Creative Capital

Cash is King

Since the end of the Financial Crisis eight long years ago, a notion has settled across the land that “cash is trash.” This is the bunkmate of the “TINA” principle: There Is No Alternative to owning equities.

Explaining Donald Trump, the Conclusion

I have met the enemy, and he is me. (What Trump, channeling Pogo, should be saying to himself every morning.)

Explaining Donald Trump, Part V

Donald Trump has been such a disruptive agent during his first few months as President that it’s easy to dismiss him as hopelessly incompetent. That would be a mistake: one common way MEPs (mega-​entrepreneurial personalities) prevail is because other people write them off as unhinged lunatics. I’ll get to the…

Explaining Donald Trump, Part IV

There is so much emotionalism about Donald Trump — both pro and con — that I’m trying to explain his behavior by looking at issues outside the man himself. I’m looking at how people behave who have very similar personality types (i. e., mega entrepreneurial personalities, or MEPs) and at how people are likely…

Explaining Donald Trump, Part III

I’m claiming to be able to explain Donald Trump — and predict his actions as President — by reference to only two of his characteristics. The first is that he’s what I’ve called a Mega Entrepreneurial Personality, a trait he shares with an infinitesimally small group of Americans.

Explaining Donald Trump, Part II

I’m determined to explain Donald Trump by referring to merely two of his traits, the first of which I’ve dubbed the Mega Entrepreneurial Personality, or MEP. Here are a few more examples of MEP characteristics we’ll need to consider as we try to understand the 45th President of the United…

Explaining Donald Trump

If writing about music is like dancing about architecture, then explaining about Trump is like sneezing about hermeneutics.

Capital Preservation Paul, Part VII

Well, the best-​laid plans…I’d intended to interview the contestants in our little investment contest to get their take on the markets and on how well or badly they, personally, had navigated the various challenges those markets had offered. I was especially interested in what, if anything, the contestants had learned.…

Capital Preservation Paul, Part VI

Bull Markets and Bear Markets are such momentous events that they tend to fixate investor attention to the exclusion of more important matters. Most people, for example, would define a “market cycle” with reference to Bulls and Bears.

Capital Preservation Paul, Part V

So far in our increasingly exciting investment contest, it’s been a positive experience all around. For the first three years the capital markets rose relentlessly: a modestly positive first year followed by two terrific Bull Market years. But things are about to change.

Capital Preservation Paul, Part IV

Last week we observed how our investment competitors fared as they navigated a boring, so-​so market environment. But this week things get more interesting.

Capital Preservation Paul, Part III

Last week we asked Mr. Market to establish the playing field for our investment contest. This week we’ll check in to see how our contestants are faring.

Capital Preservation Paul, Part II

On the last day of March, we launched our own, far more interesting version of March Madness, namely, an investment contest. Our contest features the Investing Final Four, that is, the four main kinds of investors I’ve encountered in a long and checkered career in the financial advisory business. But…

Capital Preservation Paul

I’ve been in the business of advising wealthy families for 40 years. (Actually, it’s been longer than that, but I’ve reached the age where everything gets rounded down.)

Loose Change, Part X

“Without courage all other virtues are useless” – Edward Abbey, Desert Solitaire
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