A Wave of Criticism

The catastrophic tsunami wave that has devastated so much of southern Asia has even killed more than a hundred people on the east coast of Africa, more than 4,000 miles away. Two questions: First, what country has done the most to help the victims of this natural...

Get Ready for Another Strong Year

So what’s not to love about 2004? I admit that it wasn’t easy going, but at this writing it looks like the S&P 500 is going to close out the year at better than three-year highs, with something like an 11% total return. The Russell 2000 Index of...

Property Rites: Part 2

When I was house-hunting, one of the things that struck me about the house that I eventually settled on was the fact that there were no curtains or shades on the bathroom window in the back. The reason was that there was no one living on the steep hillside in back,...

Options, Schmoptions

Well, it finally happened. The Financial Accounting Standards Board — the group that determines so-called “generally accepted accounting principles” for financial reporting — has ruled that companies must report the costs of stock options on...

Property Rites

Two centuries ago, British Prime Minister William Pitt said that the poorest man in the country was so secure in his little cottage that the King of England and his men “dare not cross the threshold” without his permission. That is what property rights are...

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