S&P 500 Earnings Growth

“In matters of style, swim with the current; in matters of principle, stand like a rock.”

Newsletter /

The Fed will remain very cautious about changing policy any time soon. The economy grew at 3.1% in 2023; it inflated at 4.1%, and wages grew at 5.2%. These are very strong numbers. Economic and market performance does not cry out for stimulus.
The Fed has never cut rates with stocks at record highs when the economy is expanding, and with inflation remaining above target levels. Stimulus seems unnecessary with corporate profit margins at record levels, financial markets extremely liquid, the economy operating at full employment, with personal incomes and wages rising faster than inflation and more quickly than growth.

“In matters of style, swim with the current; in matters of principle, stand like a rock.” Read More »

“The Western world is in danger; it is in danger because those who are supposed to defend the values of the West are co-opted…”

Newsletter /

The Western world is in danger, and it is in danger because those who are supposed to defend the values of the West are co-opted by a vision of the world that inexorably leads to socialism and, thereby, to poverty.
Unfortunately, in recent decades, motivated by some well-meaning individuals willing to help others, and others motivated by the wish to belong to a privileged caste, the main leaders of the Western world have abandoned the model of freedom for different versions of what we call collectivism. We are here to tell you that collectivist experiments are never the solution to the problems that afflict the citizens of the world. Rather, they are the root cause.

“The Western world is in danger; it is in danger because those who are supposed to defend the values of the West are co-opted…” Read More »