Dec 2, 2025
One of my favorite writers for the WSJ is Spencer Jakab, who recently penned an article explaining why a bear market is not necessarily a bad thing. He starts with a quote from "The Godfather."
Nov 25, 2025
The U.S. economy's recent growth has a distinctive engine: large-scale capital expenditures (capex) tied to artificial intelligence (AI). Firms such as Microsoft, Alphabet (Google), Meta Platforms, and Amazon have announced massive investments in data centers, servers,...
Nov 19, 2025
Over the past two weeks, we've addressed a persistent question: if the data signals weakness, why hasn't the recession arrived?
Nov 10, 2025
I recently penned an article on "Money Supply Growth," which elicited a very thoughtful response from Garrett Baldwin via Substack.
Nov 3, 2025
In case you haven't heard, precious metals, particularly gold, have risen sharply this year. Of course, whenever any asset class experiences a more speculative melt-up, investors are quick to rationalize why "this time is different."
Oct 27, 2025
Recently, MarketWatch ran a provocative headline: "When the world's largest asset manager and the Bond King both agree: Run to gold, silver, and bitcoin."
Oct 21, 2025
Every market cycle eventually changes investor psychology to believe risk has been conquered.
Oct 13, 2025
Over the past three years, the economic conversation has been a "promised recession." If you read the headlines, tracked economist surveys, or even listened to Wall Street strategists, you would have assumed a downturn was imminent.