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TINA Is Stupid

In the 1980s, British Prime Minister Margaret Thatcher liked to say, “There is no alternative” to her market-driven economic reform ideas. She said it so much people began abbreviating it as “TINA.” Whatever you think of Lady Thatcher’s policies, the slogan was...

The New Inquisition

It is as essential to democracy that the minority should voluntarily submit to the measures adopted as it is that the majority should voluntarily approve them. Democratic government rests upon the principle that it is better to count heads than it is to break them....

Long Humanity

“At the end of the day” is a trite figure of speech, but it sometimes fits. It signals you’ve used all your time, and now you’ll wrap up and begin thinking about tomorrow. I like to say designing the Strategic Investment Conference agenda is my personal art form....

Politics with No Labels

You can’t always get what you wantBut if you try sometime you findYou get what you need Mick Jagger and Keith Richards, 1969 There’s no way around it: Investing in public companies is always political. Corporations exist because governments charter these artificial...

Technology Rules

Macroeconomic forecasting is too politicized. I don’t mean that in a partisan sense, though it may be so. The bigger problem is that forecasters spend most of their time thinking about central bank decisions and government policies. In the long run, those aren’t the...