I recently completed a wonderful, classic book called The Art of Loving by Erich Fromm. It has great applicability to all relationships, not just your primary one with your spouse or significant other. I found there was also a lot to apply in terms of helping us at CWS to build upon our tremendous focus on communicating with and serving our investors.
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Gary Carmell
Posted in Economy, Interest Rates, Investing, News, Stock History, Trends, Uncategorized, Wealth
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In an earlier blog, I discussed a fascinating study that asked whether stocks outperformed T-Bills. Surprisingly, the answer was that most stocks do not and the bulk of stock market returns have come from an incredibly small number of companies that have produced the estimated $32 trillion in wealth (returns in excess of T-Bills) between 1926 and 2015.
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In 1986 Dan Rather was attacked on the streets of New York City by an assailant who kept asking “Kenneth, What’s the frequency?” And if Dan Rather hoped to forget about the incident this became impossible as R.E.M. memorialized it with their huge hit in 1994 of a slightly different title called What’s the Frequency,
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Gary Carmell
Posted in Advice, Economy, News, Psychology, Stock History, Uncategorized, Wealth
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Paul O’Neill, who ran Alcoa and quintupled profits during his 13-year tenure, famously focused on one keystone habit to transform the company. It’s worker safety. Analysts and investors couldn’t believe their ears when he was introduced as the new CEO when he said that would be the company’s most important focus.
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Gary Carmell
Posted in Advice, Apartments, Economy, Manufacturing, News, Trends, Uncategorized, Wealth
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Income inequality has many economic and societal impacts. When more wealth is concentrated in fewer hands, this can negatively impact aggregate demand as a large percentage of marginal dollars earned are saved versus spent. And since one person’s spending is another person’s income, a growing pool of savings will lower aggregate demand unless one or more sectors of the economy spend more than it earns as output will go unsold and have to be marked down for it to clear.
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Gary Carmell
Posted in Advice, Economy, News, People, Trends, Uncategorized, Wealth
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With the World Cup having been completed this past weekend I thought I would tap into some interesting research about soccer and its ability to unify countries that are typically very tribal and fractious. I saw some of this firsthand during my recent trip to Africa where it was pretty evident that tribalism is very much alive and well.
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“In every battle there comes a time when both sides consider themselves beaten, then he who continues the attack wins.”
-Ulysses S. Grant
“When things get really bad, just raise your glass and stamp your feet and do a little jig.
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There is a line from a Grateful Dead song that says:
I remember on our recent long sojourn to Africa and Asia there were a number of days when we are out on excursions and it was oppressively hot. The temperatures were close to 100° and the humidity was well over 50%.
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Gary Carmell
Posted in Economy, Interest Rates, Investing, News, Trends, Uncategorized, Wealth
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Under most economic environments longer-term debt instruments yield more than shorter ones. This is the case in order to compensate investors for risks related to purchasing power eroding and more uncertainty and volatility that can increase the probability of default (outside Treasuries). In addition, our banking system is based on banks accessing short-term deposits and being able to make longer-term loans and investments which necessitates longer rates being higher than shorter ones so banks can be profitable.
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Shortly after publishing my book I was in New York City and did a brief interview with Gregg Greenberg from TheStreet.com which was quite fun and then I had a meeting with investment legend Howard Marks which was such a treat. He was kind enough to write a testimonial for the book and made the time to let me thank him personally.
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