Frequently, I am asked whether I worry about inflation. The answer is: Yes — all the time! There is no doubt in my mind about serious inflation coming at us. Theoretically, it doesn’t matter that the Fed has “printed” so much money, as they can simply withdraw the excess money supply when necessary. As a practical matter, it is politically difficult for the Fed to…
When I was nine years old, my father gave me my first gun. As a child, I spent countless hours shooting birds for target practice (which I’m not proud of today). As a result, it was no surprise when the Army qualified me as an Expert Marksman. As a civilian, I have had a Concealed Weapons Permit for many, many years, because I find it…
My favorite cousin and lifelong buddy is a registered nurse who has a perspective on Medicare that is somewhat different from mine. She understandably sees it through the prism of medicine, while I see it through the prism of economics. I think she sees it as the delivery of necessary social benefit, while I see it as something that crowds-out other spending programs. Anyway, she…
Readers know I also write a quarterly column for Inside Business on the economy and investing. I enjoy writing it, because it allows me to group subjects that I think are important. The latest was published yesterday and is on news stands today. It can also be found at: http://insidebiz.com/news/making-it-through-q4-and-around-cliff The columnist does not control what accompanies the written part of the column, but I never…
With my interest in health care issues aroused recently, I noticed the Centers for Medicare and Medicaid Services (CMS) just issued their report on 2011 expenditures, reporting that the U.S. spent $2.7 trillion or about $8,680 per individual. That is a whopping 17.9% of the economy, as measured by GDP. The government’s share of expenses was 45%. Looking at trends, the increase is only 3.9%…
I think I took my first course in Principles of Investment in either 1970 or 1971. At the time, there were two dominant schools of thought. One was the “fundamental approach” founded by Benjamin Graham and popularized by Warren Buffett. It emphasized detailed analysis of the company financial statements, especially the footnotes. Critics allege it is “bottom-up,” putting too much emphasis on the arcane statements…
Readers know I am endlessly fascinated with the permutations of portfolio management and the impact of myriad economic data on different portfolios, along with the politics that thread them together. However, those subjects become less entertaining when laying awake at night with your throat burning and your lungs rattling. It has even been hard to care whether people see economics as a suit, rather than…
I like Lindsay Graham, the Republican Senator from South Carolina, and agree with him that President Obama has won a great political victory and should, of course, be congratulated on his victory. Enough said! My New Year’s Resolution should be to attend the next meeting of the Republican National Committee and to nominate Mr. Spock as the new Chairman of the Grand Old Party. You’ll…
