Pragmatic Capitalism

Practical Views on Money & Finance

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Thoughts on The Bond Debacle

Earlier this year I discussed the fairly dramatic change in my view on long-term government bonds. In essence, I said that bonds were irrationally priced given the low likelihood of deflation that the market was pricing in. Since then long bonds are one of the worst performing asset classes in the world on both a… Read More

Finding the Limitations in Your Investment Process

You have to remember how important it is to admit your own limitations. When looking into any investment strategy, portfolio manager, advisor or fund offering I find it’s a red flag when someone doesn’t come out and admit the weaknesses in their investment process.

Is a Fiscal Deficit Really “Austerity”?

Back in late 2012 there were a number of Keynesian economists who were very concerned about the US budget deficit and the potential negative impact of its shrinkage in the face of a weak economy. I was very critical of this view saying that austerity wasn’t necessarily going to hurt the US economy. In fact,… Read More

The Economic Recovery that Can’t Get Any Respect

Is it just me or do we seem to be permanently grumpy about the state of the economy? I hate to be the guy trying to highlight some of the good in a pretty weak recovery, but this economy just can’t get any respect. I find myself thinking about this on the heels of the employment report which… Read More

Experience or Expertise?

There is a great quote from Greg Northcraft, which I love, when he says you have to differentiate between experience and expertise. Intuition relates to this.