Municipal Musings
I got my start in the municipal bond field. Being new to the business, I was happy to offer clients investments that were considered...


Purdue's Road to Perdition
"Teach a man to fish and he'll eat for a lifetime. Teach all men to fish and the return to fishing will fall below subsistence levels." ...


The Folly of the Econs
I've been reading Richard Thaler's book “Misbehaving,” which is about his observations on Behavioral Finance. For an economics book, it's...
A Forgotten Economist's Theory Comes Back to Life
Happened upon this chart which illustrates the theory of one of America's greatest economists, Irving Fisher, who is now practically...


Coal's Slide to Irrelevance
Between the drop in Natural Gas prices and its improved distribution, ever greater take up of alternative energy sources, domestic and...


A Proposal To Rescue Puerto Rico
Senator Charles Schumer 322 Hart Senate Office Building Washington, DC 20510 July 3, 2015 Dear Senator, as a Fixed Income professional, I...
Yet Another Reason to Avoid Municipal Bond Mutual Funds
One investment category I have always thought was a blight on the retail investment world was the Municipal Bond mutual fund. There is no...
On Rate Hike Hysteria
I've been a market observer for decades. When I was as young as 15 years old, I perused my mother's subscription to the Value Line...


Updated Note on Labor Participation
As constant readers know, I've been tracking the Labor Force Participation Rate for some time, as it seemed to be at odds with some...


How Investing Keeps You In The World
One of the greater rewards of this business is the way it helps to keep you in the world. You are exposed to all manner of new businesses...

























