Regulatory clarity and harmonization will drive cryptocurrency prices much, much higher over the long term.

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Was Deckard a replicant? Maybe. Are U.S. dollars replicants? Certainly.

"I don't think you understand the situation," Garland said.  "This man - or android - Rick Deckard, comes to us from a phantom, hallucinatory, nonexistent police agency allegedly operating out of the old departmental headquarters on Lombard.  He's never heard of us and we've never heard of him - yet ostensibly we're both

working the same side of the street.  He employs a test we've never heard of.  The list he carries around isn't of androids: it's a list of human beings."[1]Do Androids Dream of Electric Sheep? by Philip K. Dick Much like the dystopian world depicted in Dick's noir…

The returns you generate are a reflection of how much the world values what you're contributing to it.

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Peter Harris

This is the fifth interview in our Entrepreneur and Family-owned Business series. These interviews are designed to help entrepreneurs and family business owners think through the benefits, implications, and consequences of taking outside investment. As part of the project, I am interviewing private equity fund managers, middle-market investment bankers, attorneys,

accountants, and consultants that advise privately held firms. In this interview I speak with Peter Harris, Director of Corporate Development at Axel Johnson Inc., a family-owned business with over $3.4 billion in revenues. Some of the highlights of this interview include: Why Axel Johnson is a less appealing buyer for…

In the near future, everyone will have a personal account at the Federal Reserve.

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It's all about the ones and zeros.

This is the second post in my cryptocurrency blog series.  The first post can be found here. As I've discussed in other posts, the use of physical cash has been declining since peaking in 2008.  The coronavirus may put a stake through the heart of it.  Generally speaking, if you use a credit

card for payment, no one touches it but you, that’s a serious competitive advantage in the age of coronavirus. Cryptocurrencies are even less physical than credit cards.  Indeed, they aren’t physical at all. Well before the spread of coronavirus, the shift away from physical cash was going…

The death of the 60/40 allocation has lead many investors to have an effectively equity-only portfolio.

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Will Bitcoin replace the U.S. dollar?

This is the first post in a series on Bitcoin and cryptocurrencies.  In these posts, I make general comments on about owning cryptocurrencies.  These comments are NOT individual investment recommendations.  You should consult with your investment advisor about owning cryptocurrencies or any other investment. Owning and Sizing Cryptocurrency Investments Every investor should have

some exposure to cryptocurrencies.  The only question is how much.  For most investors, the answer is very little, and it should be confined to a percentage of their risk assets.  That is, if an investor decides to allocate funds to cryptocurrencies, it should be a percentage their…

Debt used to serve the economy, now the economy services the debt.

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Jerome Powell, a former private equity executive, has no problem leveraging the U.S. economy.

This is the first post in a series on debt. Many market observers have watched the Federal Reserve’s (“Fed”) actions, and the subsequent market reactions, and have concluded that the Fed have undertaken to support the stock market.  This is an understandable conclusion, because the link appears to be impeccably causal:  when

the stock market declines, the Fed intervene and the market recovers.  While the timing of these events is true, I believe the causal link is misplaced. I believe the Fed are only concerned with government debt and making sure it is well maintained and, unbeknownst to them, that…