I have a graduate law degree in taxation, was tax counsel to world's largest bank. So, maybe I know more about taxes than the NYTimes. In real estate, gains are deferred until you sell the building. Expenses are current, (depreciation, interest, fees). So, tax losses are normal.

There is one story that may be bigger than the elections, the riots, and the pandemic, but it will take a few years to play out. The U.S. will convert China's $1.2 trillion of Treasury notes to a trust fund for COVID-19 victims and for economic damages. Bye-bye China reserves.

American cities are burning, there's a lethal pandemic, and we're in a new Great Depression. Of course, the stock market is up. Why do we persist in calling it a "market?" S&P 500 is really the S&P 6, stocks are traded by robots and financed by $5 trillion of printed money at 0%.

Prime Minister Marin of #Finland  fired the country's emergency supply head for wasting millions of euros on defective Chinese facemasks. I like the idea of people getting fired for gross incompetence. In Washington, they don't fire incompetent people; they just move them around.

Fascinating to see how one person, Arnon Mishkin ("Mr. Decision Desk") can singlehandedly destroy the reputation that @FoxNews  spent ten years building. Having worked with scores of high-IQ types and three Nobelists, I can assure you his Arizona call was not statistically sound.

Since social media won't allow the truth about the pandemic response, I thought I'd give it a try. Here's an open letter signed by 394 doctors and 1,340 medical professionals. "A cure must not be worse than the problem."

Rome wasn't built in a day. And the Roman Republic didn't fall in a day. It took about 100 years, from 146 BC to 44 BC, a period characterized by factional fights between populists and elites, riots, rigged elections, foreign wars and finally control by oligarchs. Sound familiar?

Rioters in Richmond torched a residence with a small child inside and then blocked the Fire Department from responding to the scene. Just in case you're wondering what kind of people the "protestors" are. They're thugs and criminals. Got it?

Buffett dumps JPMorgan, Wells Fargo; buys Barrick Gold. One way to understand this is he's dumping companies that create paper money to buy a company that produces real money. Economists call this a "liquidity preference." I call it a sign of the times.