This was most recently quoted by John Hussman in his article “Equilibrium and the Dentist in Poughkeepsie.” I highly recommend his occasional articles. No charge to sign up. Graham and Dodd were the authors of Security Analysis, the still in print bible of value investing. A Warren Buffet favorite. “Strictly speaking, there can be no […]
It Appears We’ve Learned Nothing About Investing. Read More »
This interactive chart uses data provided by the Bureau of Labor Statistics and analyzed by Gemini (irony noted) to shows the potential AI impact according to the scale on the left side of the chart. The size of each boxes represent the number of jobs compared to all other job categories. The color is the
AI Exposure of the U.S. Job Market Read More »
Publius Cornelius Tacitus, a Roman historian and politician, was born around 56 A.D. In his book Annals, he described some economic dislocation that occurred in Rome around 33 AD. Read these two paragraphs slowly. Anything ring a bell? Sound at all familiar? It’s always, always, always the same when too much debt accumulates. Eventually, the
Lessons From Tacitus Read More »
This is from David Halberstam’s book The Best and the Brightest.
When people talk about invading Cuba, I remember this quote: Read More »
I spotted this on 1/22/26 in a post by Torsten Slok. Free to sign up for his daily posts. We hear about all the younger people who are living with their parents, but then we see this chart. I worry they are all baby boomers.
Only one person in 29% of U.S. Households- Note the Trend Read More »
This is one of the reasons I never expected demand for oil and gas to go away or even decline much. It is a fungible commodity. If you don’t want it, somebody else trying to live better will buy it.
Energy Consumption Required for Improved Living Standards Read More »
Today (January 3, 2026) Jesse Felder (link to signup for Jesse’s free publication is on my links page) posted this rather concerning list of factors suggesting the stock market was coming to the end. When. Neither Jesse or I know. But we are both increasingly worried, and I’m positioning family investments for that inevitability. Jesse
Close to the End of the Bull Market? Read More »
Two freelance journalists in this Ukrainian city filmed and produced this award winning documentary on the first 20 days of the Russian invasion. It’s 90 minutes long. Hard to watch, but necessary to watch. They were lucky to get out. Here’s the link.
20 Days in Mariupol Read More »
To be clear, I’m not claiming the Fed is responsible for all our inflation. I will say that the recent 14 years of zero percent interest rates did cause some inflation. That misallocated capital, and made it easier for the government to keep borrowing. The chart is from Doug Casey’s Crisis Investing. It’s free at
Chart: Inflation Since the Fed Was Created Read More »
Interest on our national debt has crossed $1 trillion a year and is headed up. I believe the basic reason the Fed is cutting interest rates is to reduce interest cost on the debt. Obviously, that doesn’t solve the problem- it just makes it get worse at a slightly slower rate.
Chart: Interest On Our National Debt Read More »