Power & Market

The much-emphasized distinction between active and passive investing is overblown. The passive portfolio’s construction is the product of subjective human judgment just as the actively managed portfolio is.

Mark Spitznagel and his collaborator, the much more public Nassim Nicholas Taleb are the subjects of Scott Patterson’s Chaos Kings: How Wall Street Traders Make Billions In The New Age Of Crisis. 

A respect for property rights dictates that employment contracts can be renegotiated or bought out at any time.  That soldiers are expected to sign over their natural right to leave their job is, as Murray Rothbard notes, a type of slavery. 

Overshadowed by the Supreme Court decision in the case of 

The US Justice Department on Monday

A couple of days ago, the New York Times published 

That annoying clicking sound you hear from your nearby pickleball courts is not just the paddles hitting the plastic balls.

On the eve of its opening, I had the pleasure of viewing Christopher Nolan’s new film Oppenheimer with the Mises Summer Fellows.

Earlier this week,

Now, the yield curve has been inverted since November 2022, but only seven months have passed since then. Experience suggests we could be looking at at least another six months before the effects are clear.