2. Indexes tend to be overweighted in whatever’s been hot.
3. Parkinson said it all in his famous "Law": "Expenditures rise to meet income."
4. Many studies, formal and informal, have been made of the record of forecasting by economists, and it has been consistently abysmal.
5. Inflation will be the path of least resistance politicians take in the end. It's part of their DNA.
6. A 1776 quote from Adam Smith about what's notoriously known today as "kicking the can."
"To relieve the present exigency is always the object which principally interests those immediately concerned in the administration of publick affairs. The future liberation of the publick revenue, they leave to the care of posterity.”
8. Offshoring to lower costs is over.
9. Employee compensation is around 55% of GDP, the lowest it's been in 60 years.
10. Earnings as a percent of sales, around 9%, are near 20 year highs.
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