Entrepreneurship is when an individual retrie…

Entrepreneurship is when an individual retrieves a red hot idea from the creativity furnace without the constraint of the heat of lean resources, and with each persistent blow of the innovation hammer shapes the still malleable idea against the anvil of passion, vision, insight, strategy, and principles to forge a fitting vessel of a creative concern.

Any onset of increased investor caution…

Any onset of increased investor caution elevates risk premiums and, as a consequence, lowers asset values and promotes the liquidation of the debt that supported higher asset prices, … This is the reason that history has not dealt kindly with the aftermath of protracted periods of low risk premiums.

Developing protectionism regarding trade and our…

Developing protectionism regarding trade and our reluctance to place fiscal policy on a more sustainable path are threatening what may well be our most valued policy asset: the increased flexibility of our economy, which has fostered our extraordinary resilience to shocks.

In an economy that already has…

In an economy that already has lost some momentum, one must remain alert to the possibility that greater caution and weakening asset values in financial markets could signal or precipitate an excessive softening in household and business spending.

Clearly, sustained low inflation implies less…

Clearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets. We can see that in the inverse relationship exhibited by price/earnings ratios and the rate of inflation in the past. But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?

But how do we know when…

But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?

You need to really scrub your…

You need to really scrub your investment portfolios, because I guarantee you, many of you are going to find them chock-full of subprime carbon assets.