Zombies and Unicorns

Missing Investment

The Deficit and Debt Drag on the Economy

Swimming in Liquidity

Work Your IRA Like a Mule

Germany, Georgia, and Thanksgiving

But, like Cinderella at the ball, you must heed one warning or everything will turn into pumpkins and mice: Mr. Market is there to serve you, not to guide you. It is his pocketbook, not his wisdom, that you will find useful. If he shows up some day in a particularly foolish mood, you are free to either ignore him or to take advantage of him, but it will be disastrous if you fall under his influence. Indeed, if you arenít certain that you understand and can value your business far better than Mr. Market, you donít belong in the game. As they say in poker, ďIf youíve been in the game 30 minutes and you donít know who the patsy is, youíre the patsy.Ē

Warren Buffett (b. 1930), 1987 Berkshire Hathaway Annual Report

Those who do not learn from history are doomed to repeat its mistakes.

óGeorge Santayana (1863Ė1952), Spanish-American philosopher

Those who donít study history are doomed to repeat it. Yet those who do study history are doomed to stand by helplessly while everyone else repeats it.

óTom Toro (b. 1982), American cartoonist for The New Yorker

All good things come to an end, even economic growth cycles. The present one is getting long in the tooth. While it doesnít have to end now, it will end eventually. Signs increasingly suggest we are approaching that point.

Whenever it happens, the next downturn will hit millions who still havenít recovered from the last recession, millions more who did recover but forgot how bad it was, and millions more who reached adulthood during the boom. They saw it as children or teens but didnít feel the full impact. Now, with their own jobs and families, they will.

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