The Launch of the QE 2 (January 2011)

In November of 2010, the Fed launched a second round of quantitative easing, dubbed the "QE2." The action raised many questions and this note explores the possible impacts of this action on the economy. It continues the discussion started in the prior note—addressing the Government's fiscal policies—and focuses this time on the Government's monetary policy.

The Borrower of Last Resort (August 2010)

Discusses why governments need private savings to maintain stimulative fiscal policies and why channeling those savings into investments is best. Review of the Keynes paradox of thrift, the need to reduce deficits but also how that can also be a recipe for disaster. Describes how the Feds can avoid igniting inflation and why government spending and borrowing can prevent deflation.

Liquidity and the Markets (September 2009)

Explains how illiquid portfolios played a role in the violent plunge in global equity markets in the recent past, why prudent use of liquidity is an element that investors can use to their advantage in generating returns and why understanding liquidity can also help us to interpret market activity.

Lessons from History (May 2009)

Discusses the philosophical framework of the Obama Administrations' stimulus plan and places it into an historical context, discussing its Keynesian economic impact and Hamiltonian design, revealing the coherence and consistency of the ideas behind it.

It's a New Year — Now What? (January 2009)

Increases in the market risk premium analyzed, with assessment of implications for individual investment strategies relative to risk tolerance and investment timeframes, as well as risks to corporations with and without access to capital, in their abilities to prosper and produce superior returns.

The Wall Street Vortex (October 2008)

Review of the more than run-of-the-mill market corrections and diagnoses of actions by the government to stem the failures by such entities as Fannie Mae and Freddie Mac, while permitting the collapse of Lehman and Bear Stearns. Implications of the political uncertainty in light of the upcoming presidential elections and market reactions.

Advancing the State of the Investment Art (November 2007)

Reflections on the power of the dialectic within the academic approach for diagnosing and solving the vexing issues relating to investing for individuals. Further reinforcement for upholding the principle of working to best solve the specific individual needs of each investment client, rather than contorting clients' portfolios to fit into existing products.

A Pyramid of Little Golden Crumbs (September 2007)

A no holds barred review of the cast of unregulated characters on wall street who stand to earn fees on the transactions relating to home purchases and mortages by individuals, regardless of the ability of the homeowner to pay or the merit, quality or appropriateness of the issuance of the mortgage.

Reflections on a New Record (May 2007)

A cautiously optimistic assessment of the S&P and Dow meeting their previous highs from 2000 and what the state of the market highs suggest, with respect to PE values and other indicators, for long-term investors.

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