It is that time of the quarter, when we can first estimate profits from the National Income and Product Accounts – and this one is a doozy. We believe domestic corporate profits soared at a 37% annual rate in the second quarter, and were up 20% from a year ago – reaching a staggering 12.9% of GDP, up 0.5% from the prior strong level. This does not match the estimated heights of 39% annual growth in S&P500 profits, but it also does not contain contributions from unrealized cap

It was a tough week for financial markets as the other shoe dropped in several markets. In energy markets, the Iran-allied Houthis fired on Saudi tankers in the Red Sea, forcing them to turn back, effectively closing the Bab Al Mandab, compounding the renewed closure of the Straits of Hormuz. Oil prices jumped back over $100 a barrel for Brent crude, and $90 a barrel for West Texas Intermediate. Meanwhile, Tesla and Alphabet both announced earnings, negative cash flow and cap

Having just celebrated our 250th anniversary as the United States of America, we reflect on the fact that that is exactly how the founding fathers saw their country – united states. Central control was the last thing desired by the leaders from thirteen very diverse states – separated by many miles that took days to traverse when a federal decision was required. It was primarily collective disgust with authoritarian rule from a distant government that brought them together in