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Irrational Exuberance Speech 25 Years Ago

The stock market is up 6x since the "Irrational Exuberance Speech." The ValueAligned Model portfolio (VAP) is up +23.0% as of Wednesday, December 29, 2021, while the S&P 500 Index is up +29.4%. That includes all dividends reinvested into the index and the VAP We...

Inflation’s Back—And That’s Why We Own Stocks

At the close on Friday, the NASDAQ Composite Index was down -6.1% and the S&P 500 was down -3.5%, from their recent record highs. The 10-year Treasury yield, which was 1.67% as recently as the week of Thanksgiving, was yielding 1.35% at the close on Friday. Oil...

Newsflash: The Federal Reserve is Not Printing Money

Don't Fear the Taper...or the Reaper All our times have come, Here but now they're gone. Seasons don't fear the reaper, Nor do the wind, the sun, or the rain... We can be like they are. Come on, baby... don't fear the reaper. Baby, take my hand... don't fear the...