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.
June 18, 2018
Today it might be hard to grasp, but when I was 21 there were clients who hired me because I was “a kid.” They hoped I would become “a gunslinger.” Even in the 1960s, fear of the market still existed from the crash of 1929. To be called a Gunslinger was an accolade applied only to the best money managers. Of course, I wasn’t one of them...
May 23, 2018
As I walked through a Baltimore hotel lobby, I heard someone call my name. Startled, I turned toward the sound and saw a man coming toward me. As I saw him, I remembered meeting him six months earlier in California. His name was Bill Kling and he was the chief financial officer of The Cheesecake Factory. As we shook hands, he introduced...
May 15, 2018
In our attached Capital Markets Overview, we share with you some thoughts on the 1st quarter and our outlook for Q2 and beyond.
April 19, 2018
Like most people, I’ve heard the term "half-life" for years. It always seemed to be used in reference to a prescription drug’s time of effectiveness. So I was surprised when I heard it used by record executive Clive Davis about his business. He had used the term to describe a song writer’s life span of creativity. That reference got my...
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