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Pragmatic Capitalism

Practical Views on Money, Finance & Life

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The Biggest Risk of Passive Investing

There’s been a lot of outcry over the years about how passive investing is creating all these new risks. High fee active managers are always critical because they say silly things like “indexing is average” (see my response). Some other people say it’s hurting the economy (see my response). Others have even compared it to… Read More

The Most Dangerous Narratives are Usually the Smartest

You’ve probably read a million market narratives that sound super smart. But have you ever read one that was so over-the-top smart that it just sounded like it had to be true?  I consider myself to be a pretty smart market participant (this conclusion is under considerable debate in most circles) and in recent years… Read More

Let’s Talk About Shrinkage

There’s a lot of concern these days about shrinkage. No, not Seinfeld shrinkage. We’re talking about Federal Reserve Balance Sheet shrinkage and how the Fed might go about reducing the size of its balance sheet. When the Fed started expanding their balance sheet in 2008 during the financial crisis there was a great deal of… Read More

The Evidence Based Investing Conference

I am really excited to announce that I will be speaking on a panel at the upcoming Evidence Based Investing Conference in Dana Point, CA from June 25-June 27 hosted by the great people at Ritholtz Wealth.  My panel is titled: “Is Economics an Evidence-Based Proposition?” Can investors make use of economic data in formulating… Read More

What is “Enough”?

I got an email from a college student this morning asking me for financial advice and tips as they near graduation.  I always respond to emails like this and try to give people useful advice. But deep down in my heart I know I am mostly just repeating mundane and useless bull shit.  You know,… Read More