Backwards … LB #1 Today we start off by mourning the death of an intellectual giant. Daniel Kahneman was, is, and forever will be the godfather of behavioral economics. He and his friend Amos Tversky upended economics in proving that people don’t actually respond to complex situations rationally. They dislike losing more than they enjoy …
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Looking Backwards … LB #1 When the Fed left interest rates unchanged and said that their dot plots still see an average of 3 cuts in 2024, the markets rejoiced. Remember when the Fed said they would cut three times 5 months ago and the market melted higher in on of the quickest rallies in …
Looking Backwards … LB #1 College Fix writes that the mission statement has changed at the United States Military Academy at West Point. You will remember on December 10, 2022 we wrote extensively on this very site with high admiration for the academy and the ability to turn out fine human beings as leaders for …
Looking Backwards … LB #1 A few weeks back, I called the end of New York Community Bank. I was wrong. The market managed to save itself, but on Wednesday it appeared the end was near again. The stock, which was already down 60% in the last year, was down 25% or so and trading …
Looking Backwards … LB #1 Forgive and indulge me for this first part that is called reading greatness acknowledging greatness. “Charlie Munger – The Architect of Berkshire Hathaway Charlie Munger died on November 28, just 33 days before his 100th birthday. Though born and raised in Omaha, he spent 80% of his life domiciled elsewhere. …
Looking Backwards … LB #1 I find Donald Trump to be a very poor martyr. I think he is a liar, a cheat, and someone that uses bankruptcy laws as his own walled garden from actual financial responsibility and ability. I don’t think any parent would want their child to grow up and act like …
Looking Backwards … LB #1 On Dec 13, 2023, we wrote that we had our worries about AI living up to the hype calling it another inaccuracy, always insensitive, and as intended. That insightful piece about laziness and inaccuracy needs a refresher. Matt Barnum wrote for the Wall Street Journal about how AI is failing …
Looking Backwards … LB #1 This week the border bill died in Congress. This was going to be linked to Ukraine aid, aid for Israel, and then provide money for securing the border. I’m not sure how secure it was going to be with a daily quota of crossers which I saw was in one …
Looking Backwards … LB #1 This week was a firehose of financial news. The Fed meeting resulted in the Fed leaving interest rates alone, but Jerome Powell said that a March rate cut was probably off the table. Treasuries were strong early in the week after seeing the Treasury refunding announcement, more on that in …
Looking Backwards … LB #1 I usually find politics distasteful, I think it is a bought and paid for sordid business, but sometimes it just leaps out and demands your attention and this is one of those weeks. There are some very courageous people who are pushing back against their federal governments and the institutional …