Even Icarus wouldn’t fly Southwest

Happy Friday! The 3Q2021 Quarter in Review is available. Pay particular attention to the last section (titled “Looking Ahead”). Back in late August, I suggested that we should prepare for the economy to start slowing down at some point, so I extrapolated this subject. Don’t forget the punchline here – deceleration is good for the…More

Two ends of the spectrum

Happy Friday! I hate writing about looming government decisions that don’t follow set deadlines because it’s a lot of work to put these pieces together, and policy makers always seem to squash whatever subject I write about like 5 minutes before I click “send.” Which is exactly what happened this week. I tackled the debt…More

Goodbye and good riddance

Happy Friday! September is over, and just like every year, it sucked.  It was the first losing month in the S&P 500 (down 4.76%) since January. It was also the worst overall month since – you guessed it – last September. I’ve said this many times before, but I just don’t know why September has…More

Give the Fed a break

Happy Friday! I wrote about Evergrande this week and why I think the phrase “Lehman moment” is being misused.  If it’s to define what could be the tipping point for an over-levered sector to correct in an society voluntarily moving back towards famine (aka “communism”), then yes it very well could be a “Lehman moment.”…More

Don’t use your illusion

Happy Friday! I’m hosting a webinar on Monday discussing M&A in RIA-land. I’m going to talk about what you can do to make your practice attractive to an acquirer, how to build enterprise value, and then what you should be thinking about if you are out there looking to acquire. This week, I wrote about…More

Bo Jackson was no value investor

Happy Friday! I was trolling through my digital archive of sarcasm the other day, which is obviously extensive, and I came across something that made me smile: This nugget became the inspiration for this week’s piece. I love quoting smart and famous people because it makes me appear as smart and famous as those I…More

Try not to get stabbed

Happy Friday! I wrote this week about the dangers of concentrated holdings. Because tell me if this sounds familiar… You have a client with a few million in investible assets. Roughly 95% of it is in one stock that was either handed down to them from parents or they don’t want to pay taxes on…More

Plaxico should have brought a knife

Happy Friday! This week’s piece is sort of a call to action for clients and advisors. I’ve said for years now that the 60/40 approach was like bringing a knife to a gunfight. So, I wrote a comprehensive note on why I think this to be the case.  Please take the time to carefully read…More

Assume a can opener

Happy Friday! Quiet week with exception of continued theft, regulatory action, and more tulips budding in crypto land. So, I wrote a primer on how the Fed works and why the upcoming nomination for Fed chair in February is a big deal. Yeah, I know this stuff can be boring, but if anyone other than Powell gets the look,…More

Going to the mattresses

Happy Friday! This week I tackled yet another useless stock market debate – growth vs. value investing. I have no idea why people treat this like Democrats vs. Republicans but they do. As in, one side is right and the other is philosophically insane. My conclusion is that both styles have their place. It’s like…More