“The only function of economic forecasting is to make astrology look respectable.“

4Q11 Commentary
“Climate is what we expect. Weather is
what we get."

3Q11 Commentary
“In economics, things take longer to happen than you think they will, and then they happen faster than you thought they could.”

2Q11 Commentary
"Lots of sound and fury, but not signifying very much."

1Q11 Commentary
"The job of the Federal Reserve is to take away the punchbowl just as the party gets going."

4Q10 Commentary
"Searching for Certainty in an Uncertain World"

3Q10 Commentary
"There is no use trying; one can't believe
impossible things."

2Q10 Commentary
“May we Live in Interesting Times.”

1Q10 Commentary
“Wall Street people learn nothing and forget everything.”

4Q09 Commentary
Jousting with Shadows?

3Q09 Commentary
Call of the Sirens

2Q09 Commentary
Still not a time to be brave