Monthly Archives: March 2021

The argument that raising taxes on the ultra-wealthy will not eliminate government deficits is a red herring.  The primary purpose of tax policy is not to eliminate deficits but to incentivize socially constructive behaviour and dissuade the socially destructive.  Tax … Continue reading →

Bloomberg Intelligence estimates that ordinary retail investors have accounted for some 23% of all US equity trading in 2021, more than twice the level of 2019.  As charted below by the FT, this makes the ‘retail’ activity in equity markets … Continue reading →

John Mauldin’s latest Thoughts from the Frontline adeptly summarizes the financial markets and prospective losses facing those holding equity and corporate bond portfolios and funds today.  There is a way through this mess, but few people are proactively positioned to … Continue reading →