Is U.S.A. 2020 like Japan 1990?

It sure looks like there’s a fair amount of hubris in the American stock market these days.  The American 30-year bond just hit an all-time low of 1.89%.  We had three rate cuts in late 2019 despite strong employment and GDP numbers.  Household debts are again high as are defaults

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My Beef with many of my Peers

I’ve been an advisor for over a quarter century and I’ve enjoyed (almost) every minute of it.  Like so many others who do what I do, I have a passion for solving problems.  On weekends, that means doing sudokus, crossword puzzles (both traditional and cryptic) and the like.  By day,

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Speculative Volatility in a Free Society

The final chapter of Robert Shiller’s book Irrational Exuberance has the same title as this blog post and contains a cogent synopsis regarding what some people believe is going on now.  In essence, stock market valuations (especially in the U.S.) have been high for years and most people (investors and

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What if Market Fear is the Real Epidemic?

A month ago, a relatively small number of people had heard about the CoronaVirus (since re-named COVID-19) and few people cared about it.  In the past couple of weeks, the spread of the virus – and the damage it has done and is likely to do in terms of:  

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Playing with the Box

I was on a cross country flight recently and I re-read a book called “Simple Wealth, Inevitable Wealth” by Nick Murray, a former rock star speaker who was beloved by the financial advice industry – mostly because he constantly told his advisor audiences that they are great, do important work

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