Investing With Humility

07/10/2020 9:57 AM

In the midst of COVID-19, this year has presented many moments for us to reflect upon our health, our work, our human connections, and life in general. Six months ago, it was unimaginable that a novel virus could cause modern civilization to nearly stop on a dime. We...

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Economy Won’t Recover Until 2023

07/10/2020 6:20 AM

I’ve argued that we’re in a new depression. The depth of the new depression is clear. What is unclear to most observers are the nature and timing of the recovery. The answer is that high unemployment will persist for years, the U.S. will not regain 2019 output levels...

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Everybody Is Wrong

07/10/2020 5:40 AM

Depression or Roaring 20's. Everybody is wrong. I’ve been pondering all the “analysis” out there on the current economic and investment landscape and can only shake my head. That’s SMH, for you youngsters. What I see are coexisting comments for a Depression and...

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What Were You Thinking?

07/09/2020 10:26 AM

  At 10 times revenues, to give you a 10-year payback, I have to pay you 100% of revenues for 10 straight years in dividends. That assumes I can get that by my shareholders. That assumes I have zero cost of goods sold, which is very hard for a computer company. That...

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