When we think about the challenges facing an investor today, the big problems, the things we worry about that could cause a lot more harm than some interest rate hikes, are mostly outside the United States. China is prominent this weekend because of demonstrations against their zero-COVID policies. The Chinese people appear to be pretty well fed up with the [...]
Nobody, and I mean nobody, does premature celebrations like central bankers. When it comes to their non-money monetary policies and the inflation they seek to create from them, time and again officials in every jurisdiction spike the ball at least 30 yards before they reach the endzone. Whenever one or another consumer price measure ticks up, or accelerates dramatically as [...]
Irving Fisher was a prolific economic writer and thinker. In addition to decomposing bond yields into growth and inflation expectations, he also came up with something called the money illusion. He ever went so far as to write a book on the idea, published in 1928, for all his imagination called simply The Money Illusion.At issue is, essentially, human nature. [...]
The stock market continued to defy gravity last week in its ongoing attempt to make me look like a fool for trying to predict its movements. We've recently moved our portfolios to a neutral risk position from the more aggressive stance we adopted during the great sovereign debt scare of last fall and are contemplating an even more conservative posture. [...]
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