The good news is that economists are intelligent, engaging and often charming folks. The bad news is their work is often of little use to investors.

I find it funny that people who didn't think there was any inflation in the pipeline are now talking about stagflation. This is nothing like the 1970's, which was a pretty dismal period and not just because of polyester and disco.

Rather than engage in the sort of selective retention that so many investors tend to do and pretend mistakes never happened, I prefer to own them. This allows me to learn from them and, with any luck, avoid making the same errors again.

History is replete with examples of tech firms that were marginalized by new companies and technologies.

This ugly duckling investment will likely need time - quarters, or even years - to blossom into a beautiful swan.

Salesmen always need something to sell.

Never forget this simple truism: Forecasting is marketing, plain and simple.