The hardest part about understanding economics is terminology. In reality, economics really just comes down to understanding human behavior based on incentives. Let’s take for example the Cobra Effect. This is a term coined by economist Horst Siebert to describe a time in India under British rule when the local governor was trying to figure out […]

As I write this email, I’m on my way to Phoenix for our biannual meetup. So…I’ll keep it short.  Coming up Covid and in the midst of a war in Europe we are experiencing unusual inflation forcing the Fed’s hand at raising interest rates.  Over the last several weeks, we have had several economists and […]

The most common question I get from investors these days is how increasing interest rates will affect the performance of our real estate holdings. There is often concern, for good reason, that as rates go up our net operating income will go down. The good news is that things aren’t that simple. Rate increases don’t […]

I have started a number of small businesses over the past decade. I know that a number of you run your own business or are thinking about some kind of new entrepreneurial endeavor. So, let me tell you about some of the things that I have learned. First, fewer variables make businesses easier to run […]

My kids are little. My oldest is 12 and her sisters are 9 and 6. Admittedly, I’ve spent no significant amount of time trying to teach them about money as of yet. If anything, I have taught them a little bit about the burden of taxes by eating half of the cupcakes and ice cream […]

You would think from the vilification of capitalists in recent years that we are nothing but a waste of space on earth. “Pay your fair share capitalist pig!” That’s what you hear these days from popular politicians on the left. Of course, in reality, without us, the government would be broke. What makes America great […]