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Jul 3, 2026
Four days after the Supreme Court told him tariffs are a branch of the taxing power belonging to Congress, President Trump stood before a joint session and said tariffs...
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Jun 25, 2026
Public pension fund managers have run the same accounting maneuver for fifty years. It is entirely legal, widely practiced, and engineered to make a structural debt problem look like...
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Jun 22, 2026
The California Public Employees' Retirement System — CalPERS, which manages roughly $556 billion for 2 million public employees — voted unanimously in November 2025...
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Jun 19, 2026
John Adams was watching from the back of the room when James Otis Jr. argued against British writs of assistance in 1761. These were general warrants giving royal officials unlimited...
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Jun 17, 2026
Senator Elizabeth Warren reintroduced her Ultra-Millionaire Tax Act of 2026 in March, proposing annual levies on net worth above $50 million and a 3% surtax on...
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Jun 4, 2026
In April 2021, the Federal Reserve Board — an institution that employs more than 400 PhD economists — told the American public that rising inflation was "transitory." By...
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May 28, 2026
The national debt crossed $39 trillion this spring. Federal interest costs topped $1.2 trillion for fiscal 2025, already more than we spend on national defense. We are financing...
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May 21, 2026
In my work as an expert witness in fiduciary and securities matters, I have watched the same pattern repeat across dozens of board rooms: A pension fund trustee invokes...
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May 19, 2026
The M&A market entered 2026 with force that didn't build gradually, it released. Global volume hit $1.22 trillion in Q1, a 26% surge over the prior year and the strongest...
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May 14, 2026
After 30 years in private markets, including work at Morgan Stanley and Bear Stearns, and later managing funds and advising family offices, I've come to a conclusion the venture...
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May 11, 2026
The most ironic news out of this week's Milken conference didn't come from a hedge fund manager or an investment bank. It came from the SEC.
On May 4, at the Milken Institute Global...
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May 5, 2026
Saturday, I woke up to the news that Spirit Airlines had canceled every flight and begun an orderly wind-down of operations. Seventeen thousand people—pilots, flight...
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May 4, 2026
At the second presidential debate in October 2016, Hillary Clinton accused Donald Trump of using a $916 million loss to avoid paying federal income taxes. He replied...
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Apr 20, 2026
Somewhere over the Mojave, at 41,000 feet, the Gulfstream leveled off and a steward set down a glass of twenty-year Scotch without being asked. My client — I’ll call him...
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Apr 15, 2026
In thirty years of reviewing fixed-income allocations for single-family offices, I have seen the same mistake repeated with impressive consistency: clients reach for a familiar yield...
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Apr 13, 2026
Something cracked in private credit this month, and the men who manage systemic risk for a living are saying so. Goldman Sachs CEO David Solomon's just-released 2025 annual...
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Apr 10, 2026
There is a school of thought — serious, not fringe — that holds the national debt is a symptom, not the disease. The disease, in this view, is too much tax revenue, which...
Jul 3, 2026Four days after the Supreme Court told him tariffs are a branch of the taxing power belonging to Congress, President Trump stood before a joint session and said tariffs...
Jun 25, 2026Public pension fund managers have run the same accounting maneuver for fifty years. It is entirely legal, widely practiced, and engineered to make a structural debt problem look like...
Jun 22, 2026The California Public Employees' Retirement System — CalPERS, which manages roughly $556 billion for 2 million public employees — voted unanimously in November 2025...
Jun 19, 2026John Adams was watching from the back of the room when James Otis Jr. argued against British writs of assistance in 1761. These were general warrants giving royal officials unlimited...
Jun 17, 2026Senator Elizabeth Warren reintroduced her Ultra-Millionaire Tax Act of 2026 in March, proposing annual levies on net worth above $50 million and a 3% surtax on...
Jun 4, 2026In April 2021, the Federal Reserve Board — an institution that employs more than 400 PhD economists — told the American public that rising inflation was "transitory." By...
May 19, 2026The M&A market entered 2026 with force that didn't build gradually, it released. Global volume hit $1.22 trillion in Q1, a 26% surge over the prior year and the strongest...
May 11, 2026The most ironic news out of this week's Milken conference didn't come from a hedge fund manager or an investment bank. It came from the SEC. On May 4, at the Milken Institute Global...
May 5, 2026Saturday, I woke up to the news that Spirit Airlines had canceled every flight and begun an orderly wind-down of operations. Seventeen thousand people—pilots, flight...
May 4, 2026At the second presidential debate in October 2016, Hillary Clinton accused Donald Trump of using a $916 million loss to avoid paying federal income taxes. He replied...
Apr 20, 2026Somewhere over the Mojave, at 41,000 feet, the Gulfstream leveled off and a steward set down a glass of twenty-year Scotch without being asked. My client — I’ll call him...
Apr 15, 2026In thirty years of reviewing fixed-income allocations for single-family offices, I have seen the same mistake repeated with impressive consistency: clients reach for a familiar yield...
Apr 13, 2026Something cracked in private credit this month, and the men who manage systemic risk for a living are saying so. Goldman Sachs CEO David Solomon's just-released 2025 annual...
Apr 10, 2026There is a school of thought — serious, not fringe — that holds the national debt is a symptom, not the disease. The disease, in this view, is too much tax revenue, which...