Intellectual Capital

Mark Twain once observed that there is no sadder sight than a young pessimist, yet there always seems to be a segment of new college graduates who, based on their actions, appear to be deeply committed to a life of stagnant growth and failure. For their benefit, I offer these tips on creating a directionless life, almost guaranteed to lack meaning or fulfillment. First, master the art of blame. When something goes wrong – and it will – look around and figure out who is at fault. Your boss, coworkers, the economy, your parents, the weather—anyone but yourself. Accountability is … Read More

Senator Bernie Sanders recently warned that AI is a threat to everything that Americans hold dear and that its future must be decided by the American people. I’m a little surprised that no one on his staff thought to intervene before the 84-year-old Vermont socialist said that in public. Congress, in its infinite wisdom, now eyes legislation to tame the growth of artificial intelligence. Committees will convene, bills will be drafted, and politicians will grandstand about protecting jobs, privacy, and the very soul of the republic. This is pure futility. If a technology is possible and economically interesting, someone will … Read More

When I was just out of college and had my first job that didn’t involve sweating or the prospect of coming home with a torn, bloody shirt, I told myself that I would never complain about paying taxes. “If I’m paying taxes, I’m making money.” At the time, I didn’t have much experience with either. I also didn’t have much understanding of our federal income tax system. I’ve since changed my mind. Contrary to the memes and political grandstanding, the data is clear: by every objective metric, the highest taxes are paid by the highest earners. Based on most recently … Read More

When South Carolina Congressman James Clyburn recently announced that he would be seeking an 18th term in the U.S. House of Representatives, my first thought was “why?” Why have we allowed a permanent political class to evolve? Like Phil Bredesen or Bill Haslam, why can’t people enjoy their government job for a while and then go home? Regardless of what you thought of his policies or effectiveness, it is genuinely strange that Joe Biden spent more than 20% of the entire history of the United States in elected office. Perpetual politicians aren’t just a Washington problem. They show up at … Read More

According to the AARP, 30% of people over age 50 used AI in 2025, mostly as super web search engines – something at which these tools are incredibly effective. If you aren’t using these tools, at a minimum you are accepting less efficiency in your life, and may actually be crippling your professional growth. Three years ago, ChatGPT had 100 million worldwide users, mostly tech nerds and early adopters playing around. Today, the numbers are staggering. OpenAI reports 900 million weekly active ChatGPT users – and this number doesn’t include those using Grok, Claude, Google Gemini, Microsoft Copilot, Meta AI … Read More

If you like rollercoasters but don’t want to trek to Dollywood, just watch the oil market. Earlier this year prices dipped below $60 a barrel. Then came U.S. military action in Iran, and they spiked to $115. A quick drop to 3around $90 followed—until a quickly deleted tweet from the Energy Secretary sent prices on a one-day, $22 joyride: down from $91 to $78, then back up to $87, all within a couple of hours. These wild swings are nothing new for oil. Over the past decade, oil prices have been more than twice as volatile as the U.S. stock … Read More

People commonly draw investment conclusions from events that have little to do with stock prices, if anything at all. Politics is a prime example. “If that scoundrel (or scoundrelle) gets elected, I’m selling all of my stocks.” There are plenty of reasons it matters who is president, but the stock market simply isn’t one of them. In the past 46 years, the stock market declined for an entire presidential term only once. War tends to fall into the same category. The true cost of war is measured in human lives; any other discussion is trivial by comparison. Of course, that … Read More

Since the Supreme Court’s ruling striking down President Trump’s sweeping tariffs imposed under the International Emergency Economic Powers Act (IEEPA), I’ve watched the national reaction with a mixture of amusement and dismay. This decision isn’t just a landmark on presidential power and congressional taxing authority; it’s an almost perfect diagnostic test for a broader societal condition: reflexive, emotional hostility or allegiance toward anything related to Donald Trump. Almost no one understands the complexities of tariffs and constitutional law, but you wouldn’t have known it from the immediate, passionate and emotionally irrational public response to the Supreme Court’s decision. If someone’s … Read More

In what could be a landmark product liability case, Meta and Google (the parent companies for Instagram and YouTube) are accused of designing platforms that are addictive, especially for children. The plaintiff, identified as “KGM,” began using the social media programs when she was 10 years old. She alleges that her usage escalated to the point of addiction, contributing to her depression, anxiety and suicidal thoughts. I don’t understand the law, nor do I have a prediction on how this case will ultimately be resolved. But I do have an observation about companies accused of indoctrinating customers to crave their … Read More

If Donald Trump and Elizabeth Warren agree on something, it must be a bad idea. Yet President Trump is pushing for a one-year cap on credit card interest rates at 10%, and Senator Warren is practically doing cartwheels in support. She’s even boasted about phone calls with Trump to hammer out the details, offering to team up on legislation that would supposedly stick it to the big banks and save everyday Americans from “usurious” rates. It’s the kind of bipartisan, populist kumbaya that is supposed to warm the heart—until you remember that government price controls have about the same long-term … Read More