Outside the Box, July 2017


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Hoisington Quarterly Review and Outlook, Second Quarter 2017

July 26, 2017

I have often written about the Fed’s abysmal track record in managing the economy. In today’s Outside the Box, Lacy Hunt and Van Hoisington of Hoisington Investment Management give us an in-depth tutorial on the reasons for the Fed’s consistently poor record.

They start by considering the Fed’s “dual mandate,” which sets “the goals of maximum employment, stable prices and moderate long-term interest rates.” (And yes, that is actually three goals, not two.) But a problem arises, the authors...

“You Look Like I Need a Drink”: Comments Before the National Association of Chain Drug Stores

July 12, 2017

Today’s Outside the Box is a rollicking address to the National Association of Chain Drug Stores, delivered by my friend Richard Fisher, former President & CEO of the Dallas Federal Reserve Bank. Richard is simply one of the most entertaining and informative thinkers I know. I cherish his thoughts and the all-too-brief times I get to be with him. He is the source of a thousand stories, and you always learn something new. In this speech he makes all the points I just made in last week’s letter –...

Hostages to History at the G-20 Summit

July 7, 2017

For this week’s Outside the Box, I again bring you the sterling work of George Friedman and his team at Geopolitical Futures. Today, George delivers a sobering analysis of the G-20 Summit now underway in Hamburg. Our leaders, he says, like to think of themselves as intrepid decision makers whose national interests are defined through their interactions with their global peers in venues like the G-20. But, he argues, history is marching on – and at a rather brisk pace these days, you may have...