Quarterly Investment Reports
2021
Q I - "A trillion here, a trillion there, and pretty soon you're talking real money"
2020
Q IV - Plus ca change, plus c'est la meme chose
Q III - On Average, We're Doing Just Fine!
Q II - A Mania First Carries Out Those Who Bet Against It, And Then Those That Bet With It!
Q I - Its Easiser to Stimulate Markets than the Economy!
2019
Q III -Third Quarter Investment Newsletter
Q II - Headed to Extra Innings
Q I - "Live by the s̶w̶o̶r̶d̶ bubble, die by the s̶w̶o̶r̶d̶ bubble"
2018
Q IV - Wile E. Coyote's Gravity Lessons
Q I - Should I Stay or Should I Go - the Clash
2017
Q IV - Bull Markets Are Born On Accounting Changes
Q III - Get Your Facts First, Then You Can Distort Them As You Please
Q I - Finding Value in a Faith Based Rally
2016
Q IV - Climbing A Wall of No Worry
Q III - It's Hard to Make Prediction, Especially About the Future - Yogi Berra
Q I - The Great Rebalancing or Greater Bubble?
2015
Q IV - It's The Credit Markets, Stupid
Q III - I Fought the Fed and the Fed Won!
2014
Q IV - Will Summertime on Main Street Mean Winter for Wall Street?
Q III - The Bull Market in Complacency Pauses - A Correction or Cycle Top?
Q II - Ripple in Still Water, When There is No Pebble Tossed, Nor Wind to Blow
2013
Q IV - Forget the Secular Bull/Bear Debate... Welcome to the "New Normal" of Secular Mediocrity
Q III - "There's Something Happening Here"
Q II - If All Economists Were Laid End to End, They'd Never Reach a Conclusion
Q I - "It's no wonder that truth is stranger than fiction. Fiction has to make sense."
2012
Q IV - "Curiouser and Curiouser"
Q III - "This Time It s Different"