Do we have the capability to eliminate booms and busts in economic activity? The answer in my judgment is no, because there is no tool to change human nature. Too often people are prone to recurring bouts of optimism and pessimism.
January 12, 2026
Both the equity and bond markets delivered solid gains in 2025, marking three consecutive years of positive gains.
2025 was marked by heightened anxiety throughout the year. However, that anxiety proved mostly unwarranted as markets around the globe saw steady gains after the first quarter. The most significant change from one year...