Money Archives - Pittsburgh Quarterly

2025 Winter Reading Room

Changing the American Dream

by Chris Allison

Francis Ford Coppola’s epic, “The Godfather,” begins with the line, “I believe in America.” The film chronicles the tragic story of the Corleone family and their twisted version of the American Dream. It characterizes our national ethos by believing anyone can attain their version of societal success, regardless of where or into which class they …

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The Reality of AI

Editor’s note: ( We asked leading wealth managers: Is AI real or hype? If it’s real what’s the best way to invest in its success? Their answers follow) James Armstrong, Henry Armstrong AssociatesAI certainly has been hyped to an extreme in recent times. However, it is real, and there will be areas where it will …

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Creative Capital

No Country for Old Men

Every advanced society struggles with the problem of how to provide the best and most advanced healthcare to the greatest number of people without bankrupting the economy. It’s a legitimate problem but it’s one that is being handled abysmally by most of the developed world. Previously in this series: Death of the Famous AirmanConsider two …

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How Long Will the Magnificent Seven Last?

(Editor’s note: We asked leading wealth managers: Will the magnificent 7 technology stocks continue to lead the market going forward? Their answers follow.) Win Smathers, Shorebridge Wealth Management I wouldn’t bet against the tech juggernauts continuing to lead the broader market despite having extended valuations. These seven names; Meta, Amazon, Nvidia, Microsoft, Alphabet, Apple and …

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How High for CPI and Why?

(Editor’s note: these answers were submitted in April.) Greg Curtis, Greycourt I can’t pinpoint the exact number but the CPI will be above the Fed’s long-term target of 2%. Even if the US economy slows down – a big if – the wealth effect from stock market appreciation and continued spending by more affluent households …

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Creative Capital

Death of the Famous Airman

“If I take the wings of the morning and dwell in the uttermost parts of the sea, even there shall thy hand lead me.” Psalms 139: 9-10, the words Charles Lindbergh chose to be engraved on his tombstone Early in the morning of May 23, 1927, Charles Lindbergh climbed into the Spirit of St. Louis, a modified …

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Creative Capital

Hotel on the End of the World

“Is. This. Ever. Going. To. End?” — Everyone who ever drove the Hana Road I hadn’t even thought about Hawaii for six months and had no intention of ever thinking about it again. But then my phone rang. Previously in this series: Lucky LindyMy boss said, “I can’t tell you how happy I am that we …

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Peering into the Future

1: Is Artificial Intelligence (AI) real or hype? If it’s real, what’s the best way to invest in its success? Linda Duessel, Federated Hermes AI isn’t hype but a revolution, reminiscent of the internet a quarter of a century ago. Technological advances across all industries will drive productivity in the next decade — great news …

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Creative Capital

Lucky Lindy

“Hi there big guy.” — Hawaiian Princess Kumonaywonalaya At one point in my career I ran a family office for one of the world’s wealthiest families. When I joined the family office I knew – vaguely – that the Family (as I’ll call them, capitalized) was a major owner of property in the Hawaiian Islands. I …

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Creative Capital

All’s Well that Ends…

“You should be kissed often, and by someone who knows how.” Rhett Butler It seemed that everything had been taken care of at the Zurich Cantonal Bank and that we were home free. But I’d overlooked one crucial item. Previously in this series: Switcheroo!After Dr. Brenner and I had shaken hands with the bank officials and …

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Creative Capital

Switcheroo!

The best laid schemes o’ mice an’ men / Gang aft a-gley. Robert Burns We were parked at a service plaza on Route 3, just inside the Zurich cantonal border, and Dr. Brenner had gotten an urgent message to call his office. Now he and I were standing in the parking lot a ways apart from …

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Creative Capital

It Takes a Village (To Move All That Gold)

My client, Goldie, had spent many annoying decades conducting gold inventories in remote Swiss villages, and now I’d just been informed that it had been totally unnecessary. Previously in this series: Goldie, Part III“But … but …” I said. The Pictet partner explained that while the army’s original strategy (to pull back into the mountains) …

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Creative Capital

Goldie, Part III

No military plan survives the first contact with the enemy. von Moltke the Elder I’m describing how a lawyer conducts a gold inventory, just in case some of my readers might need help with their bullion in the future. Previously in this series: The Routine of Gold After we completed the inventory at the little bank …

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Creative Capital

The Routine of Gold

When Goldie asked me to conduct the gold inventory for her, I’d simply assumed that her gold was stored in the vast vault under the Credit Suisse headquarters building on the Bahnhofstrasse in downtown Zurich. After all, she’d been a good customer of the bank for decades. Previously in this series: GoldieI’d planned to walk …

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Financial Literacy: What’s it Worth?

Editor’s note: We asked a group of local financial leaders to weigh in on this question: How important is increasing financial literacy among our society and your potential customer base and what programs do you have to educate citizens in making responsible financial decisions, whether on mortgages, insurance products, loans, investments or savings? VINCENT …

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Creative Capital

Goldie

“The Golden Rule: She who has the gold makes the rules.” The Wizard of Id (paraphrased to modify the gender) Quite some years ago I had a remarkable client I’ll call Goldie. Goldie was then in her late sixties and looked exactly like a lady in her late sixties: gray hair pulled back in a bun, …

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Creative Capital

The Origin of the World (and the End of the Tours)

Being the college guide sounds fairly straightforward, but in fact the job was full of pitfalls – landmines in every direction. The first pitfall arose out of the fact that I could never know who was going to be on my tour. It might be sensible people who thought the Orozco murals should be nuked, …

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Creative Capital

Touring with the Big Shots

The typical family unit on my tour was a mom, a dad, and a 17-year-old kid who was a prospective student. But one day an unusual unit showed up – a kid and his gorgeous older sister. Well, well, well, I thought. Previously in this series: How Not to be a College Guide The third …

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Creative Capital

How Not to Be the College Guide

As a scholarship boy I was expected to get a summer job, save lots of money, and apply it to my tuition for the fall semester. Except nobody was hiring. It was now late in my sophomore year and I scurried over to the Financial Aid office to let them know my summer job prospects …

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Creative Capital

And the Winner is…Us (The U.S.)

“There seems to be no sign of intelligent life anywhere.” — Buzz Lightyear Last week we looked at countries that are likely to suffer the most as America abandons its role as world cop. This week let’s take a look at countries which are likely to fare best. Previously in this series: China’s Future ProblemsBut remember …

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Creative Capital

China’s Future Problems

“This is an intergalactic emergency!” Buzz Lightyear I could devote several months of essays to the question of how and why America became so divided and how and why we lost the stomach for maintaining the global paradise we so painfully created and maintained for so long. But what’s the use? It is what it is. …

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Creative Capital

Goodbye to All That

“Because of YOU, the future of this entire universe is in jeopardy!”- Buzz Lightyear The period after World War II was essentially a human paradise. It wasn’t perfect, of course, but compared to any other period in human history it was as close to paradise as mortal humans could ever have expected to experience. Naturally, it …

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