I don’t know if this is true in your house, but in mine, few things are quite as dangerous as eating the last cookie. Not only will the guilty party be scolded over his/her offense, but he/she also will be accused of eating “all of the cookies.” This is especially true this time of the…
We were in an outdoor café in downtown Warsaw. Invesco had entered into a joint venture with a French insurance company and the Polish Post Office as one of a small handful of western asset managers partnering with what seemed like unlikely local firms to give Polish citizens options for managing their government retirement benefits,…
Capitalism isn’t perfect—but it’s better than the alternatives. Critics blame the free market for today’s problems, yet most issues stem from overregulation, not capitalism. Freedom works, even if it’s messy. As Churchill said of democracy, capitalism is the worst system—except for all the others.
Donald Trump has come back into office with an economic plan that is a three-legged stool. (We don’t discuss politics, but we do discuss economic policies that can impact your portfolios.) One leg of his plan is regulatory reform; the second is tax reform; and the third is his desire to have high tariffs to make it difficult for Americans to buy goods from international companies. The biggest change is in the size of his ambitions and the order in which he has decided to tackle his priorities.
The market has been flip-flopping for a while now, and while most seem not to notice, I am really getting tired of it. If one pays attention only to the S&P 500 index, then it may not seem like there is any inconsistency. This index, which many use as that proxy for the market, just keeps going up quarter after quarter, or at least it has over the last couple years. However, as I have said more times than I can count, it is what happens underneath the surface that really tells an investor what is happening.
