Seems not since the Tech Bubble of 2000-01 have we experienced such a rapid shift from “meaningful advance in technology” to rampant hype bordering on hysteria. Now ubiquitous, “AI” dominates the empty boilerplate phraseology of executives and pundits—however hollowly—seeking to convey techno-sophistication and endless promise. Finding the memetic expansion unprecedented and becoming ever more lacking […]

Responding to a reporter’s question regarding the Federal Reserve’s going-forward efforts to balance the risk of weaker employment against that of growing inflation, Chairman Powell stated, “We have a situation where we have two-sided risk, and that means there’s no risk-free path.” That two-sided risk scenario always exists, of course, but managing against both of […]

In this podcast, I speak to concerns regarding the AI land grab.

A year of somewhat volatile gains for bonds provided a sharp counterpoint to the volatility global stocks experienced over the past year:

The S&P 500 set an intraday peak on the penultimate trading day in June. The day’s gains evaporated on news of a breakdown in tariff discussions with Canada, however. By the end of trading, though, most of the about-face had been regained. The gain/news/plunge/rebound cycle exemplifies how fickle the stock market can be. Similarly, zoom […]

In common parlance, to discount a statement means to not take the assertion at face value. In finance, to “discount” something means to develop a current value for a potential investment by estimating a future value and any cash flows in between. The market has been roiling with evolving themes and variations on both notions: […]