Monthly Archives: February 2014

The Digital Revolution vs. the Industrial Revolutions

Lately economists have been comparing today’s digital revolution to the first industrial revolution (1790-1860) and the second (1870-1930).  This granular, micro-economic analysis is a welcome respite from the absurdly abstract macro parlor games played by Keynesians and their adversaries.  Three … Continue reading

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The Meaning of Martha Ann

In 1791 in the state of New York was born Martha Ann Rogers, severely deformed.  In the place of arms she had “two diminutive stumps projecting but a few inches from the shoulders.”  She had “but one leg, which was … Continue reading

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Three Stock Picking Themes

Investment themes—social and economic trends that provide “tail winds” for certain companies—can last for years and years.  Washington is abuzz about “income inequality,” which I highlighted as an investment theme in the late 1980s, advising clients to avoid the “mediocre … Continue reading

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Four Equity Errors

Secret NIH-funded research at the Wharton School of Finance in Philadelphia has demonstrated that prolonged exposure to the stock market permanently impairs the prosencephalon diecephaion subthalamus, the part of the human brain that governs good sense and logical thinking.  I’m … Continue reading

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CBO Highlights ObamaCare’s Assault on Social Mobility

The new CBO Report further underscores a point we have been making for several years—Obamacare hurts employment growth in many ways: CBO concludes that the equivalent of nearly 2.5 million jobs will not be filled because if you earn too … Continue reading

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CEO’s Say the Global Economy Is Strengthening

Sometimes I am clueless about what is driving stock prices.  In September 2008 I did not sell a share even though my commute took me past the Lehman Brothers building on 7th Avenue, which was being both swarmed by rabid … Continue reading

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