Pragmatic Capitalism

Practical Views on Money & Finance

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When Does Greece Actually get Scary?

More Greek headlines over the weekend. Sigh. And it’s leading to a repeat of a repeat of a repeat in the financial markets: This is after negotiations on a new bailout package failed over the weekend and the ECB closed lending lines to Greek banks. In response, the Greek government implemented capital controls and is… Read More


There was a time when Greece and the EMU used to really interest me. In the early stages of the Euro crisis there was a lot of confusion about what was going on and why the EMU is such a mess. Given my operational understandings of the monetary system I had something relevant to contribute.… Read More

Where Does Money Come From?

“The process by which money is created is so simple the mind is repelled.” – JK Galbraith There’s a reason why myth # 1 in my “biggest myths in economics” is “the government prints money”. It is, by far, the most pernicious and misleading of the economic myths that exists. I was reminded of this today… Read More

Did Schwab Just Kill the Non-Human Robo Advisor Services?

Charles Schwab launched a new service today called Schwab Institutional Intelligent Portfolios. The service is a fully customizable automated portfolio management product that will give every advisor on their platform the same tools and options that the other Robo Advisory services have (automated rebalancing, tax loss harvesting, etc). In other words, it’s given every human advisor… Read More

RealVision TV Interview: The Macro View

This was a really fun wide ranging interview I did with RealVision TV. RealVision is an exclusively finance related online TV channel airing unique one on one interviews and perspectives of the financial markets. They are creating a sort of Netflix for Financial TV. I am not one to promote outside products, but once you… Read More

Why Do Individual Investors Underperform?

Barry Ritholtz posted a good video discussing whether mutual fund managers are skilled or not. I am not going to discuss the points made in that video, however, it did get me thinking about something. I have found that most mutual funds are closet index funds. That is, the vast majority of mutual funds are… Read More