Outside the Box, May 2017

The Deck Is Stacked

May 10, 2017

“The individual investor should act consistently as an investor and not as a speculator.”
– Ben Graham

Ben’s admonition is always true, but it’s more true at some times than others. It’s very true today, as investors go on riding the Balloon of No Hard Landings into the stratosphere, clinking their champagne glasses and avoiding looks down over the side of the basket as terra firma recedes ever further. My friend Michael Lebowitz of 720Global has already parachuted out of the balloon, and in...

When Robots Take All of Our Jobs, Remember the Luddites

May 3, 2017

If you don’t think the transformation we’re embarked upon is a profound one, consider this: Within two decades, half the jobs in this country may be performed by robots. What then of our unemployment rate and social safety net? Opinion is divided: Will the next technological wave further skew the wealth distribution toward the uber-rich, or will it ultimately create more entrepreneurial and job opportunities than it destroys?

There is an interesting historical precedent for our situation, an...