Retirement planners sometimes speak of a "magic number": a rough estimate of how much money an American might need to retire in comfort. Not... Read More
There is a new sheriff in town, and he is shaking things up! Yes, Kevin Warsh chaired his inaugural Fed meeting today, giving investors a... Read More
Patting a Fed Chair on the head for knowing what's obvious. Read More
One worry exits, another arrives—and yet the stock market keeps on climbing. Read More
The California Public Employees' Retirement System — CalPERS, which manages roughly $556 billion for 2 million public employees... Read More
In today’s Smart Money, let’s examine two forces and the market opportunities they’re uniquely creating in the energy sector Then,... Read More
Technology has been at the forefront of consumer attention since Steve Jobs dreamed of bringing the computer into every home and changing how... Read More
Here's the story. Read More
Who will pay the price when the SpaceX hype ebbs? History says it will be the little guy Read More
When we look at SpaceX, we see rockets. But what global capital markets are increasingly seeing is the ultimate data pipeline. The... Read More
Anthony L. Fisher: Musk’s superfans gleefully cape for the ultra-powerful and insult the working class, while posing as “anti-elites.” Read More
It has never been a better time in America to be a socialist. We aging Gen Xers who thought that socialism had been decisively refuted by the... Read More
Americans are deeply divided on many issues. But taxing billionaires isn’t one of them. Read More
California’s next governor won’t be chosen until November, but the debate over a proposed wealth tax is already defining the race. Read More
When companies as a group turn into sellers, it's a reasonable sign stocks are overpriced. Read More
Reality often gets in the way of theory. All things are flawed, and systems are broken. Read More
Everything is bigger at Buc-ees. Read More
Punditry in the age of populism, AI, and monetization. Read More
How you see AI is a decision about the future. Read More
How a once-in-a-lifetime housing market is still impacting the economy. Read More
Will boomers crash the stock market? Read More
Companies with negative earnings keep outperforming companies with positive earnings Read More
June 2026 saw strong, across-the-board improvement in the outlook for the quarterly dividends of the S&P 500 over our snapshot of... Read More
In my 45 years in the investment business, we've observed numerous peaks of excitement. [...] It has now hit a recent peak of 7,580. Read More
On my failings as an investor. Read More
A potentially strong El Niño in 2026, shifting global rainfall and coming on top of fertiliser supply disruption, could push next... Read More
A small number of stocks drive most of the market’s long-term return. Read More

The California Public Employees' Retirement System — CalPERS, which manages roughly $556 billion for 2 million public employees — voted unanimously in November 2025 to scrap its Strategic Asset Allocation model in favor of the Total Portfolio Approach, or TPA. The change goes live July 1, 2026. It gives investment staff broad discretion to allocate across the entire portfolio and ... Read More
There is a new sheriff in town, and he is shaking things up! Yes, Kevin Warsh chaired his inaugural Fed meeting today, giving investors a first look at his style. To us, this is more significant than what his arrival means for monetary policy, which is always set by committee and tends to follow markets more than it steers them. Indeed, policymakers’ unanimous decision to hold rates was wide... Read More