Ben Carlson wrote an excellent piece about how knowledge is not enough in life. If one desires to effect change then knowledge without action is just an interesting academic exercise. It can actually end up being demoralizing as nothing is more frustrating than knowing what to do but lacking the desire to carry out the action and the discipline to stick with it.
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Gary Carmell
Posted in Advice, Economy, Interest Rates, Investing, Stock History, Trends, Wealth
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With last week being dedicated to a much-enjoyed vacation, I thought I would let pictures do more of the talking this week.
Not surprisingly, the Fed increased its benchmark rate by 0.25%. The market fully priced this in. What is more surprising is the Fed telegraphing two more hikes in 2017 and commencing a slow reduction in its holdings of Treasuries and mortgage-backed securities beginning at the end of the year.
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Gary Carmell
Posted in Advice, Economy, Investing, News, People, Personal, Uncategorized, Wealth
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A few weeks ago I referenced Bob Dylan’s recommendation that we find our calling. I saw this in action last week and had this supplemented by some of the things I read. I had the pleasure to go to Philadelphia to attend the graduation of my niece from the University of Pennsylvania where she was awarded a Ph.D.
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Gary Carmell
Posted in Advice, Economy, Interest Rates, Investing, News, Stock History, Uncategorized, Wealth
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Bob Dylan said, “You gotta serve somebody.” The Federal Reserve is no exception. The Fed has the mandate to use its policy tools granted to it by Congress to help achieve full employment, stable prices, and moderate long-term interest rates (most people are not aware of the third mandate).
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I recently re-read George Soros’ lectures at Central European University from October 2009. He gave five of them and they will be something I return to over time. Soros’ most formative experience was as a 14-year-old in 1944 and having escaped the Nazis out of Hungary.
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This week I continue with lessons learned from Charlie Munger and the answers he gave to shareholder questions at the Daily Journal annual meeting held in February. Last week I focused on delayed gratification and this week I will turn to his thoughts on personal development.
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“Compound interest is the eighth wonder of the world. He who understands it, earns it … he who doesn’t … pays it.”
-Albert Einstein
Waldorf Astoria Recent Sale Showing the Benefit of Long-Term Real Estate Ownership and Compound Interest
Another quick one this week given how busy a week it was.
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Gary Carmell
Posted in Advice, Economy, Interest Rates, Investing, News, Stock History, Trends
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From Obama
This post is a blatant application of hindsight bias. We all now know that when Barack Obama won the election and subsequently took office, the economy was melting down and the financial markets were in a free fall around the globe. To refresh your memory, there was the bailout of AIG by the Fed,
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Gary Carmell
Posted in Advice, Interest Rates, Market Bubbles, News, Stock History, Wealth
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[UPDATED – January 25, 2017] The DOW opened today above 20,000. The rally from 19,000 to 20,000 was one of the fastest in history. What do these numbers mean? We need to look back at the following from 2015 looking at the historical data.
Last week [August 2015] was one wild ride for stock markets around the world.
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With the college football NCAA National Championship game taking place on January 9, 2017, I thought it would be apropos to write about a fascinating study about how emotions can negatively impact people’s lives when decisions are made. The paper is called Emotional Judges and Unlucky Juveniles.
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