Monthly Archives: November 2012

The Other Euro Crisis – U.S. Markets Trump European “Science”

A smart sociologist once noted that every nation has a metaphorical mass movement that captures its mentalite — for Americans, it is the trek into the frontier; for the French, storming the Bastille; for Chinese Communists, the Long March; for … Continue reading

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What the Big Money Owns

The folks who run America’s biggest equity mutual funds are very smart (most of the time) and very well informed. They get the “first call” from Wall Street analysts, and speak to top corporate executives regularly.  For example, no corporate … Continue reading

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The Culture of Capitalism and BRIC Investing

Important insights for investors are to be found in historian Joyce Appleby’s thoughtful and informative book The Relentless Revolution: A History of Capitalism.  She agrees with Max Weber’s observation that “A man does not by nature wish to earn more … Continue reading

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Why You Need an Investment Advisor, Part II — The “Unthinkable” is Normal

Why is it so difficult to stay fully invested in stocks in a disciplined, rational manner, without participating in manias or selling at the bottom?  Because, even during bull markets, lengthy periods of stable, normal economic growth are actually extremely … Continue reading

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Why You Need an Investment Advisor Part I – Individuals Vastly Underperform the Market

Since 1929 U.S. stocks have provided a real return of 5.9% per year.  So if you sell a business and have a long time horizon, it makes sense to invest in stocks.  The cheapest and easiest way is to buy … Continue reading

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Suburban Sun Stroke

Don’t it always seem to go That you don’t know what you’ve got til it’s gone They paved paradise And put up a solar lot with apologies to Joni Mitchell In the booming 1830s Irish laborers used picks, shovels, wheel … Continue reading

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No Reason for Optimism on the Fiscal Cliff

The standard view on Wall Street is that we will somehow avoid going over the “Fiscal Cliff.”  That may ultimately prove to be true, but investors should proceed on the assumption we could well go over the cliff and will at … Continue reading

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It’s Time to Address Climate Change, Governor Cuomo

In an October 31 media briefing on Hurricane Sandy, New York Governor Andrew Cuomo linked the storm to climate change:  “For us to say this is once-in-a-generation, that it’s not going to happen again, as elected officials that would be … Continue reading

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Under the Limit – Obamacare is Creating a Part-Time Workforce

I talk a lot about how Obama’s new regulations are hurting employment and growth.  In my opinion economists tend to overlook the problem because A) it’s impossible to quantify and B) it doesn’t fit standard macro paradigms they studied in … Continue reading

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