Monthly Letter

November 2025 monthly letter
Banks, Bubbles and old Birds

The first Thanksgiving celebration lasted three days. Today, Plymouth Rock is only the size of a car engine. It has cracked three times over the years, getting smaller each time. Speaking of rocks, Nick lost his grandmother and I, my

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October 2025 monthly letter
Show-and-Tell Magic

In an effort to bring them down, a couple of weeks ago the Fed cut rates by a quarter-point (25 basis points). Yet, as if by magic, the 10-year Treasury note rose by 2 basis points to 4.127% and the

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September 2025 monthly letter - CDC
Turning Lemons into Lemonade

The United States… has already reached the foremost rank among nations, and is destined soon to out-distance all others in the race. In population, in wealth, in annual savings, and in public credit; in freedom from debt, in agriculture, and

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new year...same old sh*t
New Year…Same old Sh*t!

Enshittification: The gradual deterioration of a service or product brought about by a reduction in the quality of service provided. ~ Macquarie Dictionary, word of the year 2024. This month we are going to skip Nick’s Numbers and the story

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