Pragmatic Capitalism

Practical Views on Money & Finance

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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

Why Do Economists Think They’re Economic Experts?

What would you say if I told you economists don’t actually understand how many of the most important entities in the economy work? That would be a pretty damning criticism of anyone who purports to be an “expert” on the economy, right? I write this on the heels of the recent uproar by economists and… Read More

The History of the Global Equity Portfolio

One of the nice things about thinking of the world in macro terms is that you are less inclined to fall victim to a fallacy of composition. That is, in the financial world we tend not to think in terms of aggregates so we often extrapolate personal or localized experiences into broader concepts which often… Read More