Don Luskin

Don Luskin is Chief Investment Officer for Trend Macrolytics, an economics research and consulting service providing exclusive market-focused, real-time analysis to the institutional investment community. You can visit the weblog of his forthcoming book ‘The Conspiracy to Keep You Poor and Stupid’ at www.poorandstupid.com. He is also a contributing writer to SmartMoney.com.

Stocks Look Cheap Historically, But They May Get Cheaper

With stocks at new highs, are prices too high for the value-minded investor to pay? I say no -- although if you are a value-minded trader, the answer may be yes. The way I look at stock valuations is by comparing consensus forward earnings to current long-term...

The Bull Case

Whether you look at it as a fundamental investor, a value investor or a technical investor, the market is getting ready to take a turn for the better. Let's start with fundamentals. All the evidence shows that the economy is gradually improving -- there's not a hint...

Iraq: Waiting Game is a Fool’s Game

I have to strongly disagree with Mickey Kaus and Daniel Drezner -- both have recently argued that it would be to President Bush's realpolitikal advantage to delay the war against Iraq, and start it closer to the 2004 election. Kaus in Slate (2/28/2003) says "...the...

The New York Times Enron Cover-Up

I respectfully differ with my fellow New York Times-watchdog Andrew Sullivan, who says today "Good for the Times for correcting the record." He's giving them Good Journalism brownie points for a story reporting that former Enron CEO Kenneth Lay may well have had...

Greenspan Returns to “Barbarous Relic” Gold

Gold traded above $370 per ounce at the end of last month, for the first time in six years. Anxiety about war with Iraq has no doubt contributed to gold's surge -- but a look at history suggests that gold may be telling us as much about Alan Greenspan as it is about...

Social Insecurity: 401(k)s Under Attack

401(k) retirement plans -- those marvelous engines of empowered financial liberation, in which an employee decides how much to contribute toward his own tax-advantaged retirement account, and directs the account's investment himself -- have come under heavy attack...

The Truly Dismal Science

In science, you start with a hypothesis. Then you conduct an experiment to see if your hypothesis is true. If the experiment proves the hypothesis wrong, you throw it out and come up with a new hypothesis based on what you've learned. I guess economics must not be a...

A Capital Connection: Deemed Dividend Reinvestment Plans

I haven't been much of a fan of the proposal to eliminate taxes on dividend income. But a new wrinkle in the Bush administration's tax plan is making a believer out of me. What our growth-challenged economy needs most right now is a cut in capital-gains taxes, to spur...

George W. Bush Hugged the Third Rail

The shake-up of the Bush economic team has been the occasion for a lot of criticism of the administration's domestic leadership. Indeed, I've been one of the harshest critics. Yet I think the Bush administration has done one thing very, very right when it comes to...

Equal Time at the New York Times

The New York Times reveals its deep anti-capitalism bias even when it purports to offer a little op-ed space to dissenting views. After a week of relentlessly demagoguing the Bush administrations tax plan as a subsidy to "the rich" -- both in editorials and in what...

Investing Advice for 2003

A year ago I told investors to sell technology stocks and reinvest in long-term Treasury bonds. That bet turned out very well on both sides: The tech-heavy Nasdaq 100 index is down more than 30% in 2002 while the total return for 10-year Treasurys has been about 18%...

Politically Correct Tax Talk

There's a big tax debate coming, with President Bush scheduled to announce a package of new tax cuts today. And it looks like we're not going to be able to talk about it without falling into the morass of politically correct speech. I'm not talking about the usual...

Cramer vs. Cramer: Another Day, Another Fantasy

If you're a financial media pundit, you live every day with a fundamental challenge with respect to accountability and intellectual honesty. As your forecasts, opinions and views accumulate over the years, how do you reconcile what you are saying today (or failing to...

The Pseudo-Science of Rubinomics

What is "economic analysis" when it comes from a newspaper? It's usually just like Daniel Altman's "Economic Analysis" column in the New York Times this morning: a montage of sound-bites from "experts" (or, if not experts -- are there really any "experts" in the...

Enough Analyst Bashing

There's been a lot of tough talk about how "tainted" Wall Street stock research is -- and what should be done about analyst recommendations influenced by investment-banking fees and other conflicts of interest. It's an important question of business ethics, legal...

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