2025 is winding up to be another great year for financial markets. Global stock market prices are on pace to return more than +21% for the year. Although U.S. stocks didn't take the lead in 2025, they are still up by double digits. They also set an unsettling new record. By at least one measure, … Continue reading An Unlikely Ending
People who spend enough time in and around the financial markets learn important (and often painful) lessons. One is that market history doesn't necessarily repeat itself, but rhymes a lot! Something that sounds familiar right now is the frenzy surrounding Artificial Intelligence (AI). Investors are all aboard the hype train. Just look at the AI … Continue reading Rhymes and Reasons
Every decade or two financial markets enter a state of what Alan Greenspan called "irrational exuberance." These periods are characterized by markets that defy logic and reason. The time changes but the narrative repeats. "We've entered a new paradigm." "Old investing rules no longer apply." And of course, "Things are different this time." In the … Continue reading Same Old Dance Moves
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