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 ...

I wanted to reach out at this time of year and tell you how grateful I am for you being both reader and friend.

I often describe debt as “future spending pulled forward in time.” It can be good if you’re using the debt productively. All too often, people don’t. Nor do governments. Note I said “governments” in ...

I fell in love with the power of dividends in 2011 while working on an income investing newsletter. I very quickly understood the math that makes dividends one of the most powerful tools for investors ...

Preface: I don’t think it’s just me. We are all getting overwhelmed with information and seemingly important news. What will the Fed do? Is Trump going to invade Venezuela? What about Israel? Ukraine?

Sometime in the late aughts (after the GFC) I wrote a letter stating that private credit would one day be bigger than private equity. We are not there yet but getting closer. Private credit, like ...

The Mariner S. Eccles Federal Reserve Board Building, completed in 1937, faces Washington’s stately Constitution Avenue. Its classical architecture presents an appearance of strength and stability.

In the last few years, we who remember the 1970’s inflation got to watch new generations learn how it feels. They haven’t enjoyed it, to say the least. I’d like to reassure them the worst is behind us ...

Everywhere I go, people ask me what’s next for the economy. My answer depends on what they mean by “next.” Anything can happen next month. I’m much more confident about what we’ll see over the next ...

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 ...

Willie Nelson is not, to my knowledge, a proponent of any economic cycle theories – though now at 92, he’s seen more cycles than most of us. But he was singing back in the 1950s how good things ...

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 ...