In this four part series Dr. Bernstein explains why both the so-called Right and the Left both unite under the collectivist banner of racism in their opposition to capitalism, and why the principle of individualism can reverse this trend.Link: America’s Coming Race War Capitalism’s Enemies Are Pushing America Toward a Race War (Part 1 of 4)
Writes Richard Salsman on the Fallout from the Trade Wars | AIER
"Given the benefits of free trade, the best policy any government can adopt is unilateral free trade (with non-enemy governments), which means free trade regardless of whether other governments also adopt freer trade. Tariffs should only be enacted to secure revenues (e.g., to help fund a navy, the merchant marines, or port infrastructure) and should be low and uniform in rate (applied equally to all imports, wherever sourced, not in discriminatory or targeted ways). Better-motivated (pro-trade) nations pursue bilateral or multilateral trade agreements, and although that’s better than “trade wars,” such approaches, in contrast to unilateralism, waste time and invite costly lobbying and cronyism."
To learn why read his entire article Fallout from the Trade Wars.
I am writing to notify you about two big Read With Me announcements.
The first is that the app is now available free of charge, to eliminate the financial barrier in front of anyone who can't afford it or doesn't understand its value. If you go to the web app, or download the app for iPhone or Android, you will have immediate access to the full library of works, including Hugo's Notre Dame de Paris and Ninety Three, Sinclair Lewis's Arrowsmith, Tolstoy's Kreutzer Sonata, and more.
The second is that on December 2nd, a week from Sunday, I will begin leading readers through Dostoevsky’s Crime and Punishment. If you'd like to join me and other members on this literary journey, now is the perfect time to download the app.
Dostoevsky said of his faith, “My hosanna has passed through a great crucible of doubt.” I believe it is that crucible – that fathomless depth and merciless rigor of thought, that unyielding determination to leave no psychological stone unturned, that intensity of moral ambition – that makes Dostoevsky required reading for everyone, believers and non-believers alike.
Too often, we adopt our own convictions with unthinking ease, rather than subjecting them to a crucible. My goal in starting Read With Me was to create a community of readers and accompany them on a journey through great works of literature that will challenge, deepen, and expand our outlook on life. Dostoevsky will.
As I said, anyone and everyone can now try Read With Me, because there is no longer a required subscription fee. I am a zealot on a literary mission, determined to show people what they stand to gain when they crack the pages of musty, old, beautiful, timeless books. Those who enjoy, and can afford, and want to support the existence of this program can become voluntary $10/month subscribers through Patreon.
I am not a professional actor. I am not a literary scholar. What I am is a sincere reader and a passionate lover of literature. You can think of the Read With Me app as providing you a book-loving friend in your pocket, always happy to read to you from my heart and to share with you what fascinates me about what we are reading.
Try Read With Me. Share it with the would-be readers in your life. Make literature part of your life.
Richard Salsman exposes the falsehoods behind the active vs passive false alternative in The Daily Capitalist.Writes Salsman in "Buffett Won the Bet – and Missed the Point":
Mr. Buffett writes, “Investors, on average and over time, will do better with a low-cost index fund than with a group of funds of funds.” Well, that’s surely true for capital whose owners are willing to forgo potentially higher returns in exchange for lower risk and the guaranteed mediocrity of average gains and losses. For all other capital, however, the opposite is true. It takes outsized gains like Mr. Buffett’s to inspire and arm us to make progress. Similarly it can take outsized gains and losses to expose the truth, promote the outperformers, and keep yesterday’s under-performing strategies and managers from interfering with a better tomorrow.
Active-passive is thus a false choice. All investing success depends on active thinking, buying and selling.
Still, Buffett concludes with cynicism:“Human behavior won’t change. Wealthy individuals, pension funds, endowments and the like will continue to feel they deserve something ‘extra’ in investment advice. Those advisors who cleverly play to this expectation will get very rich. This year the magic potion may be hedge funds, next year something else. The likely result from this parade of promises is predicted in an adage: ‘When a person with money meets a person with experience, the one with experience ends up with the money and the one with money leaves with experience.’”
It’s true that human nature is constant, but our natural capacity for reason and infinite progress is precisely what makes such cynicism naïve. In all cases, better inputs make consistent outperformance possible. Berkshire Hathaway’s track record proves this for stock picking and allocating. Our track record proves this for using price relationships to forecast headwinds, tailwinds and inflection points, and to profitably allocate within one or more of the 5 major asset classes and subclasses.
Read the rest at The Daily Capitalist.
NHS 'worse than average in treating eight common causes of death' | Society | The Guardian:
The research was carried out by the Nuffield Trust, the Health Foundation, the Institute for Fiscal Studies (IFS) and the King’s Fund. It determined that, with the NHS free at the point of use, the UK had the lowest proportion of people who avoided healthcare due to cost. Just 2.3% did so in 2016 compared with an average of 7.2% across the 19 countries, including France, Germany, Italy, Japan and the US. However, the UK’s health service performed worse than average in the treatment of eight out of the 12 most common causes of death. They included deaths within 30 days of having a heart attack and within five years of being diagnosed with breast cancer, rectal cancer, colon cancer, pancreatic cancer and lung cancer. The NHS was also the third-poorest performer in cases where medical intervention should have prevented death, and had consistently higher death rates for babies at birth or just after (perinatal mortality), and in the month after birth (neonatal mortality).