• Investors should remember that excitement and expenses are their enemies. And if they insist on trying to time their participation in equities, they should try to be fearful when others are greedy and greedy when others are fearful.

    Warren Buffet

Capital Market Review

Iron Capital’s quarterly review of capital markets performance and updated market forecast.


  • Capital Market Review
  • Third Quarter 2010
  • Iron Capital Advisors

Third Quarter 2010

Should we raise taxes? Those on the right argue this would be harmful to the economy at a time when the economy is already weak. Those on the left say we need to raise taxes to fight the deficit. Who is correct?


  • Capital Market Review
  • Second Quarter 2010
  • Iron Capital Advisors

Second Quarter 2010

Is ignorance really bliss? The market has experienced significant volatility during the quarter and we believe much of it is driven by pure ignorance. In Brian Caplan’s book The Myth of the Irrational Voter, he identifies four biases that the vast majority of people share and that lead to undesirable political policies. Those biases are:…


  • Capital Market Review
  • First Quarter 2010
  • Iron Capital Advisors

First Quarter 2010

Financial reform is needed, but the details matter. While there is much we could talk about there is one detail I want to discuss specifically: accounting standards. This is a little detail that matters dramatically. University of Virginia economics professor Edwin Burton has written one of the best and most thought‐provoking papers on how accounting…


  • Capital Market Review
  • Fourth Quarter 2009
  • Iron Capital Advisors

Fourth Quarter 2009

Unemployment remains the real story at 10%, with no signs of the job market improving any time soon. This is not going to happen until we get real growth in the economy. The question is when is this going to happen?


  • Capital Market Review
  • Third Quarter 2009
  • Iron Capital Advisors

Third Quarter 2009

Unemployment is the real story as we are at 9.8% and climbing. There are no signs of the job market improving anytime soon. This is not going to happen until we get real growth in the economy. Unfortunately we are facing the most anti‐growth policies we have seen in this country in over 30 years.

  • Should we raise taxes? Those on the right argue this would be harmful to the economy at a time when the economy is already weak. Those on the left say we need to raise taxes to fight the deficit. Who is correct?

    ~Third Quarter 2010

  • Is ignorance really bliss?
    The market has experienced significant volatility during the quarter and we believe much of it is driven by pure ignorance. In Brian Caplan’s book The Myth of the Irrational Voter, he identifies four biases that the vast majority of people share and that lead to undesirable political policies. Those biases are: 1) anti-market, 2) anti-foreign, 3) make-work and 4) pessimism.

    ~Second Quarter 2010

  • Financial reform is needed, but the details matter.
    While there is much we could talk about there is one detail I want to discuss specifically: accounting standards. This is a little detail that matters dramatically. University of Virginia economics professor Edwin Burton has written one of the best and most thought‐provoking papers on how accounting practices helped lead to the crisis. At the heart of the crisis, he says, was the valuation of assets on the balance sheets of banks and other financial organizations.

    ~First Quarter 2010

  • Unemployment remains the real story at 10%, with no signs of the job market improving any time soon. This is not going to happen until we get real growth in the economy. The question is when is this going to happen?

    ~Fourth Quarter 2009

  • Unemployment is the real story as we are at 9.8% and climbing. There are no signs of the job market improving anytime soon. This is not going to happen until we get real growth in the economy. Unfortunately we are facing the most anti‐growth policies we have seen in this country in over 30 years.

    ~Third Quarter 2009