In his new book Inside Money: Brown Brothers Harriman and the American Way of Power, the prolific Zachary Karabell uses the history of Brown Brothers Harriman to follow the arc of American political economy, from the muscular capitalism of the early generations of the Brown family in the 19th century, to their maturation as genteel private bankers in the 20th century, to the sense of service of the BBH partners when they were regularly called to Washington from the 1930s through the 1960s. It is a (mostly) positive tale about American history, American finance, American economic growth and innovation. That makes it …
After four decades of declining interest rates, and widespread meddling in the risk-signaling mechanism of the US 10-Year Treasury Note, stock investors are justifiably confused by the prospect of rising rates. What’s it mean, particularly for income-oriented stock investors? In this episode, I try to clear the air and simplify the confusing narrative about rising rates and dividend-paying stocks.
With journalists being pulled off planes in Minsk and tensions between Russia and the US at a multi-decade high, Dina Fainberg‘s new book, Cold War Correspondents, just out from Johns Hopkins University Press, could not be more timely. She joins me on the show to discuss the long arc of super-power media relations through the decades.
Interest rates have been falling for 40 years. Few people now in the profession were active the last time rates were rising significantly. Bond guru Marty Fridson is one of those few. If we are at the end of a supercycle in interest rates, recalling investment practices and strategies from that “before” time should be of great use to investors.
This is a special two-part episode of Keep Calm and Carry On Investing that focuses on the academy’s treatment of dividend investing over the past sixty years. This first part highlights the dominant negative view; the second part is an overview of that less visible but equally important academic literature that positions dividend investing in the context of reasonable business ownership. The attachment is a PDF of the revised narrative.
Before you sit down with your retirement planner, or begin doing your own planning, you should ask yourself several critical questions: about how you define risk and return, how much of the decision making you want to do yourself versus having third parties do it on your behalf, among other choices that have to be made. I go through this exercise with Ron “Everyman,” an attorney in his late 50s thinking about how to plan for retirement.
Douglas Skinner (along with his collaborators, Linda & Harry DeAngelo) is the author of an important framework for understanding why companies pay dividends and investors would seek them out. That stands in stark contrast to the dominant narrative on Wall Street and some of Main Street that is, to a substantial degree, dismissive of the distribution of free cashflow to company owners. Douglas Skinner is Deputy Dean for Faculty and the Eric J. Gleacher Distinguished Service Professor of Accounting at the University of Chicago Booth School of Business. You can find his work here.
This is a special two-part episode of Keep Calm and Carry On Investing that focuses on the academy’s treatment of dividend investing over the past sixty years. This first part highlights the dominant negative view; the second part is an overview of that less visible but equally important academic literature that positions dividend investing in the context of reasonable business ownership. The attachment is a PDF of the revised narrative. Special episode Fallacy or Philosophy Part 1
This episode of Keep Calm and Carry On Investing focuses on achieving Polonius’s advice in Hamlet: “to thine own self be true.” In regard to investing, that turns out to be harder than one might imagine. Comments, questions and suggestions for future topics are welcome. A PDF of the edited script is attached. Truth vs. Clarity script
David Solomon (along with his co-author Samuel Hartzmark) write on the challenges of dividend investing from an academic perspective. While we may have to agree to disagree on certain points, all dividend-oriented investors, advisors, and consultants should be aware of the issues that arise from being a dividend investor in very stock-price oriented market. David Solomon is Associate Professor at the Carroll School of Management at Boston College. You can find his work here. Samuel Hartzmark is Associate Professor at the University of Chicago School of Business. His site.