Economist Joseph Schumpeter is probably best known for his commentaries on “the gales of creative destruction”, a term which he used to describe the impact of the kind of essential innovations in strategic thinking and technology that destroy existing economic (and even social) structures to make way for new, more efficient, and more sustainable ones. […]
The Elephant in the Room We live in a world that is heavily influenced by macroeconomic factors and, whether it be the growing array of both current and potential future wars, the historically large stimulus programs in China, the shift toward easier monetary policy and lower interest rates in most of the world, or the […]
Election Day is fast approaching, and there seems to be a growing consensus that the presidential election, in particular, could be the most important of our respective lifetimes. There is certainly some justification for this perspective as, unlike most previous U.S. presidential elections, which have traditionally offered a choice between slightly left-of-center and slightly right-of-center, […]
One of our Directors recently had the distinction of serving on a panel at the 2024 Titan Investors Active Exchange, where the panel addressed macroeconomic “Mega Trends”, such as AI (artificial intelligence), the transition and build-out of the energy grid to accommodate the anticipated surge in demand, and the “reshoring” of the global supply chain. […]
Perfect Balance Aristotle described it as the “Golden Mean”; Goldilocks described it as “not too hot and not too cold” and, if asked, the Federal Reserve would likely describe it as the perfect equilibrium between employment and inflation. These two factors are arguably opposite sides of the same coin, as a strong economy is […]
“While such narrow markets can persist for extended periods, there are times (perhaps like the present) when the extent of both the poor market breadth and the vast outperformance of the leading stocks reach potentially unsustainable extremes…we suspect that it will result in some significant change in the markets, whether it be a change in […]
There is an old Wall Street expression that “bulls make money, bears make money and pigs get slaughtered”. Indeed, there are many animal-based analogies that are used to describe markets, investors and even investment styles, including “whales”, “sheep”, “lemmings” and even “herd mentalities”, just as examples. For our part, we posit that the current domestic […]
There is an old expression that “keeping your money in cash guarantees your ability to grow poor safely”. That is not to suggest that people should not keep enough money in cash or cash-like alternatives, including bank savings accounts, mutual fund money markets, T-bills, and C.D.s, to pay for all short and many intermediate-term […]
