This is the problem with the re-industrialization hypothesis. How can a company commit to a capital intensive multi-decade process when the rules can change at anytime? Will the tariffs change next week? Next month? Next political cycle? L/T investment requires stability.

Bingo. If the tariffs go away tomorrow ("April Fools, snowflakes!"), do you think we return to price levels from a week ago? Of course not. This lack of trust is risk that markets must now price in.

I've waited for a market upswing to post this to avoid seeming reactive. A lot of you follow this account because I once performed arithmetic for an insurance salesman. As valuable as many of you found that to be, I think content like this is significantly more meaningful.

Let’s take finance as an example, since it’s what my followers know. Have you found that in today’s information landscape the best finance ideas regularly rise to the top and often come from non-experts? In this regard, have you found the marketplace of ideas to be efficient?

Financial planning is about more than spreadsheets, retirement projections, and optimal portfolios. At its core, it's about helping people find and fund a good life. And a "good life" means different things to each of us. So today, I resigned from PWL. Over the past 18

Yes, but also...some folks would confidently point to this chart while standing in the rubble of the democratic institutions that made it possible. Consider the possibility that historical resiliency of U.S. institutions has lulled a generation of investors into complacency.

Sure, data attached. But why isn't observing current events enough? What do people—in their mind's eye—think impending authoritarianism looks like? Are you waiting for party leaders to arrive on Capitol Hill wearing the scarlet letter 'A' to announce regime change?

I _____ believe the Trump Administration is generally trustworthy and competent. I _____ believe the Trump Administration poses a legitimate risk to democracy in the U.S.

I’m having a difficult time processing how absurd this is. QQQ and Russell 2000 P/E ratios are capped at 40 and the index averages are intentionally calculated incorrectly?

HonestMath.com I've never seen or used a minimum in place of negative numbers, always leave theme blank/zero for metrics that can't/don't work below zero, so there's that. Source: index builder since 2008 (ISE, NYSE/ICE, All You Can ETF)

I agree with everything Mark says. But I'd like to add some perspective to emphasize and clarify the concern I've been expressing recently: Historical U.S. resiliency has relied on the key ingredients in my pinned post. For prior crises, these pillars remained in place; our

Wonderful.