The Flinchum File

Thoughtful Economic Analysis and Existential Opinions
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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.

Paging Willie Nelson


We’ve previously discussed the problem of the Labor Force Participation Rate.  Fewer people are working.  Conversely, more people are not working.  Take a look at this graph and ask yourself why?Republicans say this is a normal result from overly-generous worker’s compensation and other entitlement programs.  Democrats allege that half of the decrease is due to … Continue reading Paging Willie Nelson

Sorry, Max!


I get about $30 thousand annually from Social Security, and I’m grateful to the kids & grand-kids of America for it. We like to think of Social Security as an annuity, because we “paid into it.”  (Indeed, I paid the maximum amount into it for many years.)  But, just try to buy such an annuity … Continue reading Sorry, Max!

The Ugly Side of Mirrors


The ugly step-sister of economics is politics, unfortunately.  I go to great lengths not to discuss politics, just as my father taught me.  Indeed, I can remember my first etiquette teacher telling me “in polite company, it is less unseemly to speak of bowel movements than political ones.”  A bit graphic, perhaps, but a point … Continue reading The Ugly Side of Mirrors

News From The Marquee


Focusing just on the well-known speakers or marquee names of yesterday, here are some thoughts: Larry Summers – this former Secretary of Treasury, who has never been known as a “warm & fuzzy” person, gave the most “academic” or boring speech.  He thinks the world has indeed changed, with equilibrium interest rates apparently stuck at zero, … Continue reading News From The Marquee

In Pursuit of CE Hours


With several certifications to maintain, I am always in search of more Continuing Education (CE) hours and normally attend three different conferences each year. First, there is the conference of the Investment Management Consultants Association (IMCA), which is a large number of aggressive young men dressed in very fitted Brooks Brothers suits.  The subject matter … Continue reading In Pursuit of CE Hours

An Intellectual Feast


One of the great intellectual feasts I attend each year is the annual Policy Conference of the National Association of Business Economists in Washington, and we leave tomorrow.  Our speakers include Alan Greenspan, Alice Rivlin, Larry Summers, and Jean-Claude Trichet.  I’m always excited by this conference. So, it is with some irony that I’m currently … Continue reading An Intellectual Feast

A Tax By Any Other Name


All taxes are hated, and I expect no tax is hated more than the “death tax.”  After all, death is certainly something we hate, especially if our loved ones might be taxed on it.  Indeed, it has been a common misconception that the death tax burden could force the sale of the family farm, leaving … Continue reading A Tax By Any Other Name

Embracing Squid


A few years ago, Rolling Stone magazine described Goldman Sachs as a vampire squid on the face of mankind, sucking the life out of it.  I thought there was so much truth to that statement that it must certainly appear somewhere in the Bible??  As a result, I am intellectually unable to stop using it.  However, … Continue reading Embracing Squid

U-shaped Asset Allocation


Freshly-minted financial planners invariably are taught that a worker should begin saving for retirement by heavily weighting stocks, not bonds . . . 80% stocks/20% bonds. As they approach middle age, workers should remove some equity risk from their portfolios by reducing their exposure to stocks . . . say, 60%/40%. As they approach retirement, … Continue reading U-shaped Asset Allocation

Historical Un-Cycles ?


One of the books I read last week was Next Time Will Be Different:  Why Economists Can’t Predict Financial Panics and Crisis written by Brendan Moynihan, who is an executive with Marketfield Asset Management.  Obviously, I HAD to read this book! Economists can predict almost nothing, because they are always looking for a model or a … Continue reading Historical Un-Cycles ?

82 Degrees of Guilt


It is with mild existential amusement whenever I listen to my Baptist friends compete with my Catholic friends over which faith requires the greatest guilt.  However, this concept of guilt is seldom helpful.  Unless there is an object lesson involved, the mere carrying of guilt is absurd. Nonetheless, my inner hypocrite is feeling guilty this … Continue reading 82 Degrees of Guilt

Where Did We Fail Them?


Some colleges are now offering an interesting new major called generational studies, which obviously looks at the differences between generations.  Frankly, it strikes me more as an amusement than anything of serious study. The generation before me and the one after me have different tastes in music and style, which is fine.  They also have … Continue reading Where Did We Fail Them?

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