Welcome to my website! The site is designed to provide easy access to my books, blog, journal articles and white papers. The content on the site is updated at least once a week, as my blog posts come out every Friday. Other site pages will be updated as new articles, white papers and books appear.

Most of my work has an investment focus, at least in the broadest sense. Good investors – those who preserve and grow their capital across the decades and generations – are educated investors. Whatever aspect of the investment process they are working on, they know the difference between best investment practices and whatever everybody else is doing. This site is designed to help you be that informed investor.

Here is a quick snapshot of what’s on the site:

  • My bio. In short, I’ve been advising very substantial investors since 1979. Many of the clients I work with today are the grandchildren of the folks I started with way back when. You can check out Greycourt, the company I founded, here.
  • My blog. A new post appears every Friday. As noted, the blog has an investment focus, but I interpret that very broadly. So far there are nearly 200 posts, i.e., almost four years’ worth of the blog. If you would like to receive the blog via email (it’s free), you can do so here.
  • My books. I’ve published three investment books, a book of poetry, and I’ve edited two other books. More to come!
  • Articles. I’ve published scores of articles over the years, including articles in refereed journals, white papers, and newspaper and magazine articles.

I hope you find the site useful and interesting. Please let me know what you think by contacting me here.

Recent Blog Posts…

  • Central Bankers Then and Now, Part 4

    Central Bankers Then and Now, Part 4

    The “gold standard,” which prevailed in the developed world for many decades, simply means that some fraction of a country’s paper currency has to be backed by – that is, convertible into – gold. In the US that fraction was 40%. Since a government on the gold standard can’t print … read more »
  • Central Bankers Then and Now, Part 3

    Central Bankers Then and Now, Part 3

    Scholars of the Great Depression typically blame policymakers of the 1930s for failing to do four things: * They failed to rein in the 1920s economic boom, allowing it’s collapse to lead to the worst depression in US history. * Following the Crash of ’29, they failed to inject sufficient … read more »
  • Central Bankers Then and Now, Part 2

    Central Bankers Then and Now, Part 2

    Subsequent to the Global Financial Crisis, US GDP has grown, in the aggregate, 37%. During the period of the Great Depression, US GDP grew, in the aggregate, 40%. In the 1930s the US economy declined 26% between 1930 and 1933 and unemployment rose to 25%. During the Great Recession the … read more »
  • Central Bankers Then and Now

    Central Bankers Then and Now

    Not that anyone cares, but in these pages I’ve been highly critical of the “unconventional” policies pursued by every central banker on the planet since the Financial Crisis. My arguments have been many and simple: The policies not only didn’t work, they actually stunted economic growth. The policies were “immoral” … read more »
  • Shined Shoes Can Save Your Life, Part 4

    Shined Shoes Can Save Your Life, Part 4

    It was now late winter of 1971 and I was running the traffic division at the 226th MP Company at Fort Benjamin Harrison, outside Indianapolis. In those days Fort Ben was the headquarters of the Army Finance School and the location of the Army Finance Center. The building that housed the … read more »