Category: Business Advice

Capitalism is an economic system characterized by private ownership of the means of production, free markets, voluntary exchange, and the pursuit of profit. It emerged as the dominant economic system in Western societies during the Industrial Revolution, replacing feudalism and mercantilism. The key features of capitalism include several socio-economic elements. There is private property rights wherein individuals and businesses, rather than the state, own capital assets like land, factories, and equipment. There is market-based allocation…

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Many years ago during the height of my days at Bankers Trust (late 1980s, I think), our then Chairman, Charlie Sanford (rest his soul) got on a kick of predicting the future and wrote an paper that he presented at a gathering at the Kansas City Federal Reserve Bank. The paper was titled Quantum Finance, and it was a prediction that our consumer financial system would evolve into a complex kluge of payment processing where…

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The world is filled with people with gripes against one another. I don’t like being a cynic, so I try not to suggest that they are all bad people, but if there were ever a means to expose the dark underside of human nature, it would be through the reading of deposition transcripts from various and sundry civil litigation and arbitration conflicts. Just when I think I’ve heard and read it all, I’m confronted by…

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I ran the Global Private Banking business of Bankers Trust for most of the 1990’s. At the time, I was quite dogmatic about NOT using my own operation as my money manager. It just seemed too close for comfort given that my personal financial information would be in a system that was accessible by many of the people that worked for me. But when I left that job at the end of the Millennium, I…

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Today we are in Puerto Madryn, a coastal harbor with good natural attributes about halfway down the length of Argentina. I think Viking has done a good job of finding a reciprocal stopping point in Argentina to what we visited on the Chilean side in Puerto Montt. Where Puerto Montt was founded by Germans, Puerto Madryn got its foothold here on the northern edge of the Patagonian Pampas through the arrival of a large Welsh…

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A few weeks ago I got a call from a lawyer I had worked with on a case in November. He called to tell me the outcome of the arbitration. I only got the case in October, so it was not the usual careful and drawn out process that has characterized most of my expert witness work over the past six years. It was a case where I represented the respondent/defendant in an arbitration over…

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