Executive Summary The U.S. has been feeling the effects of growing government debt for two decades through reduced economic growth.  For the past 40 years Federal government debt has grown at a faster rate than the economy.  The effects are cumulative and will continue to build until [...]

Executive Summary A recent article in The Wall Street Journal entitled “European Banks Consider Mergers for Survival” describes how banks are exploring mergers due to a decade of weak returns. It goes on to explain how the banks have survived due to government policies and stimulus programs [...]

Executive Summary Public companies are required to publish financial statements in accordance with Generally Accepted Accounting Principles (GAAP).  However, if GAAP earnings do not provide the picture stock analysts want, then they shift to alternatives such as “adjusted” earnings, operating earnings or projected future earnings.  The financial [...]

Executive Summary Last month the stock market, especially the technology-heavy NASDAQ 100 Index, reflected extreme investor exuberance reminiscent of the Technology Bubble peak in 2000.  There is an old saying:  the stock market rises like and escalator and falls like an elevator.  The recent stock split announcements [...]

Executive Summary Historically, retirees could safely use the old “rule-of-thumb” of a 5% withdrawal rate to supplement Social Security and other defined benefits to provide income during retirement, while at the same time preserving their capital.  This principle typically assumed a 60/30/10 buy-and-hold portfolio – 60% stocks, [...]