The Flinchum File

Thoughtful Economic Analysis and Existential Opinions
Subscribe to the Flinchum File
View Archives

Welcome to The Flinchum File

I am an Accredited Investment Fiduciary at Bay Capital Advisors, an investment firm headquartered in Virginia Beach, VA. After retiring from Truist Bank, I started this firm to work more closely with a smaller number of clients, and it has been great! Our client load is about 25% of the national average.

Writing is not for the shy or the meek. It exposes a person’s mind and character. I hope you enjoy the view.

Comparative Stupidity


Does anybody think the Founding Fathers designed our government to lurch from one manufactured crisis to another?  Did the Founding Fathers ever imagine Americans would be suffering crisis-fatigue or policy-fatigue?  Did the Founding Fathers ever think Congress would be more despised than used-car salesmen? As stupid as all that is — and, it is — … Continue reading Comparative Stupidity

A Too-Tiny Pasture


How much would you pay me for a stock that earns $1 per share per year?  No, that doesn’t mean it pays out a dividend of $1 per year.  It just earns that much, regardless of whether it pays out the earnings as dividends. The market determines how much you have to pay.  Sometimes, you … Continue reading A Too-Tiny Pasture

The End of Austerity?


The most neglected part of governing is educating.  A government cannot get too far ahead of what the people understand and are willing to follow. You’ll recall the Austrian school of economics believes government receipts and disbursements should be equal each year.  The Keynesian school believes, during times of under-employment or excess capacity, the government … Continue reading The End of Austerity?

Missing the Barracudas


I have often written about the power of “bond vigilantes.”  The clearest historical example is that the bond vigilantes determined when World War II would begin.  To build-up his military, Hitler borrowed heavily by issuing government bonds.  When the bond vigilantes stopped buying German bonds, Hitler knew his military would never be any stronger, and … Continue reading Missing the Barracudas

And, The Oscar Goes To . . .


It has been many years since I watched the Academy Awards Show on television, probably decades, but I’ll be watching tonight, because I’ve actually seen four of the Best Picture nominees, which has never happened before. First, Argo is the story behind the rescue of Americans hiding in the Canadian embassy during the early days of … Continue reading And, The Oscar Goes To . . .

The Pain of Agreement?


As a child, I was always told to “go along and get along.”  And, I hated that! While I never disagree just to be disagreeable, it is a point of honor to disagree whenever I think it matters. So, it annoys me when I find myself in agreement with a large group of people.  This … Continue reading The Pain of Agreement?

A Golden Twinkle in My Eye


Merrill Lynch predicts gold will pass $2,000 an ounce by year-end.  Yet, it dropped dramatically yesterday, by over $40, and is sitting about $1,570 now.  As it turns out, a large commodity hedge fund had purchased a put at the $1,600 level.  So, rumors spread quickly that they were dumping their gold holdings when the … Continue reading A Golden Twinkle in My Eye

Crisis Du Jour


Sequestration is almost upon us, and the stock market doesn’t seem to care.  Neither should you! You’ll recall this odd concept of arbitrary cuts in government spending was created when the Congressional partisans could not agree on raising the debt ceiling in 2011.  Of course, nobody asked why they were more likely to find common … Continue reading Crisis Du Jour

Italian Humor . . . or A Bad Joke


Fourteen months ago, Italy was definitely in trouble.  Some called it a “great big Greece,” where employers could not terminate employees in many jobs without regulatory approval and where tax cheats openly boasted about the taxes they didn’t pay — about $160 billion each year.  In fact, their elected leader was also a convicted tax … Continue reading Italian Humor . . . or A Bad Joke

If You Were Ben Bernanke . . .


More than any other person, Ben Bernanke prevented the financial collapse of the United States of America.  But, in doing so, he laid the groundwork for the eventual financial collapse of our country.  It may be more correct to say that he postponed, rather than prevented, our financial collapse.  Maybe, he just bought us enough … Continue reading If You Were Ben Bernanke . . .

The Power of Powerpoint


I was selected to give the keynote address at the annual economic conference of the Hampton Roads Association of Financial Professionals on Tuesday of this week and hope they enjoyed it as much as I did. While it may not make much sense without the commentary, the Association decided to post the slides I used … Continue reading The Power of Powerpoint

Numbers Obsession


As a kid, I liked math.  It could tell me things that words could not.  Numbers can reveal nuances more quickly than words.  But, numbers can also mislead. The current obsession with 14,164 is misleading.  It is more nostalgic than significant.  True, the Dow Jones Industrial Average is now within 1% of that all-time high … Continue reading Numbers Obsession

We are a fee-only advisor providing best interest fiduciary services to clients
in Chesapeake, Newport News, Norfolk, Suffolk, Virginia Beach, Williamsburg, and the surrounding areas of Hampton Roads.


Contact Us Bottom