OP Ed - Gregory R Lai, CFA Independence? Or theater? Every few months, headlines flare about “protecting Federal Reserve independence.” The outrage feels staged. How independent can the Fed be when its charter points in two directions at once? The dual mandate—price stability and maximum employment—is less a compass than a hall pass. Imagine one owner controlling both the Dodgers and the Yankees in the World Series. The outcome isn’t competition, it’s choreography. The Fed,

OP Ed - Gregory R Lai, CFA For me, investing has never been about the outcome. It’s always been about the process. Okay, not totally true—but it sounded good. Truth is, I’ve been gambling my whole life. It started with poker and mahjong home games, and evolved into BFF road trips to Vegas. But investing isn’t gambling—and it’s a shame more people don’t understand that. Gambling, by design, is a losing game. Investing, when done right, delivers long-term returns. (And yes, for

"Markets can remain irrational longer than you can remain solvent." John Maynard Keynes   Currently, the price earnings ratio for the S &...