, but you can't do different. And being different is absolutely essential [...]
It just goes to show ya. It's always something. If it's not one thing, it's another. - Roseanne Roseannadanna, played by Gilda Radner on SNL So, was that it? Is the AI boom over? It seems like just a month or so ago that any stock even vaguely associated with AI was going up on a daily basis. Nvidia was [...]
Economic Stability One of the remarkable things about the US economy is how stable it has been over the last 4 years. I know it doesn't feel that way sometimes - most of the time? - but from an aggregate viewpoint, that is the reality. We can see this stability in a variety of economic reports as well as in [...]
In Congress, July 4, 1776 The unanimous Declaration of the thirteen united States of America, When in the Course of human events, it becomes necessary for one people to dissolve the political bands which have connected them with another, and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of [...]
All About The AI? It's an AI stock world and all the other stocks are just living in it, right? That is the persistent narrative we've been hearing for at least a couple of years and while the story is starting to see some cracks, it is still widely believed. There is still an underlying whiff of FOMO surrounding the [...]
Can Tech Stocks Keep Outperforming? Technology stocks have been outperforming for a long time. That's how technology gets to be nearly 40% of the S&P 500 and the Russell 1000 and 60% of the NASDAQ 100. The concentration of the indexes in technology stocks is a function of how well they've performed and the performance has solid, fundamental roots. They [...]
Question everything. Learn something. Answer nothing. Euripides Investors live in a world of noise. Every day the financial media pumps out content designed to capture your attention. An economic report will generate multiple analyses, some bullish, some bearish, looking at identical data and arriving at opposite conclusions. Social media amplifies it all, creating a cacophony of competing memes, all designed [...]
Where's the global economic meltdown? We're 3 months into a war with Iran, the Strait of Hormuz closed. 20% of global LNG is shutdown for the next 3 years, 20% of global crude oil production is being affected, 30% of global fertilizer supply is shut off, and roughly a third of global helium supply is bottled up in the gulf. [...]
Nicholas Mutton / A fork in the road The future is already here – it's just not evenly distributed. - William Gibson, author of Neuromancer Those who cannot remember the past are condemned to repeat it. - George Santayana, The Life of Reason We are in the midst of an unprecedented boom. A technological revolution that [...]
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