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.

A False Cresendo


Before being crushed by the falling sky that they always predict, American neo-conservatives were the only ones predicting an orgy of violence and death in Iraq after the withdrawal of U.S. forces.  However, nobody predicted the Arab Spring, when the governments of several Arab governments including Tunisia, Egypt, and Libya collapsed suddenly into bloodshed.  And, … Continue reading A False Cresendo

Prohibitive Opportunity Cost


One of the most useful concepts in economics is that of “opportunity cost,” which means that everything has two costs, i.e., the dollar cost and the opportunity cost.  An example is that a man’s suit might cost $300, which is the dollar cost.  The opportunity cost might be a man’s suit costs three ladies’ dresses … Continue reading Prohibitive Opportunity Cost

Speed Limit 2.2


When I was a young economics student in the last century, a GDP growth rate of 4% was good but not extraordinary.  It was at this rate the economy could grow without igniting inflation.  By the beginning of the Global Financial Crisis (GFC) in 2008, that maximum growth rate was close to 2.8%.  Today, it … Continue reading Speed Limit 2.2

The Second Time Around


The first President Bush once joked that the best thing about being president was that he didn’t have to eat broccoli anymore.  Late night comedians promptly had fodder for a variety of jokes about “negative goals.”  You know, the goal for your kid is that he or she grows up and becomes a non-politician.  The … Continue reading The Second Time Around

A Pressure Release Valve


I feel qualified to discuss economics, investing, and financial planning.  However, I feel unqualified to discuss religion . . . which I will now discuss. For convenience, let’s assume everybody on Earth is either a Christian, a Jew, a Hindu, a Buddhist, or a Muslim.  That’s five major religions.  Yet, a disproportionate share of world … Continue reading A Pressure Release Valve

Fantasy Revisited


Every “C” student in every Economics 101 course in every college in every state of this country knows that a national economic policy has both a monetary policy and a fiscal policy.  Monetary policy are those actions taken by the central bank (Fed) to affect the economy.  Fiscal policy are those actions taken – or … Continue reading Fantasy Revisited

What’s Wrong ??


Several times in the last few days, I’ve been asked what’s wrong with the stock market?  I guess it must be “wrong” not to set a new record high every other day?  We’re only a few percentage points from all-time highs, but that was a month ago – ancient history, I guess. Yes, volatility in … Continue reading What’s Wrong ??

Don’t . . . Eat The Rich


There has been a book, a song, and a play entitled “Eat the Rich.”  It plays into a very basic human jealously, but it has been emotionally reinforced by the belief that the rich benefited unfairly during the Global Financial Crisis (GFC) of 2008/9 . . . while others were suffering. It is often reported … Continue reading Don’t . . . Eat The Rich

His Due


It sounds like “inside baseball” or too hopelessly arcane to be interesting or important, but it is.  Do you believe a stockbroker should tell you the total fees he is charging you?  Or not?  Do you believe that a stockbroker should tell you when he has a conflict-of-interest with you, such as selling you a … Continue reading His Due

Shouting Truth To Power


The Fed was created by an act of Congress and could theoretically be terminated by Congress.  So, the Fed has to be respectful of Congress. Prior to the creation of the Fed, our economic policy consisted fiscal policy alone, i.e., controlling the economy with the Federal budget and regulation.  The purpose of the Fed was … Continue reading Shouting Truth To Power

Presidential Flexibility


Instead of another droll economist, yesterday’s luncheon speaker was a Washington “insider.”  He made  some interesting comparisons about our Presidents.  For example, both Clinton and Obama sustained large losses in the first mid-term election of their first term.  However, President Clinton is a person who wanted to be “liked” and changed his policies.  Today, he … Continue reading Presidential Flexibility



Probably, the least known part of my job is the never-ending pursuit of continuing education (CE) hours.  As a Certified Financial Planner (R) certificant, as well as a Certified Investment Management Analyst (R) certificant and a NAPFA-Registered Financial Advisor, I have to “feed” all three organizations with an unending flow of CEs.  Therefore, I attend … Continue reading Nerd-Fest

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