From the earliest days of RealClearMarkets (2007), “bubble” has rarely reared its empty, utterly meaninglyess head in headlines. What was true about “bubble” in 2007 remains true today. What never made sense can’t later be revived as sensible. Bubble is ludicrous, the stuff of attention and click-seekers eager to attract readers in the way that “Paul […]
Please Stop, There’s No Such Thing As a “Bubble” Read More »
My friend Michael Toth, director of research at the Civitas Institute, could perhaps be persuaded that he’s incorrect about capital gains taxes. While he’s correct that the long-term tax on capital gains should be zero, he overstates the growth implications. Much greater growth would come from zeroing out taxes on short-term capital gains. To see why, just
Buy-and-Hold “Great Companies”: The Most Overrated Notion In Investing Read More »
Bill Dally dropped out of high school. Something about history class. He didn’t want to sit through it. Dally subsequently went to work as an auto mechanic, though high test scores eventually secured him admission to Virginia Tech despite him having not received a high school diploma. A master’s degree from Stanford followed, and
The American Mind Has Been ‘Closed’ for Decades. And Progress Has Soared Read More »
There was no forgotten, downtrodden, so-called “Trump voter.” The latter was a creation of media members trying, and failing to understand the “exotics” outside the big coastal cities, and who voted for Donald Trump in 2016. To understand the why behind the myth of the Trump voter, contemplate David Wasserman of the Cook Political Report’s discovery of Cracker
Cracker Barrel Rejects the Dispossessed, ‘Trump Voter’ Narrative Read More »
Nvidia’s valuation reached the $4 trillion mark recently, and co-founder Jensen Huang’s shares are now worth something like $143 billion. Present and future retirees should rejoice the rapidly increasing wealth inequality that Nvidia and Huang represent. That’s because inequality is the greatest gift to retirement of all. To see why, contemplate the “Magnificent Seven”
Soaring Wealth Inequality Is the Greatest Retirement Gift of All Read More »
He may still turn things around, but it’s a shame about President Trump and the economy. All he had to do was nothing, and what they refer to as “the economy” would be soaring now. Of course, Trump wouldn’t be president if he had it within him to do nothing. Which is why every president
It’s In the Pessimism and Policy Errors That Recovery Can Be Found Read More »
It cannot be said enough that economic growth is defined not by what people do, but by what they don’t. Which certainly helps explain the big declines in future-seeing equity prices in concert with President Trump’s haphazard rollout of his tariff plan. It’s an economy-sapping blast to the past that is forcing a revaluation
Economic Progress Is a Brilliant Effect of What We’re Not Doing Read More »
“Obama’s Radicalism Is Killing the Dow.” That was the headline of a Wall Street Journal opinion piece by conservative Hoover Institution scholar Michael Boskin on March 6, 2009. With stocks on a downward trend, Boskin concluded that Obama’s policies were the culprit. The Boskin piece is evidence of how members of the right not infrequently respond to
Trump’s Radicalism, Like Obama’s, Will Stop the Market Slide Read More »
As is well known now, Nvidia shares tumbled something like 17% last Monday. Was this bad news from the Fed about its plans for interest rates? The question isn’t serious. Stock prices are a reflection of market expectations about all the dollars companies will earn in the future. Nvidia in particular shows us why
NVDA Shows Stocks Gain Boost From Fundamentals, Not Fed Read More »
Fairfax (VA) and Montgomery (MD) counties are routinely at or near the top among U.S. counties on the matter of per capita income. The politically focused use the latter for political purposes. Get it? Federal government workers and workers adjacent to the federal government earn a lot of money. The income statistics are disturbing,
The Crucial Difference Between High W-2 Income and Equity Wealth Read More »
