It is hard for me to begin anywhere but with the death of the "liberal lion" Senator Edward M. Kennedy, Democrat from Massachusetts.

I was fortunate to be able to attend his funeral at the church, which was certainly a pageant, but what really fascinated me was...

We have seen some strong advances in stock markets around the world these past few weeks. The Standard & Poor's 500 Index has risen 50 percent since its low on March 9th. It's up over 12 percent since the start of the year.

A dramatic rise of...

Since I last wrote in May, the market drifted downward only to work its way back up to the same level again. This story is much the same as it has been so far this year. Today the S&P 500 is flat for the year, though up over 30 percent...

As the S&P 500 Index has improved by 38 percent since its low point on March 6th, it seems to be a reasonable moment to pause and ask, "What next?" Is there any reason that the market should continue to rally? So it seems timely to review an aspect of...

As the market rallies, I am feeling less urgency about my notes. But events of the past two days have brought me out again.

The first is news from Procter & Gamble (PG). I have steadfastly argued that the economy, the world within which real stuff trades, can be...

2008 was the worst year for the U.S. stock markets in over 75 years. January 2009 was the worst January in over 75 years, and February 2009 was the worst February in 75 years. The two-month (January and February 2009) period set a new record for the worst two-month start...

As I write, U.S. stocks are rising, extending the market's best monthly gain since 1987. The Standard & Poor's 500 index has risen 24 percent from its intraday low of 667 on March 6th. Although the rise seems in large part due to actions taken in Washington, we are beginning...

Since I last wrote, the markets have hit wrenching new lows. The Dow Jones Industrial Average has dropped below 7,000 for the first time since 1997. Day after day, we read dreary headlines. They tell us that the banks are going to fail; job losses are on the rise; unemployment...

Today's Wall Street Journal opened with the headlines, "Stocks Drop to 50% of Peak." The story goes on to point out that markets are back at levels not seen since 1997. The Dow Jones Industrial Average, constituting just thirty companies, did better than the Dow Jones Wilshire 5000 index...

When I wrote last, I stated that investors are looking at the actions in Washington most keenly but that soon they would start looking at earnings. The stage is being set as I write for that to happen.

First, let us look at Washington. Several recent actions...

I last wrote after inauguration day, the memorable day when the excitement of Obama's ascent to the Presidency was juxtaposed with the worst stock market performance yet this year. Fortunately, since then, the market has recovered somewhat, though still not quite recapturing the highs reached at the outset of the...

January 21, 2009

Yesterday, Inauguration Day, was a day of deep contrasts. Millions of people turned up on the Mall in Washington, DC to witness our 44th President be sworn in. Hundreds of millions watched from around the world. All looked with hope, joy,...

A shameful bill is about to be pushed through Congress; it transfers assets from a desperately sick population and ordinary taxpaying Americans to a handful of big companies. Ironically named the Fairness in Asbestos Injury Resolution Act (FAIR), the bill creates an industry-sponsored trust fund to pay what industry and...