The Wages of War
The U.S. is engaged in what will be, in the words of our commander in chief, “a lengthy war, a …
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Playing the Weak Dollar
Investors were thrilled to see the S&P 500 notch up by 26% (plus dividends) during 2003. Sorry to put a …
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Where’s the Cash?
Earnings are opinion; cash is a fact.” First recorded in the 1890s, that adage deserves to be etched in bronze …
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Received Ideas
Military History Is Written By The Victors. Economic history is written, to a degree, by central bankers. In both cases …
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Oil and Politics
Every president since Richard Nixon has asserted that we are running out of oil. Meaning: We are sitting ducks for …
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The Fearful Economy
One reason economic statistics are weak: Businesses are hoarding cash and stockpiling commodities. Can we blame them? Recent economic indicators …
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