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Ugly Prices

18 November 2025
Stock prices are ‘mean reverting,’ which is to say that they always go back to a ‘normal’ range. And when they are extremely overvalued as they are today, they have a lot of ground to cover (losses!).

Inflare aut mori

17 November 2025
No government has ever succeeded in improving an economy…other than by avoiding war, providing some rudimentary justice, and removing the impediments set in place by government itself.