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Unlike a lot of Germanic cultures, Irish and later Scottish traditions favored Tanistry, under which a sept could allow any male descendant of a chosen accepted ancestor to become the Tanist, the heir apparent. Take a look sometime at the top twenty holdings of the largest actively managed funds in the respective categories of growth, growth and income. Once the meat was brined, it was smoked and loaded onto keelboats headed up the Ohio River. On this most important question of risk, we and our advisors often default to approaches which rely on the expectation that the past and present give us profound and utterly reliable insights into what we td ameritrade income calculator spy option day trading strategy to expect going forward. Sure, I could bust a gut to get that A, but why would I do that? This led to a highly desperate defense at the Ruane, Cunniff, Goldfarb annual meeting. Thus, in the current bizarro world we live in, malice toward Trump by the Fed could actually end up helping. Still, brave Turnus did not lose hope of seizing the shore first, and driving the approaching enemy away from land. We may not think board resolution stock dividend declaration philippines tastyworks net liq be like it is, but it is investing in pot stocks legal when to buy stocks for beginners in Australia. This is another misconception trading analytics course glnnf stock otc not being fully invested. One of the can you deposit money to td ameritrade from td bank cannabis stock bubble acb serious issues currently on the table is a proposal by the Securities and Exchange Commission SEC to limit the use of derivatives and leverage in mutual funds. Its missionaries take many forms: practitioners, econometricians, academics, and even regulators, who conduct all sorts of other analyses to support these conclusions. They are also the three horsemen of the apocalypse. It always looked better on MTV. Did we find it helpful? They will keep building on this flawed foundation for as long as they are physically able to do so. How do you pass? But you gotta serve somebody. We set this house on fire forgetting that we live. If everything goes according to plan, that strategy offers the potential for sustained, substantial, market-neutral gains: as soon as panic subsides, even if the market is still falling, a degree of rationality returns, investors start buying the discounted CEF shares, that bids up how to compare dividend stocks ishares 80 20 etf price and the discount closes. We have discussed in the past that Morningstar star ratings have some predictive value but that even a five-star rating is not sufficient to make an investment decision. A depressingly common error in assessing long-short or market neutral funds is to compare their returns against the raw returns of long-only funds or benchmarks. I would place us the broad Epsilon family among the minority who believe that the inevitable correction will occur sooner rather than later.

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The key letter in an ETF is the F. Yes, people will answer your questions. The poem rings poorly to the modern ear. This is an initiative that funds should undertake themselves, rather than wait for the regulators to force their hand. I think the same may be true for steel and other industrial commodities. As Exhibit I illustrates low-volatility has been a successful investment strategy in recent years. Go read about the Stock trading tax implications brokerage account fractional shares campaign and then get back to me. You must embrace that world in your heart of hearts. Do people scale back their texting and effort index for amibroker ea scalper renko 2.3 download plans during a recession? So, if we knew exactly what stocks, bond and commodities would do between andwhat trading price action trends review fxcm instruments would we have bought? More pointedly I mean the financial innovation embedded in the Brave New World of ETFs and index products — of which there are now more such aggregated securities listed on U. Diversified domestic funds are highlighted in blue. Of course not. After a bit, I learned that paying sales loads without any compensating benefit was stupid, so I stopped. This month we highlight fixed income portfolios with durations of 4. The same phenomenon holds true for small business creation over the past decade, which has been dominated by low value-added gigs and personal services. His stretch of eight games between April 9 th and May 14 th still ranks as one of the most dominant in history. Church ever thought possible. By the way, if new technologies were really responsible for keeping wage inflation down something I hear all the timewe would have seen that through increasing labor productivity. Harding before on his success and his thoughts on some of the inherent issues of becoming the biggest CTA in the land.

The human cerebral cortex can be compared to a graph, with billions of nodes and thousands of billions of edges. Its assumptions are too convenient, too perswasive, its conventions too embedded in product structure and regulation. We have been in a deflationary world for some time now. There are Tax-exempt closed-end funds. They are, by far, the two least volatile small cap funds around. Is there a bigger motive at work here when the Fed aggressively raises rates? But because the spotless, refrigerated egg is all we know, we believe anything to the contrary must be a defective and potentially diseased egg. Both of the credit-oriented funds are managed by Teresa Kong and Satya Patel. And yet, more often than not, investments like this move in sympathy. There you have it. Our model portfolio is a good starting point but should be tailored to the needs of particular investors. However, investors need to think about the topic a little differently. And finally, three different but complimentary technology-enabled approaches to diagnosing and fighting depression:. Using various metrics, they decide when to move in and buy shares that are selling at an unsustainable discount to their net asset values. If it feels incomplete, call and ask questions of the advisors. In this sense we can think of our risk as the range of outcomes from 1 and 2 after considering the 3 nature of our claim on both. A partial update was May Selling their equity index fund to go into an unlevered low volatility equity fund. There were many reasons he captured the national imagination.

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An interesting question there is whether, down the road some fifty years, students of financial and investing history discover after doing the appropriate first order original source research, that what Uncle Warren said he did in terms of his investment research methodology and what he in reality did, were perhaps two different things. Is the lion awake or asleep? Probably suggesting that one should read a politically incorrect writer like Mark Twain is anathema to many today, but I do so love his speech on the New England weather. Our analysis suggests the rationale for passive managers like Vanguard is much weaker in this space than in equities. They must be monitored and tightly managed if you want to have an investment program that takes more risk. The late great Stephen Jay Gould was also a master of telling one story by telling the tale of another more common event. It matters what path our portfolios follow through time. Romick basically managed the fund alone. And now two letters for the time capsule. But we would need to be fairly confident our stable of well-educated managers would repeat their success over the long haul by a sufficient margin. Hurston was a woman. Fernando was certainly a physical throwback of the Luzinski variety, but so much more.

If the choice came down to Goldfarb, age 71, or Poppe, at 51 or 52, it was fairly clear who needed to draw his gladius. You can have productivity growth for good reasons like in the s and s and early s more stuff made per hour worked as companies invested in things like the personal computer or the Internet or bad reasons like in and massive layoffs, so making a bit less stuff but over waaay fewer hours worked. And it requires an awful lot of information for a narrative like this to break. They are, without exception, the antithesis of Donald Trump in behavior I mean, not politicswhich I suppose is a third tractor-as-metaphor story, given that the White House is the biggest piece of powerful machinery on Earth. Foot firmly on the gas, they turned the bus toward the cliff. Or as Zora Neale Hurston how is forex income taxed luna wang etoro say, their eyes are watching God. Nineteen alternative mutual funds were liquidated over the quarter, with seven of those in March. They anchor us to conventional definitions and groupings like asset classes, style boxes and the like, they take for granted assumptions e. What advice can we give to investors unable to take 3. The size of the dot reflects the size of the fund. As the Fed slowly raises rates, as the barge slowly chugs down the tightening river, low brokerage share trading investing online stock market trading platform will force companies to play it less safe. And the options have the effect of corn futures trading manual intraday stock price fluctuations the business incrementally to the managers over time, unless share purchases eliminate the dilution from issuing the options. Whatever you think full employment might be in the modern age, 4. Class B shares are closed and will not re-open. I canhowever, generalize what I know many professional investors do in their personal portfolios:. ET stock-market schedule. The biggest celebrity is buy bitcoin in bangkok refund credit card resilient star of a hit reality show quantconnect example macd cross algorithm tc2000 for macbook pro a man subjected to repeated groin injuries. Are the days of the investment advisor in the corner office over? In behavioral finance and cognitive psychology, this is a classic example of both the availability and anchoring heuristics. Our laboratory is the mutual fund universe. A long-only fund that has beaten the market by 3. My girls get this rush by riding and controlling an actual horse. So what is our framework? Jesse : No, no, chili P is my signature!

Confidence levels for the Social and Behavioral Sciences

Some have been disasters, Third Avenue most recently. But you can do that, and today it feels like every old school hedge fund is doing exactly that and only that. But many more, when they are being honest, will tell you that they have a personal account or an internal-only strategy operated for staff, that operates at a significantly higher level of risk than almost anything they offer to clients. You might have to miss a few softball games. And people think memes are far-fetched. Some teams are known to stockpile the best available talent. But my favorite and best use of the tractor is to Repair and to Make. They stay the whole winter, there in the field and the scrub and the forest all along. This caused owners to seek increasing restrictions on free agency. Consider also the case of the leveraged investor in multiple investments with some measure of diversification, for example a risk parity investor, Berkshire Hathaway [4] , or the guy who went Full Kelly per our earlier example, but without the whole perfect information thing. He was appointed in late just before the market blasted off, rewarding all things risky. And what happens during the six week interregnum? They provide personal services which are pretty low productivity and even with the. We count roughly funds with short or ultraShort Duration from approximately managers. Eight wins. Then again, maybe Japan only had to start raising rates ca to reach escape velocity, according to your logic herein. Sometimes these notes just write themselves. Then they started talking about doing this in As always, lineage and genetics are far more complicated than they appear on the surface, and subsequent research made it clear that the mutation happened centuries before this man would have lived, probably in Cornwall and not Ireland, and included all sorts of other lineages as well.

The opening expense ratio for Investor shares is 1. Do you think I enjoy delivering this message? Did we find it helpful? His windup was long and tortured, with a high leg kick that reached shoulder level in his early years and chest level in his older, how long does it take for a sell on coinbase where is binance exchange located chubbier years. Eight wins. Most unlike the starlings, however, is that the goldfinch flocks are absolutely beautiful. Some people argue that in sports, as in investing, the efficient market hypothesis rules. In saying that, can you not see a case whereby technology is driving people out of once productive jobs manufacturing etc and into poorly productive and lower paying jobs retail, hospitality, etc where they work a similar amount of hours? No, I found it eroding my abilities to deliver the very product he wants with no pricing power. The BrokerCheck site should be part of the due-diligence for all investors. The end of an era is. Active and rules-based funds are sometimes strewn. I travel a LOT, speaking with investor groups all over the country, of every political persuasion. The screwball, the chili powder, the fancy windup, the obscure quotes about Catholicism from sociology Ph. I will limit myself to saying that ishares usd floating rate bond ucits etf eur hedged did voya buy td ameritrade was appropriate, and, the right thing to do, for Bob Goldfarb to elect to retire. For investors willing to risk a little more duration, illiquidity, ironfx live account oanda vs fxcm canada exposure, or global exposure there are roughly funds monitored by Trapezoid. Roberto Croce. Or, do the spin doctors and public relations mavens come in to do damage control? It is with undisguised, and largely unrestrained, glee that we announce the addition of Robert Cochran to the Mutual Fund Observer, Inc. The new guy was doing fine then … kapow! Sell your cleverness and buy bewilderment. Same thing with the widely admired investors, entrepreneurs and business operators.

When the horse collar was introduced into Europe in the 10 th century invented by the Chinese, of course, just like everything else of note prior to the Industrial Revolution agricultural productivity skyrocketed. When MFO introduced its how many etfs does ally have indentifying option strategy by graph system in June ofit chose Martin Ratio as the principal performance rating metric. Incompetence irritates me. Style diversification seems less important in the equity area. You want to control the Brain Worm. This caused owners to seek increasing restrictions on free agency. Download pdf version. InJacob Investment Management decided metastock create portfolio copy trade software for free acquire Rockland Small Cap Growth Funda dying small cap fund with a terrible record and rechristen it as their. In a piece written by their director of researchthey highlight the importance of research and due diligence when choosing alternative investment managers or funds — not because the strategies are more complex which is also a reasonbut because the range of returns for funds in each category is so wide. And what makes my business world work is that the people I serve, my partners and my clients, give as good as they get and do not require me to serve another Master. In a dyspeptic moment I might suggest that the worship of standard reporting periods is universal, lunatic, destructive, obligatory, deluding, crippling, deranged, lazy, unwise, illogical and mayhap phantasmagoric.

Ditto for humans. Not to be too on-the-nose about this, but hedge funds are usually hedged. The complete list of Bear Chow Funds is here. He holds an A. Does the success of the line of someone like Niall mean that it had some significant, genetically heritable trait that made its members more likely to thrive? Need to grade the quarter-mile driveway? But not our goldfinches. Alternative investment strategies, and alternative asset classes, both have a role to play in a well-diversified portfolio. Most of us need those goldfinch moments of wonder and awe, even if they just last for a season, to feel good about our portfolios, and those are moments that diversification has a really hard time delivering. Each month now we draw between 22, and 28, readers. A good argument can be made that historically, low-volatility stocks were mispriced. Effective on or about May 1, , the name of each Fund set forth below will be changed to correspond with the following table:.

ET stock-market schedule. Consider, for example, the following survival problem: a baboon needs to take into account a lot of data. In truth, the best interactive broker futures trading forex factory cobra and healthiest honey will have bits of raw pollen how long to get money from coinbase bitcoin cash at poloniex it, maybe a bit of wax, maybe — brace yourself — other impurities. Most try to avoid equity sources of risk, and almost universally avoid taking as much risk as traditional strategies. Now, the dirty little secret for some time has been that growth of a business is not impacted by share repurchases. And now two letters for the time capsule. The average fee for active managers at these five schools is 69 bps compared with 87 bps for the overall universe. For a variety of reasons, our model portfolio might not be right for every investor and should not be construed as investment advice. That was a long-winded explication. Who will respond to doctors and health care providers on your behalf? Our data runs through January Statements like this are coinbase cant sent how do i withdraw money from coinbase uk risk. Machine learning models are used for important decisions like determining who has access to bail. Consolidate brokerage account view how to find rsi on tastyworks of Directors. And there is very little in the way of rational explanation for why the things that are happening are happening.

This would cost us trillions of dollars in never realized growth over the long run, but it could all be blamed away on other factors of course. The adviser-client relationship we want demands a high level of mutual admiration and trust. Also Carthago delenda est. Prior to that, it was just International Value Equity. The most telling stat in this snapshot is the average account sizes: 40k, 24k, and 70k. They are the brave few who start shaking their hips. Endurance, for example, had two-thirds of its money in stocks in but only a quarter invested now. At a meeting yesterday with one of the large Gen Contractors, they told me young guys are heading straight into field jobs out of the construction management schools Auburn, Clemson, Ga Tech, etc where they can make a lot more than they could coming in to an office as a trainee. Carlson concludes:. It is popular because it is simple and because, when applied to games with known payoffs, it works. The rest have been driven to unemployment or retirement by the relentless demand: fully invested, price be damned. Some have been disasters, Third Avenue most recently. So you are talking about the unintended consequences of policy-driven interest rates. The one fund company in the top 20 that charges same expenses to all its investors, regardless of investment amount or association? No matter how you phrase it, those buzz words are here to stay in the financial realm. Deshpande expects that load-waived shares will be widely available. Simpler times, for good and for ill.

Claude Berrou on turbo codes and informational neuroscience

Expenses average 49 basis points for Short Term funds compared with 13 basis points for the average MMF. There are alternative funds in the same asset classes with expense ratios of 25 basis points of better. Quantitative models are important but strive to understand what you are investing in. Thorp in the s. The idiosyncratic characteristics of the portfolio of companies in which he chooses to invest may sometimes be more different from those of other companies than the difference between holding the portfolio and holding cash. If everything goes according to plan, that strategy offers the potential for sustained, substantial, market-neutral gains: as soon as panic subsides, even if the market is still falling, a degree of rationality returns, investors start buying the discounted CEF shares, that bids up the price and the discount closes. A year ago it was larger and still growing. All of which brings me back to the weather. I could imagine three:. In addition to the various differences in 12b-1 fee, expense ratio ER , maximum front load, and initial purchase amount, notice the difference in dividend yield. However, because investors tend to anchor heavily on absolute expense ratios, the price of active management offered in a long-only format tends to be much more expensive per unit of exposure than in a long-short format. The Fund is and will always be long-biased, but we actively hedge our exposure using options and look at add alpha where possible through short selling individual securities. Before mutual funds can offered for sale to the public, their prospectuses and related documents need to be subject to SEC review for 75 days. I mean, who literally makes The Money? I wish I knew with certainty. As he increases his leverage, his sensitivity to the correctness of his point-in-time probabilistic estimates of risk, return and correlations between his holdings will increase as well.

Fans were furious, and mostly with the owners, as is the usual way of things. In domestic small cap core funds, the chance is about 1 in 7 over a five year period. Many fund managers want to be seen as the masters of the universe. Just ask Chuck Prince about dancing until the music stops. New scenario, enter our positive alpha trading strategy how to make intraday, the Chinese. The roughly corresponds with his 75 th birthday. As always, Gregory and Deb, your ongoing support is so appreciated. It is not unlike how much can i be transfer to robinhood a day chinese brokerage accounts highly regarded quarterback prospect with off-the-field character issues. Walter : Did you learn nothing from my chemistry class? Others focus on the players who offer the best fit, emphasizing size, speed, precision, character, or other binance trading bot software binary options vs digital options. So we ended up fairly diversified across fixed income sectors. George W. Back in I wrote a very critical piece on mutual funds basically calling them antiquated products that do the American public a disservice. And what does fairness in machine learning mean? They are not. Seafarer resides in a 3-story, non-descript office park in a quaint Bay-side town. And so the equilibrium — or at least the dominant game theory strategy — is to be immediately critical of. And it will be turtles price action lab review forex smart investor review the way up as ALL investors are forced to take on less risk than they otherwise. We will share Mr. A different question but in line with Mr. Thanks, as ever to the ongoing generosity of the folks at Gardey Financial and our first subscribers, Deb and Greg. The only ways for that number to go up is for the U. They absolutely believe that they, and only they, can keep the global economy from going off the rails. That seemed both generous and thoughtful, so we agreed to talk.

Funds without fillers

Both documents are easily created by your attorney, or you may find them online, specifically for the state in which you live. Until it was. We see this in another area, where consumers, rather than spend and take on more debt, have pulled back. And god forbid if we actually get a tax reform bill passed. The ten-year return contains the five-year return which contains the three-year return which contains the one-year return. I think understanding and accepting this point is absolutely critical to being able to construct certain classes of novel and interesting algorithms. By buying their fixed income stuff, central banks push down the yield on ALL fixed income stuff. The half-eaten-from-the-inside zombie caterpillar then proceeds to starve itself to death while protecting the baby wasp cocoons. Perhaps this business was never what I thought it to be! You can increase a ratio by enlarging the numerator OR by shrinking the denominator. Asset classes define that similarity mostly in how their characteristics 1 and 2 above respond to the same stimuli. The worst bear market performers are in the 10 th decile. As soon as that phase passed, Voyager sank in the mud. While many fund managers have chosen to partially close their funds to manage inflows, Mr. Instead, we have built in implicit taxation, expecting inflation to cover things without the citizens realizing it just as you are not supposed to notice how much smaller the contents are with the packaging changes in food products — dramatically increasing your food budget. On the one hand, we have the view in the U. The returns for the month of March were positive, except for managed futures and bear market funds.

The cautious mortgage buyer has to buy corporate debt to get the same portfolio return as. But superb performance more than justifies the added costs. They are selling with a negative gross margin! Over this period, the fund stock index futures trading rules robinhood options automated trading an annualized excess return of 0. Hurston was a woman. Suspect such a fund is all most investors ever need and believe Mr. We buy entire nations. Performance has been middling but sufficient. Over the past eight years we have thrown our money into relatively unproductive activities experiential consumptionand we have thrown our bodies into relatively unproductive jobs experiential production. Commerce Dept. Crescent is led by a very talented manager. Until it. Public opinion matters. What do socialism and modern monetary policy have in common?

In some cases — decisions among similar asset classes — the risk decision is very obviously more important. But how do we know if a machine learning model is fair? They typically follow a simple model: stock by stock, determine a reasonable price for everyone in our investable universe. I can accomplish amazing things with that untiring, never flagging, hundred-fold leverage. A mean minded God in a mean minded machine, offering another ghost to best place to buy bitcoin for dark web bittrex support number void to join the two white crosses stabbing upward in the insufferable air. All the while, I have held to my deflationary thesis and stayed long bonds and overweighted to alternative selections. But you gotta serve somebody. I knew nothing about mining, and I knew nothing about diamonds, but I set out to learn. Well, the option packages are marketed to the share owners as critical to attracting and retaining good managers, AND, aligning the interests of management with the interests of shareholders. An efficient way to obtain active management while keeping tracking error in check is to construct a barbell of low-cost benchmark-like funds and higher-cost alternative funds. Look what happened to the price of solar panels since January?

And in a period such as we are in, the risk free rate of return from U. And while some of the techniques for developing such a view are standard fare, they also usually either revert to boundary constraints driven by asset classes and vehicles, or else focus on an exercise where the expected portfolio return just meets a return target or theoretically minimizes the probability of not reaching some horrifying outcome. We truly are in a moment of deflation on the one hand think fuel and energy costs and the hints of inflation on the other think food, property taxes, and prescription drug costs on the other. When we took an over as manager to an existing mutual fund in October , it was our first foray into the open-end side of the investment business. The irony is that it bothers Mr. New shit is coming to light every five minutes. The macroeconomic story focuses on the manufactured overconfidence and distraction that are intentionally imposed on us , creating a stable political equilibrium even as productivity growth grinds lower and lower. And in our business, people will forget what price targets you set, people will forget what funds you managed, but people will never forget how you impacted their personal account. This caused owners to seek increasing restrictions on free agency. Also Carthago delenda est.

In other words, we want a geometric capital market line. A handful of mutual fund firms — RiverNorth, Matisse, and Robinson among them — look to profit from panic. I use a top-bar hive design for my bees, rather than the far more common Langstroth hive design. She was the only black student at Barnard. When we make the decision to take more risk, however, our tools and frameworks for managing uncertainty must occupy more of the stage. While considering his situation and worrying about his fate, he notices near him a beehive containing honey. No baby formula. Neither life in markets nor life in politics works that way. Thanks for sending. The first reason it is stupid is because the comparison is terrible. However, I wonder tickmill free 30 usd cfd trading japan you think there how to set up an ameritrade account phil town stock screener a chance that these ridiculous policies will get bailed out if they just reduce GDP by some percentage points, say from 5pct to 2pct annually for some amount of years. Now, scaling back is easy if we are starting from an explicit calculation of our edge as in a game of blackjack. Sims Capital Management has been managing the fund since and just became the adviser, rather than just the sub-adviser. Our model how to profit in tf2 trading black diamond forex trading is a good starting point but should be tailored to the needs of particular investors. TSLA and T theoretically have exposure to some of the same drivers of variability, but how much, really? The eight are:.

In fixed income, skillful funds exist but they are associated with a fund which may concentrate in a specific sector, duration, and other attributes. The charge rates varied greatly from cable to cable. After all, there is a reason why the Kelly Portfolios distribute the risk fairly evenly across the constituent asset classes. It will force companies to pay up for the skilled workers they need. Ben, on most things we see eye to eye. An algorithm is a methodical set of steps that can be used to make calculations, resolve problems and reach decisions. I could do the same thing to any fund I own through a futures account by overlaying or subtracting benchmark exposure. To learn more about Jaguar, download our research report on Jaguar and their strategies. And it requires an awful lot of information for a narrative like this to break. How do we address this? Your actions make you the villain, the one to detest. Too clever by half. It increases both earnings-per-share and the multiple assigned to earnings-per-share or revenue-per-share or bookings-per-share or whatever your market narrative demands in a less risky and more predictable fashion than making more stuff at a lower cost and trying to sell it to more people at a higher price.

Just that it is. Three standard deviation prices should swing trading weekly citi bank demat account brokerage charges once in years. The adjacent red lines mark the boundaries of one standard deviation from the normal. As should be obvious by now, I am a fan of Ms. After all, the driving force behind the Idiocracy scenario is not entirely fictional. Count the number of clicks it takes you to get to any particular fund. I mean, who literally makes The Money? Or in our case, lever long, sell volatility, and love the Fed. What advice can we give to investors unable to take 3. Run away? I get it through a tractor that aggregates 43 horses into one hunk of metal.

The complete list of Bear Chow Funds is here. After beating me up on fees for a half hour, he then asked about our recent GIPS compliance project. Belief is a necessary but not sufficient condition. And, too, the CEF manager might simply do something stupid. That said, performance has still been rocky. The most noteworthy might be the departure of Daniel Martino from T. We are mindful that not every investor has access to institutional classes and tax-rates vary. There are specific modules, and between the modules are lines of communication. How far are we from AI platforms which can create millions of algorithms from which the hedge funds can select, removing the aspiring human quant from the equation. We are trained by the investment industry to see our asset class decisions as a proxy for risk decisions. When the horse collar was introduced into Europe in the 10 th century invented by the Chinese, of course, just like everything else of note prior to the Industrial Revolution agricultural productivity skyrocketed. His stretch of eight games between April 9 th and May 14 th still ranks as one of the most dominant in history.

But over most of history and across most markets the magnitude, the importance of this decision, would be like what we show here. And finally, as a genre, I really like commencement speeches. Performance is absolute total return, reflecting reinvested dividends, but inclusive of fees and maximum front load, if applicable. Once the meat was brined, it was smoked and loaded onto keelboats headed up the Ohio River. My friend Larry Jeddeloh, of The Institutional Strategist , would argue that this country has been on a credit cycle rather than a business cycle for more than fifteen years now. What I meant to say is that I, for one, welcome our new Goldman Sachs overlords! Thanks, as ever to the ongoing generosity of the folks at Gardey Financial and our first subscribers, Deb and Greg. You know, the real world that used to be the touchstone of our markets. Was it something I carefully researched, something pushed on me by a broker, an impulse or what? It matters what path our portfolios follow through time.