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Have you been thinking about the wealth tax winds blowing across Europe?[1]  You should.  While weather here in the US certainly moves west to east, really bad statist-inspired policies seem to move east to west.  After all, Europe gave us the absolute monarch, utopian socialism, Marxism, nihilism, anarchism, theocracy, fascism and whatever the Russians are doing…

Doesn’t all the happy talk about the state of the commercial real estate economy seems a bit overdone?  Transactional volume is rebounding, asset prices coming back, cap rates stabilizing, interest rates coming down, spreads coming in, etc., etc…sunlit uplands as far as the eye can see.  There is a smaller rump of pessimists out there, wringing their…

I’m sure you know the allegory about the camel’s nose under the tent, right?  First it’s the nose, then it’s the humps.  A camel takes up a lot of room.  They’re smelly, they make an appalling din and while they may be useful in their way, they are not at all amiable company.  Pretty tough to do business with…

As I read through my last commentary on the future of the GSEs and fielded some comments from readers, I realized I glossed over hard questions about how the governmental backstop would work, sort of like envisioning a plane and assuming there’s an engine.  

Before I go on, let me reiterate what I said in…

I think about AI off and on in a desultory sort of way.  I wonder about its threats and promises; a sci-fi dystopia of the Industrial Revolution 2.0.  One thing I share with our most recent wannabe president, Ms. Harris, I, too, know that AI stands for Artificial Intelligence.

I also suspect like almost everyone, that pretty…

With the zoftig and still mutitative Big, Beautiful Bill stumbling through an unseemly Congressional favor-trading lollapalooza, one is reminded of Ms. Pelosi’s famous quip, “We’ve got to pass this bill to know what’s in it.”  That made me think about trades and strategies based upon government dysfunction.  There is and always will be dysfunction and…

It’s been a tough couple of months in the henhouse.  My domesticated fowl friends and I are in a foul mood.  (We’ll use “them” here, albeit I think I have a pretty good idea of how to distinguish the hims from the hers, but my bona fides among the progressive set need burnishing.  Sidebar:  I have no idea…