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The controversy over the Kentucky catholic school boys trip to the March for Life over the weekend, and their interplay with a group of activists and a separate Native American activist resulted in widespread condemnation of these minor children, and calls for societal ostracism and even outright violence as their deserved punishment. Leftist, anti-Trump forces were gleeful in their righteous indignation and judgment, seeing their worldview condemning what was in their view the inherent toxicity of American white males, even those underaged, as confirmed. As more information, video coverage, and facts emerged as to the confrontation, this narrative proved false.

The intelligent investor knows and understands, unemotionally, that outside of Armageddon it is impossible to lose all your money in the stock market.  There has been one 10 year period in the history of the stock market with negative returns, and zero 20 year periods with negative returns.  Markets can stall for years, and provide unsatisfactory short term or intermediate returns, but catastrophic permanent losses?  Minimally possible at best, unless an investor panics and sells instead of staying the course.  Markets invariably deliver 7-11% annual returns over extended periods of time. The intelligent investor also knows and understands the one

Confusion reigns in the US markets.  Bonds had their worst year in over a decade, and stocks closed out the year in bear market territory after being positive most of the year, down approximately 6% for the full year and 11% in December alone.  2019 has started more positively, with a small bounce from last year.  Investors really don’t know where to turn, with increased volatility and violent price swings. Sometimes in periods of uncertainty, it’s best to maintain the status quo and do as little as possible.  Sure, from a short term perspective selling at market peaks last year

Last week came the news from Washington that term limits are being proposed by Senator Ted Cruz and Congressman Francis Rooney: 6 years for the House and 12 years for the Senate. My first instinct is to applaud both men for proposing this, as all levels of government desperately need term limits to thwart career politicians, abuse of power, and arrogance; and to further true public service for only a season in life. However, the cynic in me wonders about the parameters around the proposal. No bill capping service at 6 years in the House and 12 years in the Senate has a ghost of a chance to pass. Now if

One would have to be pretty oblivious to the financial markets not to notice abnormally high volatility the past few months after many years of equally abnormal tranquility. Markets were down 11% domestically in December, and the second and third trading days of 2019 were down 660 points and up 740 points, respectively, on the Dow Jones Industrial averages. The market is exhibiting bipolar, manic-depressive, emotional volatility in this contradictory trading. Granted, the down 660 day centered on Apple’s earnings pre-announcement and concerns over trade squabbles, and the up 740 day centered on spectacular employment numbers and dovish comments by the Federal Reserve Chairman.

I’ve known Senator Mitt Romney for over a decade.  Know him very well. He spoke to the Legacy group I co-founded multiple times, and when he first ran for President in 2007-2008, I introduced him all over Texas to further his presidential run. He’s a fine person with a world-class intellect and an outstanding family. He’s a great American and has done so much to keep America great, politically, charitably, and commercially. I tip my hat to both him and his wonderful family and wish for them a blessed 2019. However, I think he really made a mistake attacking the

Apple’s earnings miss last night is being overreacted to, as almost all earnings misses by major companies lead to a violent reaction by short-term traders abandoning a stock newly bereft of near-term prospective price momentum.  But there are more important issues here than a single company’s quarterly earnings miss, whether that miss is related to China as stated, or is a result of a more widespread set of influences.  Perhaps the greatest risk factor facing public markets globally at this time is earnings expectations, a risk factor mostly overlooked recently.  At the end of the day, stock prices over the