

Suppose you lent someone $100 and when they paid you back they only handed you, say, $99 or $80. Would you consider the borrower to have kept his promise and contractual obligation? Or would you think that he had cheated you out of a part of the money you had lent him...
Inflation is a dangerous way to get rid of debt burdens

REITs remain worth it
Sure, the sector suffered last year, but it’s overcome troubles before and will do so again. Real estate investment trusts, or REITs, were misunderstood for years after they debuted in 1960 – even for decades. When they were first written into law, they were little...
REITs remain worth it

Beware the Biden boom
Many parts of the economy have suffered no ill effects from Covid – the US government should restrain its largesses One year after the emergence of covid as a threat to our daily existence, a peculiar narrative has taken hold whereby the undoubted turmoil of the past...
Beware the Biden boom

New single-family home sales jump in March
Sales of new single-family homes rose sharply in March, increasing 20.7% to 1.021 million at a seasonally adjusted annual rate from a 846,000 pace in February. Sales are an astonishing 66.8% above the year ago level (see top of first chart). Sales were up in three of...
New single-family home sales jump in March

Staying liquid isn’t good – or bad. It’s cheap or expensive
This article was originally published in June 2020. Market volatility is at an historic extreme. From a technical perspective, post-pandemic US stock markets are behaving in a manner unseen in price history, making multi-year lows and highs in a matter of...
Staying liquid isn’t good – or bad. It’s cheap or expensive