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Pragmatic Capitalism

Practical Views on Money & Finance

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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

The Super “Short-term” Epidemic

In a recent post I talked about the intertemporal conundrum, the problem of time in a portfolio. That is, we live in a dynamic world where our financial lives aren’t necessarily one clean “long-term”. Because of this we often obsess over the short-term and end up doing detrimental short-term actions in what is essentially a… Read More

We’ve All Been Keynesians for the Last 7 Years

No one really seems to know what a “Keynesian” is these days. It’s one of these terms that now means “socialist”, “big government” or “proponent of fiscal policy”. Of course, it doesn’t actually mean any of those things. Keynes wasn’t a socialist. He didn’t like big government. And he liked Monetary Policy as much as… Read More

The Four Signs of a Pending Bear Market

Anthony Scaramucci and team have done a really nice job resurrecting the old Louis Rukeyser show, Wall Street Week. The guests have all been top notch. On a recent episode, legendary hedge fund manager Leon Cooperman shared some of his career background along with his thoughts about the markets: