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Affluent Investor | April 27, 2017

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Email Featured Archives - Page 109 of 114 - Affluent Investor

August 18, 2014 |

The Keynesian Counterfactual is Japan

We heard the “surprising” news last week that the Japanese economy shrank at an alarming 6.8 percent annualized rate in the three months through June, its biggest quarterly contraction since the 2011 earth quake and tsunami. This proved that Japan’s … Read More

August 11, 2014 |

The Recent Rise in Volatility Could Be Lasting

It’s been an exciting three weeks in the stock market. Prior to Friday’s rally, the major averages were down about 4% from their mid-July highs. At the same time, the S&P 500 Volatility Index (VIX) surged 51%. I’ve written at … Read More

August 8, 2014 |

Russia Sanctions: “Biting” or Toothless?


• The US sanctions of July 16th primarily targeted the ability of Russian companies to raise capital denominated in US dollars. Targeted companies will not have access to US capital markets for loans with 90-day or longer maturities.

• The … Read More

August 6, 2014 |

How Early American Pastors Learned To Embrace Capitalism By (Eventually) Listening To Their Members

Anybody who has spent much time in Church or Synagogue knows that the default approach is that clergy teach laity, not just in faith and morals, but quite often in matters pertaining to business and … Read More

August 4, 2014 |

The Fed-Induced EPS Fairy Tale

The stock market has advanced sharply over the past five years no matter what geopolitical situation has blown up or how tenuous the economic foundation may be. This is because investors have simply been forced to throw money at the … Read More

August 1, 2014 |

It’s Déjà Vu Recovery Disappointment All Over Again

Baseball great Yogi Berra had a saying: “It’s déjà vu all over again.” And every year around this time, I am reminded of those words. As we have once again, happened upon that magical time of year I call ‘recovery … Read More

July 31, 2014 |

How Samuel Huntington Predicted Ukraine

The civil war in Ukraine, the civil war in Iraq, and the relaxation of US sanctions against Iran have demonstrated that political instability is now a very serious factor for international markets. US decline has given the various great … Read More

July 30, 2014 |

Puritans vs. Capitalism: How A Theological Error Led To Financial Stagnation

The standard academic story is that capitalism came roaring out of the Protestant Reformation and was carried to America on something called ‘the Puritan work ethic’. But that story is wrong and if you don’t … Read More

July 28, 2014 |

Are Churches Economically Consequential?

The big question I’ve been mulling around recently is this: Are churches economically consequential? Should they be? Look at the typical American church and ask, if that church disappeared from the community it’s in, how affected would that community be? … Read More

July 25, 2014 |

Lean In, or Butt Out

One of the promising things I saw about women getting more involved in the top leadership echelons of business is that they would bring something new and better: greater caution about risky behavior, more relational sensitivity — that they would … Read More

July 23, 2014 |

Recent College Graduates Slacking in Income Growth

Time to throw out all the brochure-based projections. Recent college grads now have lower income growth rates than the general public. Isn’t the whole point that, yes, you deferred earning for 5 years and, yes, you start at a lower … Read More

July 21, 2014 |

Inflation’s Real Cause

According to Pimco’s new Chief Economist, Paul McCulley, the Fed’s war against inflation has been won! But, before we get out our party hats and plan the tickertape parade, we have to ask ourselves — for the past 27 years … Read More

July 18, 2014 |

The Suicide of the Dollar: How A Legally Dubious 9 Billion Dollar Punishment from Eric Holder Endangers Us All

The Justice Department under Eric Holder just imposed a massive 9 billion dollar penalty on French company BNP Paribas, for violating trade sanctions which France does not recognize. These huge, 9bn-type fines imposed by the Obama administration on … Read More

July 17, 2014 |

Pimco Steals AIG’s Playbook

Pimco is putting all its chips on the table, betting that low interest rates, along with lower and more stable global growth, will last for the next 3 to 5 years; an economic condition it is referring to as the “new … Read More

July 16, 2014 |

Success = f(EFFORT, ability)

Track is my favorite sport. My earliest memories go back to the 1968 Olympic Games in Mexico City where Bob Beamon soared almost two feet beyond the existing world record in the long jump; and Jim Ryun, arguably the … Read More

July 14, 2014 |

Was Katrina Disaster God’s Judgement on Corruption?

Ray Nagin, former mayor of New Orleans, was sentenced to 10 years in federal prison last week.

Do you remember the debates about whether the Katrina disaster was a judgment on New Orleans? Some on the religious … Read More

July 11, 2014 |

1776 2.0: The Front Lines Of The New Revolt

Alexis de Tocqueville once said that the limits placed on the central power in the new world are different from the limits placed on national power in the old world. In the New World, the national government has jurisdiction … Read More

July 10, 2014 |

Asset Bubbles Out of Gas

I’ve written exhaustively about the real purpose behind the Fed’s quantitative easing strategy. So one more time for those who still don’t get it: the primary goal of QE is to bolster banks’ balance sheets through the process of re-inflating … Read More

July 9, 2014 |

What Hobby Lobby Means for Big Healthcare Firms

Abortifacient Manufacturers, in Light of Hobby Lobby Case

On Monday, June 30th, the Supreme Court overruled an Obamacare mandate that forced family-owned corporations, such as Hobby Lobby, to pay for “emergency contraceptives” and birth control for their employees.

This paper … Read More

July 7, 2014 |

Another 1776: Would An Armed Revolt Work Today?

Last week I attempted to ignite a debate (not a revolt) about the State of America now compared to 238 years ago, when we abolished the authority of the British government over our affairs.

If we take a WWJD … Read More

July 4, 2014 |

The July 4th Question: 238 Years After The First Revolution, Is It Time For A Second?

Let’s start with a shocking, but true premise: If you are a patriotic American, you believe that there are circumstances under which it is right to take up arms against your own government. That statement … Read More

July 2, 2014 |

Japan Says Konnichiwa to Stagflation


More than twenty years after its infamous real estate and equity bubble burst, Japan has been plagued by economic malaise; an ailment most main stream economists have attributed to something they call a deflationary death spiral. As one lost … Read More

June 27, 2014 |

Annals of Overblown Stories: Tapering Will Kill Emerging Markets

I’d like to contrast the ‘big’ investment stories (as defined by press coverage) with the important stories as measured by principled reasoning.

Tapering is the biggie: Markets ebbed and flowed reflexively in response to the expectations that Quantitative Easing would … Read More

June 23, 2014 |

Fed’s “Noisy” Inflation Fantasy

The Fed wants investors to be as unconcerned as the central bank is about inflation. Even though year over year consumer price inflation is above its target, the Fed chose in its latest press conference to claim the 2.1 percent … Read More

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