You’ve got to guess at worst cases: No model will tell you that. My rule of thumb is double the worst that you have ever seen.

The president‘s attempted diktat takes money from bondholders and gives it a labor union that delivers money and votes for him…. Shaking down lenders for the benefit of political donors is recycled corruption and the abuse of power.

Market-cap based indexing will never be driven from its deserved perch as core and deserved king of the investment world. It is what we should all own in theory and it has delivered low-cost equity returns to a great mass of investors… the now and forever king-of-the-hill.