This post is designed to share with you the rationale as to why I have taken the lead to fund the purchase of the land and construction of a synagogue and community center in Tustin, California that will be called the Roneet Carmell Center for Jewish Life.
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With the Chinese weakening their currency, the pound under pressure due to Brexit, and the Euro depreciating due to poor economic fundamentals and demographic trends, it seems like we’re in a phase of monetary policy in which currencies are factoring in much more significantly when it comes to interest rate policy.
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The market didn’t react very well to Jerome Powell’s characterization of Wednesday’s interest rate reduction as a “mid-cycle adjustment.” Investors took that to be a bearish easing of monetary policy. The stock market dropped, the bond market took a future interest rate reduction off of the table,
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Awhile back I wrote about the book called The Surprising Purpose of Anger: Beyond Anger Management: Finding the Gift. I went back and reviewed the book again because I’ve been playing tennis recently and quite frankly I have felt personal disappointment because I have been unnecessarily hard on myself and angry when I make unforced errors to the point where my behavior can be unbecoming.
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July 20th was my 32nd anniversary at CWS. After college, I moved down to Orange County to be with Roneet to start our lives together. She had recently begun her career at Nordstrom that would be the start of a meteoric rise to upper management over her 10 years there.
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There has been some criticism of Fed chairman Powell as he has gone from saying this in early October 2018:
To telegraphing this on July 10th:
Those who are upset by his dovish turn are irked because they feel like he is kowtowing to the market and Trump who is forcing his hand despite record high stock market averages,
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A lot of people have become quite successful from a career and financial perspective by seeming to always have a chip on their shoulder. There was some slight, insecurity, or need for total dominance that feeds the creation of enemies to fuel their drive and success. I have been listening to Michael Ovitz’s autobiography on Audible and this was clearly the case for him as his goal at CAA was total domination of the agency industry.
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From time to time Ariella and I engage in some very deep conversations which I always find so enjoyable and stimulating. In light of these interesting discussions, she thought we should consider having a podcast and call it Pop Philosophy. Maybe this will launch a new category called popcasts.
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As the following headline shows, interest rates fell quite sharply on Friday to current cycle lows in the wake of a very weak non-farm employment report.
One can see how inverted the 10-year Treasury note yield has become versus the 3-month T-bill yield in the following chart.
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The following are the remarks I gave at the inaugural lecture that was held at the University of California, Irvine on May 23rd, 2019.
I want to thank you for coming out tonight for this event. It really means a lot to me as this is such a personal cause.
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