“In capital markets, price is set by the most panicked seller at the end of a trading day. Value, which is determined by cash flows and assets, is not. In this environment, the chaos is so extreme, the panic selling so urgent, that there is almost no possibility that sellers are acting on superior information....Read More

It’s hard to save money when you’re young. If you’re lucky enough to have a job, you’re probably not flush with cash. With a glut of young and talented job seekers, companies have little pressure to offer generous starting salaries. Meanwhile, apartment rents have steadily risen for 23 straight quarters, and life’s other inevitable expenses—utilities,...Read More

I have a lot of respect for the late Milton Friedman. I really do. His unapologetic defense of the free market was–and still is–a breath of fresh air amidst the constant drone of calls for the government to “do something” to fix all of our problems, real or imagined. But on the subject of inflation–the...Read More

The Federal Reserve can lower interest rates to zero, or even–as the European Central Bank has done–into negative territory. But it can’t make lenders lend or would-be borrowers borrow if they don’t want to. And it certainly can’t make a shopper open their wallet and spend if they’re more inclined to save. Economist John Maynard...Read More

I discussed the concept of retirement and how it has changed in recent decades in an interview with NewRetirement.  Here are some excerpts: Today, Americans look at retirement as an entitlement – a reward for a lifetime of hard work – but that wasn’t always the case, says CFA Charles Lewis Sizemore, principal of Sizemore...Read More