My good friend Kevin Muir from Macro Tourist (I highly recommend that you subscribe) has been banging on about Modern Monetary Theory (MMT) for ages. I’ll admit, some of his pieces have been difficult to read as I’m firmly planted in the Austrian school—I believe gold is money and everything else is fiat. I believe governments create inefficiency and corruption while politicizing common sense Read More

Until about a year ago, I had visited more of Central Asia than the cities in my state 50 miles north of me. I just assumed that “God’s waiting room,” extended from Ft. Lauderdale north to the Georgia border.  I’m always one to challenge preconceived notions and starting last year, I’ve made a point of thoroughly exploring my state of 16 years now. To Read More

I have now run a few companies. Over time, I have experienced a repeated epiphany; which is that you never realize which employees are useless until they go on a vacation and nothing bad happens. Now, this isn’t a dig at good employees; good ones find ways to delegate their responsibilities and still check their emails—great ones work harder while on vacation. However, the Read More

I’m writing this to you as a Miami Beach refugee hiding out on the Florida Panhandle, where they actually let you set foot on the beach; masks are optional and restaurants are open. It’s like I’ve gone back in time to February. Besides, you wouldn’t believe the deal I got on a beach-house during COVID. I also know that I needed to escape my Read More

I’m one of those guys who’s always believed that certain truths are sacrosanct. Interest rates would always stay positive, commodities would always be worth something and the US government would pretend to care about the deficit. Over the past few years, I feel like the hedgie who’s learned that the Easter Bunny doesn’t really exist. Honestly, a lot of what I accepted as being Read More

Four weeks ago, the stock market was in free-fall and I made the point that “if you aren’t buying stock down here, you’re simply doing it all wrong.” I fortuitously published it on the day that the market bottomed. Looking back at my call to “buy stuff,” the Fed did exactly what I expected by unleashing an alphabet-soup of acronym programs—forcing people to buy Read More

Last week, we got news that Carnival (CCL – USA) became the first of many large corporations to aggressively dilute shareholders after a decade of reckless financial engineering. Before discussing this malfeasance of capital structure management, let’s rewind three decades. Excluding brief periods of exuberance at the end of the 1920s and 1960s most public companies historically were staid organizations—they grew a few percent Read More