The news media and some market participants aren't happy with Federal Reserve Chairman Kevin Warsh's refusal to give up much in the way of forward guidance on what his Federal Open Market Committee (FOMC) will do at its next meeting. Warsh's logic for the discontinuance of guidance makes sense. In a market economy, as the United States purports itself to be, the market should be a valuable source of information on what's happening with interest rates, not simply an echo chamber of telegraphed future Fed policy. Into the vacuum of information from the Fed have stepped proponents of every course of action. Bloomberg reports that both Dallas Fed President Lorie Logan and Cleveland Fed … [Read More...]
Young's World Money Forecast
Since 1978 With a 32 Year Vacation
How Bad Is the Chinese Economy?
In The Wall Street Journal, Joseph Sternberg makes the case that the Chinese economy "is in worse shape than you think." Sternberg notes that China's economic growth missed the Communist Party's target. He writes: You know something is awry in China’s economy when not even the Communist Party can claim things are going according to plan. Witness this week’s economic-growth data for the most recent quarter, which on closer inspection are shockingly bad. Beijing’s statisticians on Wednesday said the gross domestic product grew 4.3% year-on-year in inflation-adjusted terms in the April through June quarter. China’s economic data are notoriously prone to fiddling for political purposes. And … [Read More...]
China Loses Two Decades of Real Estate Gains
You may remember my warnings in 2012 against direct investment in China. I thought then that the country's numbers looked funny, and that it didn't play by the rules. One issue I singled out in particular was China's investments in "Ghost Cities," which seemed like a real scam. Since then, Evergrande, one of China's largest developers, has been dissolved, and prices for Chinese residential properties have fallen back below 2005 levels (in real terms). I wrote back in 2012: I have long advised against direct investment in China. Among the many reasons I am bearish on China is the country’s vastly distorted economy. China is a command style economy run by an unelected political … [Read More...]
Celebrating 250 Years of American Independence
The Evolution of the Dow Jones Utilities Average Index
Originally posted on June 16, 2026. In 1929, Dow Jones spun out utilities from its main index and created the Dow Jones Utilities Average Index. The original components of the average were: American & Foreign Power American Gas & Electric Co. American Power & Light Co. American Telephone & Telegraph American Water Works & Electric Co. Brooklyn Union Gas Columbia Gas System Consolidated Gas System Consolidated Edison Niagara Hudson Power Southern California Edison Electric Power & Light Co. Engineers Public Electric International Telephone & Telegraph National Power & Light North American Co. Pacific Gas & … [Read More...]
Ben Graham: Margin of Safety
In 2001, I wrote about Ben Graham and his Margin of Safety: Creating Wealth Through the Power of Compound Growth Ben Graham, 1894-1976... Warren Buffett has referred to Benjamin Graham's The Intelligent Investor as "by far the best book on investing ever written." John Train, a former super Forbes columnist, wrote, "Graham ranks as this century's (and perhaps history's) most important thinker on applied portfolio investment." In the preface to Graham's fourth revised edition printed in 1973, W.B. wrote, "It is rare that the founder of a discipline does not find his work eclipsed in rather short order by successors. But over forty years after publication of the book (first written in … [Read More...]
The Magic of Compound Interest
UPDATE 6.15.26: Despite the many changes the world has seen since 2017, and all the chaos it endures today, my basic investment tenets haven't changed. I wrote in 2017 (now itself, nearly a decade ago): Well, writing to you now, five decades later, from our outside kitchen/living space in the heart of Old Town, Key West, I can’t help but think how much water has gone under the bridge through the many decades. But if you have been with me over the years, you are keenly aware that it is indeed the combination of dividends, compound interest, perspective and patience that frames the message I deliver to you month after month. I do not change course. You can count on it. Originally posted … [Read More...]
There’s a New Fed Chair in Town
The Senate has confirmed Kevin Warsh as the new Chairman of the Federal Reserve for the next four years and for a 14-year term as a governor. You know that my preference is to end the Fed. The central bank has a 100% error rate. But as long as it exists, aiming to give the Fed the best leadership possible is important. No chairman will be perfect, and every chairman will be forced to make compromises because the Federal Reserve is built on a contradictory mandate that sometimes gives policymakers no good options. But during the Financial Crisis, Warsh was one of the few Fed officials who stood up to suggest restraint at a time when the bank's leadership seemed hell-bent on breaking all … [Read More...]
U.S. Energy Exports Hit Record Highs
Exports of oil and natural gas products have hit their highest levels ever as a result of the war with Iran and the disruption to energy flows out of the Persian Gulf. And it's not just LNG and crude oil that are reaching new highs, other natural gas plant liquids are also being exported at the highest levels ever. The EIA reports: Data source: U.S. Energy Information Administration, Petroleum Supply Monthly Natural gas plant liquids (NGPL) exports reached 3.1 million barrels per day (b/d) in 2025, growing 7% from the previous year. These fuels are primarily extracted from the natural gas stream. NGPL plant production has increased every year since 2005, driven by higher … [Read More...]
65 Years of Compounding: March 18, 2026 – No Changes
The article below was written about me way back in 1991. Nearly four decades later, I still advise real investors on compound interest, the Prudent Man Rule, and Ben Graham's Margin of Safety. I do not speculate or invest on stock stories--never have. I invest on simple mathematics. All you need is time and a compound interest table. I don't buy stories, I compound interest and dividends. -- Dick Young Originally posted November 5, 2025. … [Read More...]
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The information contained here is for informational and educational purposes only. It is not intended nor should it be considered investment advice or a recommendation of securities. Past performance is not a guarantee of future results. It is possible to lose money by investing. You should carefully consider your investment objectives and risk tolerance before investing.