Merriam-Webster defines psychic income as 1) imputed income and 2) rewards, such as prestige, leisure, or pleasant surroundings, for example, not measurable in terms of money or goods, but serving as an incentive to work. Currently, workforce participation remains near record lows at 61.6% compared to a more normal rate of 63-4%. There are a … Continued
It is becoming clear that the world is facing a significant shortage of electricity. In order to meet demand, there has been a resurgence in the use of fossil fuels (coal, natural gas and oil) accompanied by price increases. Despite significant efforts to shift to renewable energy sources, there is a widening time gap between … Continued
This is a well-known, old proverb that is usually considered to be a suggestion to take advantage of favorable conditions. Historically, this may have referred to blacksmithing. Currently it seems to be reflective of the state of labor/management relationships, as many workers believe that this may be a good time to negotiate improvements in wages, … Continued
Wikipedia defines gamification as the strategic attempt to enhance systems, services, organizations, and activities in order to create similar experiences to those experienced when playing games, in order to motivate and engage users. Many new technologies, such as those employed by organizations like upstart brokerage Robinhood, utilize features designed to encourage investors to trade more … Continued
By now it is clear that energy prices are going to be quite a lot higher this winter than last. It is already visible at the gas pump with motor fuel prices running well ahead of a year ago. Natural gas prices have skyrocketed as the world faces significant shortages and home heating oil prices … Continued
Historically, motor fuel taxes have been a significant source of revenue, with most of the receipts committed to road construction and maintenance. Today, governments are aggressively promoting the development and purchase of electric vehicles (EVs). As the number of EVs on the road increases, motor fuel tax receipts have started to dwindle. Over the next … Continued
This line from Kenny Roger’s song “The Gambler”, summarizes the most difficult part of the investment process, admitting you made a mistake and taking your losses. Many investors often tend to close their eyes rather than confront the facts. This problem is not limited to individuals. The financial pages are littered with examples of some … Continued
According to Wikipedia, money is any item of verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. As a practical matter, money is what the government says it is, or isn’t. The People’s Bank of China recently said … Continued
Subjective: based on or influenced by personal feelings, tastes or opinions. Objective: expressing or dealing with facts or conditions as perceived without distortion by personal feelings, prejudices or interpretations. In politics and academia, but not sports, there seems to be an increasing trend toward subjective evaluations when objective results don’t provide the desired outcomes. That … Continued
We have previously discussed the issue of definition for funds purporting to offer an emphasis on focused investment themes. See our blog of April 14, 2021 titled How Many Raisins in a Box of Raisin Bran, in which we suggest that the fund manager decides what is a raisin and what isn’t. Now the European … Continued
This comment was attributed to a Wyoming company in February 1973. Energy prices were rising, but toughened environmental laws prevented finding more energy sources. Various iterations, some of which were not suitable for general viewing, became popular in Texas during the 1973-74 energy crisis. Now we seem to be seeing Deja vu all over again, … Continued
One of the key tenants of successful investing is an ability to determine which ‘facts” are relevant. Consider recent headlines noting that U.S. Covid-19 deaths had surpassed total deaths attributable to the 1918-19 flu pandemic. This statement is clearly factually correct. But how relevant is this data when one recognizes that the U.S. population is … Continued
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