On Friday several of the big banks reported earnings that were exceptionally strong, highlighting their strength in times of turmoil.  I believe that much of hysteria we saw in March was manufactured panic to a large extent.  Several horribly managed banks were taken out by bank runs and the problems were extrapolated incorrectly to the...Read More

  Last week for Spring Break, I had the good fortune to take my family to Miami and then on a cruise to the Eastern Caribbean.  It was a great experience with many memories made.  On our first day, I took my two daughters to South Beach where we went swimming in the waves, which...Read More

Investors and market participants often get told that the way to get rich is buying quality companies or properties.  Firstly, it is important to define quality.  For many, quality is conflated with credit risk.  For example, U.S. government debt is often seen as having the least chance of a default than any other bonds, mostly...Read More