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  • Incentives Trump Intentions

    Milton Friedman told us to assess a public program by its results, not its intentions.  Similarly, Thomas Sowell advised us to think with our heads, not our hearts.  If you do as they suggest, it changes everything. If you assess Obamacare in the way they suggest, you learn that although the desire to help the medically uninsured might spring from […]

    Photo by Jewel SamadJ/AFP/Getty Images
  • The Gorilla in the Room: How Neuroscience Explains Your Business Blind Spots

    Have you ever wondered why you usually miss glaring bloopers in major motion pictures? If you are like most people, you probably believe that just because your eyes are open, you are seeing. So why do we sometimes fail to see things that are right in front of our eyes? The reality is that attention plays a major role in […]

    The Gorilla in the Room:  How Neuroscience Explains Your Business Blind Spots
  • Market Fundamentalists Beware: Fed To Blame For Volatility

    I apologize in advance if this week’s commentary is a little shorter than normal.  I was at a client dinner in Palm Desert last Wednesday night when my wife called to say our daughter had broken her arm in a fall at the park.  I rushed back to Newport and two hospitals later, an ambulance ride, a surgery, and 36 […]

    Market Fundamentalists Beware: Fed To Blame For Volatility
  • Beware of the Inverted Yield Curve!

    In the movies, an edgy musical score is an effective tool that warns the audience something really bad is about to happen. Like the shrill screech in Psycho, certain sound effects forebode impending doom. In like manner, economics also has a similar warning sign of imminent market chaos. This omen is called the inverted yield curve. And it's no coincidence […]

    Photo by Brendan Smialowski/Getty Images
  • The Potentially Devastating Consequences of Negative Rates

    Unless increased taxes are paid for the cost of present government spending and interest on the accumulating debts - which is now impossible - parts of the burden must be met by other means. It can be done either through borrowing, wiping out debts with devaluation (think inflation), explicitly targeting negative interest rate, a combination of all the aforementioned, or […]

    Mario Draghi, President of the European Central Bank
(Photo by Getty Images)

More Commentary

Photo by Jewel SamadJ/AFP/Getty Images

Incentives Trump Intentions

Milton Friedman told us to assess a public program by its results, not its intentions.  Similarly, Thomas Sowell advised us to think with our heads, not our hearts.  If you do as they suggest, it changes everything. If you assess Obamacare in the way they suggest, you learn that although the desire to help the medically uninsured might spring from […]

Read more ›
The Gorilla in the Room:  How Neuroscience Explains Your Business Blind Spots

The Gorilla in the Room: How Neuroscience Explains Your Business Blind Spots

Have you ever wondered why you usually miss glaring bloopers in major motion pictures? If you are like most people, you probably believe that just because your eyes are open, you are seeing. So why do we sometimes fail to see things that are right in front of our eyes? The reality is that attention plays a major role in […]

Read more ›
Market Fundamentalists Beware: Fed To Blame For Volatility

Market Fundamentalists Beware: Fed To Blame For Volatility

I apologize in advance if this week’s commentary is a little shorter than normal.  I was at a client dinner in Palm Desert last Wednesday night when my wife called to say our daughter had broken her arm in a fall at the park.  I rushed back to Newport and two hospitals later, an ambulance ride, a surgery, and 36 […]

Read more ›
Photo by Brendan Smialowski/Getty Images

Beware of the Inverted Yield Curve!

In the movies, an edgy musical score is an effective tool that warns the audience something really bad is about to happen. Like the shrill screech in Psycho, certain sound effects forebode impending doom. In like manner, economics also has a similar warning sign of imminent market chaos. This omen is called the inverted yield curve. And it's no coincidence […]

Read more ›

High Court Strikes Down Anticompetitive Regulation In North Carolina Dental Case

Last August, I wrote about an important case that had reached the Supreme Court. It concerned the legality under antitrust law, of a state board using its power to stifle competition that would have taken some business away from members of its profession. Happily, the Court upheld competition and the interests of consumers, although the 6-3 split was rather unusual. […]

Read more ›
Mario Draghi, President of the European Central Bank
(Photo by Getty Images)

The Potentially Devastating Consequences of Negative Rates

Unless increased taxes are paid for the cost of present government spending and interest on the accumulating debts - which is now impossible - parts of the burden must be met by other means. It can be done either through borrowing, wiping out debts with devaluation (think inflation), explicitly targeting negative interest rate, a combination of all the aforementioned, or […]

Read more ›

Shoot for Perfection Over Profit to Get More Profit: Why Managing for Means Beats Managing for Money

It’s a journey.  H. Thomas Johnson’s seminal book on the lean enterprise, Profit Beyond Measure,[1] remains not only one of my favorites and most recommended, but also perhaps the most insightful book written on this subject to this day.  Dr. Johnson compares and contrasts management by results (MBR) verse management by means (MBM).  Where a lean enterprise will focus on […]

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