As we head towards the fifth anniversary of the current bull market in March, fundamentalist investors may be feeling a little aggrieved. Certainly in the last year, if they bought stocks on the principles pioneered by Benjamin Graham and David Dodd in their 1940 classic “Security Analysis” they are likely to have underperformed the Standard […]

The Democrat playbook for 2014, we are told, intends to focus on U.S. inequality, and to suggest that only redistributive taxation will solve it or even alleviate it. Certainly it’s possible to reduce inequality through punitive levels of taxation – at the cost of making everybody poorer. I thus though it worthwhile to disentangle the […]