Mauldin Newsletters

No Free Lunch: Valuation Determines Return

2019-03-15T09:00:00+00:00

Last week, I described the enormous challenges retirees face. One reason for that, aside from insufficient savings, is that markets haven’t delivered the returns many experts said we could plan on.

Retirement Isn’t Happening

2019-03-08T10:00:00+00:00

I have long said I don’t want to retire. I enjoy my work. It’s not too physical, other than the travel (which is finally beginning to wear on me). Also, my savings are not yet sufficient to sustain the retirement lifestyle Shane and I want. I could retire now but would rather wait.

The Fed Is Playing a Dangerous Game

2019-03-01T10:00:00+00:00

In an ideal world, we wouldn’t have to read the Federal Reserve’s rabbit entrails to discern the economy. But Since the Fed exists in the real world, and its decisions matter, we have to pay attention.

Recession: Are We There Yet?

2019-02-22T10:00:00+00:00

An old joke says economists predicted 15 of the last 10 recessions. In other words, they’re frequently wrong and often too pessimistic.

Modern Monetary Madness

2019-02-15T10:00:00+00:00

More than 10 years ago some Australian readers begin regaling me with the ideas of economist Bill Mitchell of the University of Newcastle in New South Wales. He was teaching about something he called (and he coined the term) Modern Monetary Theory. I looked into it and fairly quickly dismissed it as silly. Actually printing money as an economic policy? Get serious.

Capitalism Without Competition

2019-02-08T10:00:00+00:00

The Soviet Union’s collapse and spread of semi-free markets through Eastern Europe seemingly ended the socialism vs. capitalism argument. Capitalism had won. Collectivist economies everywhere began turning free. Even communist China adopted a form of free market capitalism although, as they say, with “Chinese characteristics.”

What Should We Then Expect (From Investing)?

2019-02-01T10:00:00+00:00

“Plans are worthless, but planning is everything.” —US President Dwight D. Eisenhower

How Should We Then Invest?

2019-01-25T10:00:00+00:00

"To be absolutely certain about something, one must know everything or nothing about it."

Bull in the China Shop

2019-01-18T10:00:00+00:00

The production of souls is more important than the production of tanks.... And therefore I raise my glass to you, writers, the engineers of the human soul.

Something Wicked This Way Comes

2019-01-11T10:00:00+00:00

For a couple of years now, the economic narrative has shown a comparatively strong US against weakness in Europe and some of Asia (NOT China). The US, we are told, will stay on top. I agree with that, as far as it goes... but I’m not convinced the “top” will be so great.