A new survey finds that Americans are unhappier than they’ve been in decades, or possibly ever. Why? A study on American happiness came across my desk recently, and its findings took me by surprise. Specifically, the General Social Survey showed that more Americans report feeling “not too happy” since 1972, and for the first time since then the “not too happy” line has overtaken the “happy” line. In other words, more people say they are unhappy than the reverse. But why? I've

In your answer about conducting due diligence on potential investments, you wrote, “The way to get the most bang for your buck is where you have an insight into the CEO and leadership team.” Can you unpack that statement? What do you mean? Business history is filled with management teams that are not quite incentivized to make decisions that serve the long-term interests of their companies. Perhaps modern corporate culture has led to the emergence of a sort of “renter CEO,” r

Inflation is the one form of taxation that can be imposed without legislation. —Milton Friedman Inflation is the parent of unemployment and the unseen robber of those who have saved. — Margaret Thatcher As 2022 gets underway, the American economic zeitgeist is characterized by wild swings in equity markets and concerns about an inflationary environment which is foreign to at least one full generation of investors. We previously wrote in this space about the normalcy of inflat