The biggest rainbow trout I ever caught lives at the Keystone (Colorado) Village Ice Rink, a five-acre lake at 9321 feet above sea level. Here is that wonderful fish, held by Matt Campanella, a skilled fly fishing guide.

What is Camp Kotok???

“Rats have been said to be the first to sense an impending disaster, such as a sinking ship or a gas leak in a mine – so if rats are leaving, it’s a good idea to follow!"

“Early records of the expression [‘like rats deserting a sinking ship’] go back all the way to Pliny the Elder's…

This commentary was co-authored by Philippa Dunne (The Liscio Report) and David Kotok (Cumberland Advisors). It reflects their personal views.

A saga unfolds. First, snippets of online news, followed by TV images and “breaking news” reports. “Another one,” she thinks. “Ugh!” he exclaims…

“Geopolitical tensions reared up last week and eclipsed key fundamental data points. The escalating war of words between the US and North Korea resulted in a textbook flight to safety into bonds, and also provided an excuse to take profits on equities, especially after the Dow posted nine…

First to markets: We have raised a cash reserve in US ETF portfolios, and we are realigning bonds now that credit spreads are tightening and yields are low as quality flight occurs. We have rebalanced gold miners using an ETF. We remain overweight the financial sector and defense sector using…

When the Treasury Secretary of the United States has to manage federal finances as the calendar propels the country toward an artificially created fiscal cliff, he typically writes a letter like this one: treasury.gov/initiatives/Documents/Mnuchin to Ryan on DISP - 7-28-17 (2).pdf. Such is the…

In June, the European Central Bank published a must-read working paper entitled "Communication of monetary policy in unconventional times" (ecb.europa.eu/pub/pdf/scpwps/ecb.wp2080.en.pdf). We highly recommend this 46-page working paper for any serious investor, academic, student, or other…

As the summer doldrums roll on, we thought it was a good time to recap where the muni market has come since the Trump sell-off of last fall.

A number of factors have helped the overall muni market.

For an in-depth discussion of blockchain and cryptocurrencies see the June 2017 white paper published by the World Economic Forum: “Realizing the Potential of Blockchain: A Multistakeholder Approach to the Stewardship of Blockchain and Cryptocurrencies” (www3.weforum.org/docs/…