Mar 8, 2018

Francis Biddle on the Constitution and war

The Constitution has never greatly bothered any wartime president.

~ Francis Biddle, Franklin Roosevelt's Attorney General, writing in 1962

Mar 7, 2018

Wilbur Ross on the recent steel and aluminum tariffs

This is not going to be a big trade war.

~ Wilbur Ross, Commerce Secretary, as appeared on CNBC with U.S. Steel CEO, March 7, 2018

Mar 4, 2018

Fortune cookie: "life is like a dogsled team"

Life is like a dogsled team.  If you ain't the lead dog, the scenery never changes.

~ fortune cookie

Feb 18, 2018

Jim Grant asks Jim Chanos, "Is this moment the craziest juncture in finance that you have seen?”

Jim Grant: Is this moment, considering all things, the craziest juncture in finance that you have seen?

Jim Chanos: I would say broadly yes, only because other times that we have sort of deemed the market to be "crazy," often it was in a narrow area or it was in a specific large group of businesses or stocks, and now in 2018 we are looking at a kind of global craziness, and we're looking at it broadly.  That there's debt buildup, speculation in a variety of areas, you've got low returns in lots of businesses that is being financially engineered by share buybacks and a variety of other things to prop up the businesses.  And so, yah, I think this is much broader than 1999 or '87, or 2007 even.

~ Jim Grant interview of Jim Chanos,, February 10, 2018

Feb 14, 2018

Financial adviser: "This pullback is awesome"

This pullback is awesome.

~ Green Alpha Advisors note to clients, "Advisors: What, Me Worry?",, February 6, 2018

Financial adviser on recent correction: "Turn off CNBC"

Turn off CNBC. Go to exercise class. Read a book. This market pullback was expected and very much needed to happen for the market to go higher. No need for defensive action...

~ Jonathan Torrens, President and CIO of TCM Wealth Advisors, "Advisors: What, Me Worry?",, February 6, 2018

Feb 11, 2018

Charles Schwab CEO: "investor sentiment reached highs not seen in almost two decades"

Our success with clients was bolstered by strength in the equity markets − the S&P 500 Index finished 2017 up 19%. In this environment, investor sentiment reached highs not seen in almost two decades, and clients actively engaged in the markets.

~ Walt Bettinger, CEO, Charles Schwab, Schwab 4th quarter earnings release, January 17, 2018