Momentous Minsky. In the aftermath of the global financial crisis, this newsletter praised an economist who never lived to see the ultimate vindication of his life’s work. His name was Hyman Minsky and as those of you who track the financial markets even casually know, we’re not alone in our fascination with his theories.
Better to be lucky… One of this year’s “Unexpected Outcomes” from our January 20th EVA was that the long-comatose French stock market would be one of the world’s better performers in 2017. My rationale was that, at the time, Francois Fillon, a credible and reform-minded candidate, was leading the polls for president of France. Moreover, considering his flawed and/or relatively obscure opponents, his election looked highly probable.
Dimon Vision. After spending almost four decades in the financial industry, I have many fond memories (along with some of the not-so-fond variety). Among my best are the times when I was privileged to work with Jamie Dimon in the 1990s. These were my—and Jamie’s—Smith Barney years and they were exhilarating.
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Buy-and-hold, the path to gold? Nearly 25 years ago, Jeremy Siegel’s book, “Stocks for the Long Run,” hit the market. It was an instant bestseller, at least by financial book standards. His timing was propitious, since it came out in the middle of the biggest bull market in history.