I recently went to San Francisco to visit my grandson and, on several occasions, we used Waymo or Uber transportation services.  In all instances, the performance of both the driver (Uber) and non-driver (Waymo) was flawless.  Accessing these services generally requires some cell phone dexterity.  With Waymo, you know what the vehicle will be, but … Continued

Week of November 24, 2025 Bitcoin—the reigning king of crypto—fell back toward its April 2025 lows last week, dropping more than a third in price since the highs reached in October. We used the term “price” versus “value” deliberately. We continue to view Bitcoin primarily as a vehicle for speculation. Our Signals remain unchanged. Bob … Continued

Week of November 17, 2025 We believe several European countries are recalibrating parts of their policy agendas as they balance decarbonization goals with voter concerns about inflation, employment, and energy affordability. These adjustments reflect a broader recognition that durable economic growth is needed to maintain social and political stability. Japan continues to advance structural reforms, … Continued

There are many bad ideas, but today’s blog looks at proposals by several States to consider the really bad idea of capping premium increases for personal lines of insurance. There seems to be a substantial consensus that there is a crisis when it comes to the cost of home and auto insurance, but a dearth … Continued

Week of November 10, 2025 The Gaza peace plan remains intact despite ongoing tensions that threaten its stability. Meanwhile, prominent Iranian cleric and former official Ali Akbar Nateq-Nouri acknowledged in an interview with Eco Iran that the 1979 U.S. Embassy seizure was “a major mistake,” noting that many of Iran’s troubles began there. His remarks … Continued

On May 27, 2014, Sigma posted a blog, “Climate Change:  The Useful Debate.” We suggested that “the useful debate should be, is it better to try to slow the pace of climate change or prepare to live with the “inevitable”?” Now we have Bill Gates, a Microsoft billionaire, who is saying that the “doomsday view” … Continued

Week of November 3, 2025 Our U.S. Interest Rate Signal has shifted from yellow to green. Following the recent 25-basis-point cut in the federal funds rate announced by Fed Chair Powell, the yield curve is positively sloped and U.S. Treasury yields have declined across all maturities compared with a year ago. These developments indicate that … Continued

This proverb is widely believed to have originated in Africa several centuries ago.  It reflects the emphasis African cultures place on family and community.  While some vestiges of this concept remain, in today’s America, child care is a major problem.  Yes, sometimes grandparents are able and willing to step up, but generally, parents have to … Continued

Week of October 27, 2025 It may seem perplexing to market observers that, in a week when the U.S. government entered its fourth consecutive week of shutdown, President Trump tightened sanctions on Russian businesses, and the Israel–Hamas ceasefire remained fragile, the U.S. stock market reached all-time highs. Yet the collective intelligence of capital markets should … Continued

Week of October 20, 2025 Last week, General Motors (GM) announced a $1.6 billion charge related to its underperforming electric vehicle (EV) line, citing reduced government subsidies as a key factor. As noted in theWall Street Journalarticle “The Rest of the World is Following America’s Retreat on EVs,” other countries are also scaling back their … Continued

Merriam-Webster defines saber-rattling as overtly and often exaggeratedly threatening actions or statements, such as verbal threats or ostentatious displays of military power, that are meant to intimidate an enemy by suggesting the possible use of force. There are many examples.  Perhaps the most alarming is Russia’s threat to introduce nuclear weapons into the Ukraine conflict.  … Continued

Week of October 13, 2025 A week ago, we suggested that the equity markets were showing signs of frothiness.  On Friday, the major averages dropped about 3%. The catalyst was renewed fears of a trade war when China announced export controls on rare earth minerals and Trump threatened retaliation. We take these developments as negotiating … Continued