January 6, 2020

I am pleased to report a very solid year for my clients. Of course, the market’s rebound from the depths of last year’s Christmas “flash crash” makes everyone look good, especially when it conveniently fits the calendar so neatly, but I think our particular mix of investment yielded great results with reduced risk, which is what this firm is about.

Investors who own bonds purchased in the past 5 years are sitting on results that cannot be duplicated in tod...

December 3, 2019

One thing that has been percolating in my mind for some time is the similarity in certain economic trends that I keep running into. What brought this to mind yet again was a remarkable series of charts produced by an anonymous account on Twitter, from a self described buy side analyst. The anonymity shouldn't undermine his work. Some of the best #EconTwitter accounts are run by people who don't use their real names, although a few people know who they are...

September 1, 2019

Life's a funny thing, in that when you get older, it comes to you how much you didn't know how much you knew, even when you knew it.

When I used to work in the garment center, manufacturers had a choice between an alliance with a union, or they could deal with one of the Five Families. The unions were a safer choice for a host of reasons, but sometimes it was hard to tell the difference between the two. At bottom, both were protection rackets pretending to...

August 23, 2019

For those of you who aren't that into social media, you should know that Twitter is a remarkable outlet for the economics profession. I have great respect for the practitioners in the field. Social media has allowed me direct interaction with Fed officials, senior economists, and former administration officials who served in various capacities at Treasury and the West Wing. At the same time, I'm not a trained economist, I am completely self taught (which...

August 1, 2019

That was the title of a Wall Street Journal editorial back in the '90s, (when it's board wasn't stuffed with cranks) when Alan Greenspan, in the face of some troubling economic data, announced a 25 basis point rate cut to stave off, or at least slow down, what seemed to be an impending downward turn in the business cycle. It was a sharp, crisp piece- they turned him inside out for what was seen as a weak response to the data. And they were right. a twenty...

May 24, 2019

The latest round of tax cuts, having done little for the economy besides widening our deficit even more, is the triumph of myth over history. What's remarkable is that despite all of the Post WWII evidence that interest rates hold far more sway over the economy, it's the "Reagan Economic Boom" of the 1980s that forms the underpinning of this fable. It's a remarkable tale of how millions can accept such a flawed premise as "common knowledge" if only it's r...

May 16, 2019

You may have seen this subject touched upon before, but someone sent me a report produced by Congress' Joint Economic Committee that further breaks out the data and adds some clarity- and urgency- to the evolving demographics taking place slowly but surely in this country.

Once, it was believed that our mass adoption of electronic communications would liberate everyone from being tied down to a geographic area. With an internet connection, the reasoning we...

April 25, 2019

Chart ends at November 2018. No doubt more to come. 

February 20, 2019

The click bait alarmists on credit quality are at it again! "More Americans late on car loans! A record number! Seven Million!" That's one million more than there were in 2010, according to the New York Fed.

Shocking! What shall we do? Time for some stern lectures about our profligate spending habits. Because what this country needs is a good talking to.

Know what else hit a record since 2010? Several times over? Auto sales.

How many times must it be explain...

December 25, 2018

Well, what a horrible way to end the year! It's been a rough time in the market of late, but the good news (or bad) is that this sell-off is mostly self inflicted. In fact, at this point, I believe we're oversold. As an example, Apple shouldn't be off 25% from its highs, and I suspect it will come back in due course. If you have the assets, use this downturn to build for the future.

At this time of year, one hears all kinds of “predictions” for the economy...

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FloMartin Securities, Inc.

Donald R. Davret, Investment Advisor Representative

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Investment advisory services are offered through FloMartin Securities, Inc, an Investment Advisory firm. The firm only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements.
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