Joseph Calhoun

Stock markets the world over celebrated the end of the Iran War last week, with many closing the week at all-time highs.

Stock markets the world over celebrated the end of the Iran War last week with many closing the week at all-time highs: Large cap (S&P 500, Russell 1000), Small cap (Russell 2000, S&P 600), NASDAQ, Em

The first 15 months of President Trump’s second term have seen a whirlwind of policy changes, many of which have been notable for their extreme nature. Read more here.

Trump, The Sequel: The First 15 Months The first 15 months of President Trump's second term has seen a whirlwind of policy changes, many of which have been notable for their extreme nature. President

All this AI spending amounts to a giant bet on future growth from the AI productivity increase everyone assumes will materialize any minute now.

So we’ve never had people in a more gambling mood than now. But that doesn’t mean that investing is terrible. It does mean that prices for an awful lot of things will look very silly. Warren Buffe

Clearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets. We can see that in the inverse relationship exhibited by price/earnings ratios and the rate of inflation in the past. But how do we know when irrational exuberance has unduly

“You pay a very high price in the stock market for a cheery consensus.” — Warren Buffett The inflation figures released last week were not particularly good. Consumer prices rose 0.6% in April a

Because the goal of investing is to accumulate real wealth—an enhanced ability to pay for goods and services—the ultimate focus of the long-term investor must be on real, not nominal, returns. - J

Nicholas Mutton / A fork in the road The future is already here – it's just not evenly distributed. - William Gibson, author of Neuromancer Those who cannot remember the past are condemned to repeat it. - George Santayana, The Life