Debt

Market Timing Volatility: More Dangerous than Volatility Itself

10/25/18

In the last three weeks, volatility has spiked and global equity and fixed income markets have declined. Global equity market declines have taken back all of the year’s gains and then some. While... Continue

Crowded Out

06/13/18

A quiet, corrosive, and profound financial crisis is upon us. This year, the United States Treasury will pay over $300 billion in interest payments on our debt held by the public. That amount is... Continue

The Social (In)justice of Our Debt

02/12/13

Sixteen trillion. 16,000,000,000,000. Start with one million. Multiply it one thousand times. Then times one thousand more. Then times sixteen. Stick a “$” in the front and you have the... Continue

The Cliff

12/31/12

Imagine perching atop a cornice of snow on a rocky cliff nested high in the Rockies. Your head reaches above the tops of spruce and pine. Even ravens do not fly this high. Your skis poke their tips... Continue

Risky Business

09/25/12

No one can pinpoint the start date, but many experts acknowledge that as of the dot.com bust, Volatility had earned the de facto title of America’s Greatest Risk Factor. By the beginning of... Continue

Giving Credit Where Credit is Due

11/28/11

Dear Friends, This week, we forward you a letter recently written to our good friend, Credit Markets, someone who has been taking a beating of late and yet one who has made a tremendous difference in... Continue