Heroic solitary security analysts, like Warren Buffett and Benjamin Graham are figures of the past — vestiges of forgotten times when capital markets were much, much simpler than today. […]

We won’t have to consult the Consumer Price Index to know when the much feared Obama-inflation monster has finally arrived to devour what savings we have left. All that will be necessary will be to look at the average yield on short-term money-market funds. […]

The Crash of 2008 was the end to what I call, “the old capital markets”. A new era is beginning, but form and detail are hidden in the mists of change. It may be a decade or so before new structures and directions are visible. But before getting into the unpleasant chore […]