The following phrase is taken from then Secretary of Defense Donald Rumsfeld’s response to a question during a news briefing on February 12, 2002. “Reports that say something hasn’t happened are always interesting to me, because as we know, there are known knowns; there are things we know we know. We also know that there … Continued
This excerpt from S. T. Coleridge’s “Rhyme of the Ancient Mariner”, while generally an apt description of coastal areas like California, doesn’t have to be true. California’s water shortages have made the national news with increasingly severe restrictions on water usage. The State’s problems stem from increasing population, natural fluctuations in precipitation and other factors. … Continued
Investors would be well served by carefully considering dollar announcements relating to auto industry results and activities in the context of the industry’s size. For example, GM and Lyft recently announced an alliance and a $500 million investment by GM. Lyft management has stated that the partnership reflects a common view on a number of … Continued
The political class seems to think that a household income of $250,000 per year is middle class. What do you think? Even a rudimentary familiarity with the realities of incomes in the U.S. would recognize that household earnings in that area are near the top of the range. The most recent Census Bureau data showed … Continued
I thought one of my favorite quotes would be very timely today by Dr. Martin Luther King, Jr., “Darkness cannot drive out darkness; only light can do that. Hate cannot drive out hate; only love can do that.” Whether discussing political issues, personal challenges, or economic and market forces this quote provides great perspective. Fear … Continued
As a Chinese native and resident for most of my life, I have been watching the equity markets there with great interest these past several days. I am hopeful that my friends and family there are conducting their affairs with a clear mind. The Chinese stock market circuit breaker rule was implemented on January 4th … Continued
Anyone that has actually waded through all of the footnotes that accompany public company financial statements should be aware that the accounting treatment for certain portions are complex and not as uniform as one might have thought. In assessing an investment opportunity it is important to understand the ramifications of the applicable accounting standards and … Continued
Recent reports from the National Oceanic and Atmospheric Administration (NOAA) and the Army Corps of Engineers (the Corps) suggest that water levels in the Great Lakes are likely to stay at or above the long-term average over the next six months. With the exception of Lake Ontario, lake levels are currently above the seasonal long-term … Continued
The January 3, 2016 New York Times carried an article titled, “A Smarter Plan to Make Retirement Savings Last.” Pardon my skepticism, but I was taken aback by this statement from the article: “Instead, low-fee diversified retirement portfolios would be created by a board of professionals who would be fiduciaries appointed by the president and … Continued
“Let us enter the New Year cheerfully. Let us resolve to look on the bright side, to make the best of whatever may befall, to maintain faith that doing the right thing will ultimately bring victory. Let us cultivate sunniness, resist sourness. We can better wrestle with difficulties, obstacles, problems in a spirit of buoyancy … Continued
Over the last several years there have been a number of proposals by economists and political scientists that would substitute universal basic income policies as credible alternatives to existing social programs such as unemployment insurance. The idea is straight forward: Provide citizens with a minimum allowance, without means-testing, that would give everyone the means to … Continued
Within the past week, common stock prices have gyrated widely (again). The bias has been to the downside. The cause du jour is high yield bonds and concerns over the solvency of some of the issuers of this low rated debt, and liquidity for buyers and sellers of their debt securities. In particular, energy companies … Continued
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