This quotation is generally attributed to Chancellor Otto von Bismarck and is sometimes modified to read, “Politics is the Art of Compromise.” Governing is not football, and while UCLA football’s coach, “Red” Sanders quote, “Winning isn’t everything, it’s the only thing,” may be appropriate for sports, it is not suitable for government. It would probably … Continued
The short answer is no, but the value of benefits may erode over time. The long term viability of the Social Security program is a recurring topic. Recently, the Social Security Administration reported that this year retirement benefits paid out each month are exceeding the tax revenues and interest that fund the program. Consequently, it … Continued
The book-to-bill ratio is a measure of the relationship between the amount a company bills over a specific period (a month, a year, etc.), and new orders. To the extent that new orders exceed or fall short of current revenues, backlogs increase or fall. A book-to-bill ratio higher than one means that more orders were … Continued
This is the title of a recent Wall Street Journal editorial written by Elisabeth Braw, referencing a major military exercise, in and around Norway, involving 31 countries. She notes that the West suffers from what is sometimes called “sea blindness”, a general ignorance of maritime and naval affairs. She goes on to suggest that, since … Continued
There has been a great deal written about the retirement opportunities provided by an informed and intelligent approach to your 401(k). However, given the importance of effectively managing your 401(k), a fresh look can’t hurt. A recent article in USA TODAY presented 7 useful steps towards making the most of your 401(k), as summarized below. … Continued
This is the last line of a John Milton sonnet and has been subject to a wide range of interpretations. One possible interpretation might relate to the fact that first responders are definitely serving, whether they are on stand-by or actually in the field addressing an emergency. Investors might benefit from recognizing that they may … Continued
There seems to be a disconnect between the Fed’s expectations and those of investors. The Fed appears to continue to expect that the economy will grow at rate above 2% during 2019, which, when viewed in the context of very low unemployment, could lead to an inflation rate above the Fed’s 2% target. Investors by … Continued
Many investors tend to keep a fairly short term perspective regarding their equity portfolio despite the fact that this asset class is typically held in a portfolio to provide long term growth. Moreover, it is becoming increasingly easy to track one’s portfolio on a daily basis via a smart phone, … Continued
Recent market volatility, with daily multi-hundred point moves for the Dow Jones Industrial Averages, may be attributable to investors focusing, less on what the news actually means, but rather, interpreting every news item, on a given day, as either all good or all bad. Obviously, the outlook for individual companies or the general economy, does … Continued
This is a quotation from FDR’s first inaugural address when the country was in the middle of a severe depression. Obviously, we are not currently seeing any serious economic stress. But rather, we are looking at a very strong economy and a strong stock market, generally just a few, single digit percentage points from all-time … Continued
This is the title of a recent Wall Street Journal article written by Walter Russell Mead. It is not practical to attempt to summarize Mr. Mead’s comments, but the underlying theme of his position is, “low energy prices enhance U.S. power at the expense of Moscow and Tehran”. We have previously looked at the potential … Continued
With bitcoin down 80% from the peak, and similar declines for other cryptocurrencies, what’s likely to happen next? We have previously commented on the cryptocurrency phenomenon, see Coin of the Realm, posted 16 Feb 2018 and Tulips and Bitcoins posted 16 Aug 2017. We have been somewhat less than enthusiastic regarding the investment merit of … Continued
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