Late 19th century and first half of the 20th century was a time of great economic development but a time of the great economic...

Are you confident things can get done the way you need them to get done without your presence? One way to think about culture: it's what...

More than 5 years of studying hard asset-related industries, businesses, and investment managers leads us to conclude that we are in the...

As for where we’re finding opportunity, I would argue non-U.S. markets today are generally mispriced. The focus has been on the U.S.,...

A common refrain at Bluestone is that the future is inherently uncertain. It reminds us not to get too wedded to our ideas about the way...

Seems like everyone in the economic and investing worlds is obsessed with the question of when the Federal Reserve is going to begin...

Once upon a time, stock prices responded (sooner or later) to the fundamental performance of the companies those stocks represent. Cash...

When you step into our world you will hear the term "capital allocation" a lot. But what does capital allocation mean, exactly? As...

Most of the financial advice / wealth management industry is intently focused on how to get more efficient. The path to being more...

One of our issues with passive investing today (i.e., using a formula-driven index to determine what to own and how much to own) is the...

A client recently asked us what we thought about indexing (as in buying an index fund or ETF as part of a securities portfolio). Our...

On a December 2023 investor call, Murray Stahl (of investment manager Horizon Kinetics), shared the following information: The Van Eck...

Charts are germane to finance/economics/investing. Put them together in a certain way and you can tell any story you want. Here’s one...

One of the finance nerd cool things about financial markets is they tell you how investors are collectively handicapping the future. What...

As you're setting goals for your business and people for 2024 it will be tempting to "kitchen sink" the exercise, i.e., throw everything...

Go to Morningstar's website and you'll notice the "U.S. Barometer" in the top-middle of the page. The barometer shows nine boxes, with...

And not just gold - other hard assets too. Assets that are difficult to substitute and supply constrained relative to fiat currency. Here...

It's that time of year when we all start to think about next year. As you run budgets and projections for your business, rather than...

It's natural to look to the past as a source of information to make decisions today about what we hope for tomorrow. Humans are pretty...

Financial markets have changed a lot over the last several decades. It used to be that you could buy a stock at say 10-12x earnings, and...