As users of the Moneybags© mobile financial application(1) know, the Moneybags sample “opportunistic” portfolio(2) has long had an exposure to junk bonds.(3) That exposure has produced prodigious returns, but the question arises: is it time to junk junk? read more »

A blog is really nothing more than the process of jotting down stuff you’re thinking about when you should really be doing something else. This probably explains why so many more people are addicted to blogging than are addicted to reading blogs. Right now, for example, I should be slogging through Greycourt’s year-end financial statements. Instead, I’m still thinking about Ben Bernanke. read more »

In my last post (here) I argued that the Fed has seriously over-estimated its understanding of and ability to stimulate the American economy. After several years of engaging in vast policy experiments that have netted it little (but at much risk – see my next post), the Fed has been reduced to the claim that the so-called “wealth effect” will do the trick. read more »

Parmenides, in case you’re wondering, was “The Grandfather of Western  Philosophy,” a fellow who lived in the 6^th Century B.C., a generation or two before Socrates. And you now know pretty much everything we know about Mr. Parmenides, since he left only a fragment of one poem. read more »