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Pragmatic Capitalism

Practical Views on Money & Finance

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Why Expectations Based Econ Models Don’t Work

Jason Smith wrote a tremendously good post on the pitfalls of relying on expectations in economic models. We see this all the time in mainstream economics where the economist relies a good deal on market expectations to infer certain conclusions. For instance, if the Fed implements a new round of QE we often see economists… Read More

Observations From a Decade in the Investment Business

It was recently brought to my attention that it’s been ten years now since I started my first full-time job in the investment industry. More experienced investors might not think this is a very long time, but it feels like an eternity to me considering my current level of understanding compared to what I knew when I first started out. Here are some observations about my time in the world of investments from the past decade:

Risk Management Always Matters

Many of the most intelligent investment thinkers out there today are in agreement that future returns for U.S. stocks and bonds will be subpar. This has been pointed out by many for a number of years now, but eventually it will happen.

Glenn Beck and Rand Paul Discuss the Fed…

Rand Paul joined Glenn Beck today to discuss the Fed and some of the attacks on his “audit the Fed” bill (see here for the transcript and the video). This is a good learning experience so bear with me for a few minutes as I explain some of my thinking here and why I’ve been critical… Read More