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The attached report is largely positive – and for that we should thank central bankers. Until recently, I didn’t spend a lot of time thinking about them. I believe that we are each responsible for our individual successes. But, a rising tide can lift many boats and lately I have come to see that the tide of the U.S. economy continues to rise in large part because our central bankers took unprecedented steps: buying debt and keeping interest rates low across the yield curve. I’m glad they did, despite former Texas Governor Perry calling it “treasonous” (someone please send him…

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The business sections of newspapers this month are filled with stories about PE firms and industry participants flush with cash and on the prowl. The U.S. dollar is strong and big deals are in the wind. But the front pages of the same papers are filled with stories about Brian Williams of NBC News. How can these two be related? Well, they are, in a peculiar way, at least to me. Williams admittedly told a lie – he implied that it was a small lie. He really was in Iraq, he really did ride on helicopters, and there really were…

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Happy New Year! So many statistics. So many pundits. It’s been nearly 70 months since the March 2009 bottom of the stock market and the train keeps on rollin’. U.S. equities are up 240% since the bottom. One study said the average bull market has been 50 months and another said 68 months. However you measure, it’s been a long run – and it continues. The U.S. is doing particularly well. Since the global financial crisis, the U.S. dollar has outperformed virtually all currencies other than the Swiss Franc (it has appreciated 92% vs. the Russian ruble). The U.S. national…

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