<January 14, 2026> During every asset bubble, I like to collect souvenirs. In the Tech Bubble, I printed out the description page of every Nasdaq 100 company and tucked them into my desk—a reminder that no matter how crazy things seem, they can always get crazier. I even bought a few put options to commemorate the mania. They expired worthless just a few months before the bubble finally popped—a reminder that it’s difficult to time a bubble’s demise. During the Housing Bubble

<December 11, 2025> In the Seinfeld  episode “The Package” (season 8), Jerry asks Kramer to return his broken stereo for a refund. Instead of returning it, Kramer smashes the stereo, puts it in a box, and tries to defraud the post office. Jerry:  What happened to my stereo? It's all smashed up. Kramer:  That's right. Now it looks like it was broken during shipping, and I insured it for $400. Jerry:  But you were supposed to get me a refund. Kramer:  You can't get a refund. Yo

<November 18, 2025> In the 1990’s, one of the most admired and widely held stocks in America was General Electric (GE). It was the blue chip of blue chips—a pillar of corporate excellence. By 1998, GE had become the largest company in the U.S. by market capitalization. It was the NVIDIA of its day. But instead of designing sophisticated semiconductors, GE was an industrial conglomerate wrapped around a massive financial subsidiary.   Many of GE’s businesses, from jet engines

<October 15, 2025> Born in 1910, my grandfather lived through the Great Depression—an experience that left a deep and lasting impression on him, as it did on many in his generation. He was a hard worker and a relentless saver. Whenever I greeted him with, “What do you say, Gramps?” his response was always the same: “Save your money!” It was great advice, and I listened. By sixteen, I had my first part-time job, and by eighteen, I bought my first CD with a 7% coupon. Those wer