It’s something that happens automatically and we can usually just ignore. That’s not always the case and can cost you a ...

If enough of you shout about the same topic, we’ll turn it into a full deep dive in 2026. Rational optimism is believing the ...

We talk frequently about the way central banks and governments affect the economy. In the grander scheme of things, though, whatever the Fed does is more like throwing a hand grenade into a large ...

Debt is a curse that can also be a blessing, depending on how the borrower uses it. Sadly, human nature seemingly ensures we often use debt unproductively—and not just as individuals. Governments have ...

Today we continue reviewing Ray Dalio’s latest book, How Countries Go Broke. If, like me, you fear that you may soon live in such a country, Ray’s work reads like a guidebook to the future. But in ...

“A speculator is one who runs risks of which he is aware, and an investor is one who runs risks of which he is unaware.” – John Maynard Keynes “The biggest mistake investors make is to believe that ...

Two weeks ago, I opened this letter by noting the election uncertainty, once over, would give way to a different uncertainty about what comes next. That’s where we are now. I fully expected a closer ...

Our planet has a wide array of different political and economic systems. Some work better, so you’d think we would gravitate to those over time. But even now, we still have a lot of variety. What ...

“Vanity of vanities, saith the Preacher, vanity of vanities; all is vanity.” – Ecclesiastes 1:2, King James Version (attributed to King Solomon in his old age) This week’s letter will take a look at ...

Official inflation data, while imperfect in many ways, at least has the advantage of being consistently imperfect. This lets us make comparisons across time. The magnitude may be off, but the ...

“…what I learned is whatever successes I had in life had to do more with how I dealt with what I didn’t know than what I know… “…the reason I did that ...