June 17, 2020

The first wave is just beginning, not ending. For New York, the virus was a catastrophic eradication of life that was previously unimaginable. The economic calamity only worsened the forlorn feeling of the populace.  The reality is that confirmed cases are less than fi...

June 2, 2020

Value investors are asking themselves, will the promise of value investing return to prominence? The answer is multi-faceted. Indeed, value investors experienced under-performance versus the broader market and growth stocks for the last thirteen years. A secular change...

May 12, 2020

The way forward is measured by the degree to which we will listen to scientists and consideration for our neighbors. As mitigation measures are reduced in stages, weighing the effect will occur. Benign data would suggest relaxing further rules.  Unfavorable data will r...

May 3, 2020

That this time is different is without a doubt. The question is, how different? While the depth of the contraction may have a parallel with the Great Depression, the speed of the collapse of employment is unrivaled in US history. Thus, the comparison to past economic c...

April 10, 2020

The speed of the equity market decline shares a common trait with the bull market that preceded it: they are both unprecedented in their length. The longest bull market gave way to the fastest crash in US history.  Investing was infected with the economic calamity that...

March 27, 2020

The economic epidemic is delivering uncertainty to such an extent that the equity markets fell at unparalleled speed. The economic decline may be higher than the great depression, and unemployment may reach 30%. With a vaccine delivery at least a year away, the viral p...

March 20, 2020

The prognosis is grim. Millions dead, overrun hospitals, and insufficient ICU beds for the seriously ill. These are the outcomes absent mitigation strategies to slow the spread of the virus until the development of an antiviral drug for treatment or a vaccine. Unfortun...

January 30, 2020

Economics is the science of choice. Politics is the science of expressing those choices. The degree of trust in markets to allocate resources largely determines where a country resides on the political spectrum. Little faith in markets veers towards state control of re...

January 10, 2020

  • Demographic destiny awaits as the marvel of the Millennial’s innovations transform the economy and the Boomers burden social programs.

  • The governance of choice will change the definition of privacy, how to build trust, and how we create.

  • The socializati...

November 30, 2018

The story of growth is productivity. Doing more with less. Before one can do more with less, one must learn. Thus, with experience comes productivity, particularly in a service-based economy. It is not a surprise that the proportion of experienced people in the workfor...

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