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mso-para-margin:0in; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman",serif;} </style> <![endif]--> <meta content="IE=5.0000" http-equiv=X-UA-Compatible> <!--[if gte mso 9]><xml> <o:shapedefaults v:ext="edit" spidmax="1026"/> </xml><![endif]--><!--[if gte mso 9]><xml> <o:shapelayout v:ext="edit"> <o:idmap v:ext="edit" data="1"/> </o:shapelayout></xml><![endif]--> </head> <body lang=EN-US link=blue vlink=purple style='tab-interval:.5in;word-wrap: break-word'> <div class=WordSection1> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"; mso-no-proof:yes'><img width=303 height=89 id="_x0000_i1026" src="https://www.inv.com/logo3.gif"></span><span style='mso-fareast-font-family: "Times New Roman"'><span style='mso-spacerun:yes'> </span></span><i style='mso-bidi-font-style:normal'><span style='font-size: 10.0pt;mso-fareast-font-family:"Times New Roman"'>res <span class=SpellE>ipsa</span> dicit</span></i><span style='font-size:10.0pt;mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> <h3 style='tab-stops:337.8pt'><span style='font-size:13.0pt;mso-fareast-font-family: "Times New Roman"'>Notice: <span style='mso-tab-count:1'> </span><o:p></o:p></span></h3> <p class=MsoNormal><strong><span style='font-size:13.0pt'>This site discusses political economics and the stock market. </span><o:p></o:p></strong></p> <p class=MsoNormal><strong><span style='font-size:13.0pt'>Due to hacker activity, we pared this website to a few reviewed files. <o:p></o:p></span></strong></p> <p class=MsoNormal><strong><span style='font-size:13.0pt'>Please read this legal <a href="https://www.inv.com/disclaimer.htm">disclaimer</a> before proceeding.<o:p></o:p></span></strong></p> <p class=MsoNormal><span style='font-size:13.0pt;mso-fareast-font-family:"Times New Roman"'><span style='mso-tab-count:1'> </span><span style='mso-spacerun:yes'> </span></span></p> <h3><span style='font-size:13.0pt;mso-fareast-font-family:"Times New Roman"'>Comments:<span style='mso-spacerun:yes'> </span>Practice and Theory:<span style='mso-spacerun:yes'> </span><o:p></o:p></span></h3> <p style='text-align:justify;line-height:115%'><strong><span style='font-size: 13.0pt;line-height:115%'>Including</span></strong><strong><i><span style='font-size:13.0pt;line-height:115%;font-weight:normal'> <a href="https://www.inv.com/7uv51v.htm#index##"><b>Sequential Notes</b></a></span></i></strong><strong><span style='font-size:13.0pt;line-height:115%;font-weight:normal'>:</span></strong><strong><i><span style='font-size:13.0pt;line-height:115%'><span style='mso-spacerun:yes'> </span></span></i></strong><strong><i><span style='font-size:13.0pt;line-height:115%;font-weight:normal'><span style='mso-spacerun:yes'> </span></span></i></strong><strong><span style='font-size:13.0pt;line-height:115%;font-weight:normal'><a href="https://www.inv.com/realmarkets.htm"><b>Portfolio Returns in Real Financial Markets</b></a><i> </i></span><o:p></o:p></strong></p> <p style='text-align:justify;line-height:115%'><strong><span style='font-size: 13.0pt;line-height:115%'><span style='mso-spacerun:yes'> </span>a/o: 7/2/24</span></strong><strong><span style='font-size:13.0pt;line-height:115%; font-weight:normal'> </span></strong><strong><span style='font-size:13.0pt; line-height:115%'>– 4/22/25+<span style='mso-spacerun:yes'> </span></span></strong><strong><span style='font-size:13.0pt;line-height:115%; font-weight:normal'><span style='mso-spacerun:yes'> </span><a href="https://www.inv.com/indexcom.htm"><b>Total 2022 Returns and Comments</b></a><o:p></o:p></span></strong></p> <p style='text-align:justify'><a name="OLE_LINK3"></a><a name="OLE_LINK4"><span style='mso-bookmark:OLE_LINK3'><strong><span style='font-size:13.0pt; font-weight:normal'>____________________________________________________________________________</span></strong></span></a></p> <p class=MsoNormal align=center style='text-align:center'><span style='font-size:16.0pt;mso-fareast-font-family:"Times New Roman";mso-no-proof: yes'><img border=0 width=60 height=60 id="_x0000_i1025" src="https://www.inv.com/vote.gif"><o:p></o:p></span></p> <p class=MsoNormal><span style='font-size:16.0pt;mso-fareast-font-family:"Times New Roman"; mso-no-proof:yes'><span style='mso-spacerun:yes'> </span></span><span style='mso-fareast-font-family:"Times New Roman";mso-no-proof:yes'><span style='mso-spacerun:yes'> </span></span><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman"; mso-no-proof:yes'>(n.b.)</span><span style='mso-fareast-font-family:"Times New Roman"; mso-no-proof:yes'><span style='mso-spacerun:yes'> </span><o:p></o:p></span></p> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"; mso-no-proof:yes'><o:p> </o:p></span></p> <p class=MsoNormal><strong><span style='font-size:13.0pt;font-weight:normal; mso-no-proof:yes'>____________________________________________________________________________</span></strong><span style='font-size:16.0pt;mso-fareast-font-family:"Times New Roman";mso-no-proof: yes'><o:p></o:p></span></p> <p class=MsoNormal><span style='font-size:13.0pt;mso-no-proof:yes'><o:p> </o:p></span></p> <p class=MsoNormal><span style='font-size:13.0pt;mso-no-proof:yes'>This website discusses the financial market system, built upon a series of<o:p></o:p></span></p> <p class=MsoNormal><span style='font-size:13.0pt;mso-no-proof:yes'>modernizations beginning with the Renaissance and then proceeding on to<o:p></o:p></span></p> <p class=MsoNormal><span style='font-size:13.0pt;mso-no-proof:yes'>Democratic Capitalism and Nationalism. However, America faces current <o:p></o:p></span></p> <p class=MsoNormal><span style='font-size:13.0pt;mso-no-proof:yes'>problems that the market system, alone, cannot solve.<o:p></o:p></span></p> <p class=MsoNormal><span style='font-size:13.0pt;mso-no-proof:yes'><span style='mso-spacerun:yes'> </span><o:p></o:p></span></p> <div style='mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt; padding:0in 0in 1.0pt 0in'> <p class=MsoNormal style='tab-stops:641.9pt;border:none;mso-border-bottom-alt: solid windowtext 1.5pt;padding:0in;mso-padding-alt:0in 0in 1.0pt 0in'><b><span style='mso-no-proof:yes'>Dr. Michael Webber, Engineering Professor, University of Texas – Bloomberg 8/15/24<o:p></o:p></span></b></p> <p class=MsoNormal style='tab-stops:641.9pt;border:none;mso-border-bottom-alt: solid windowtext 1.5pt;padding:0in;mso-padding-alt:0in 0in 1.0pt 0in'><span style='mso-no-proof:yes'><span style='mso-spacerun:yes'> </span><o:p></o:p></span></p> <p class=MsoNormal style='tab-stops:641.9pt;border:none;mso-border-bottom-alt: solid windowtext 1.5pt;padding:0in;mso-padding-alt:0in 0in 1.0pt 0in'><span style='mso-no-proof:yes'>“There is this American cultural thing that we should never have limits to any of <o:p></o:p></span></p> <p class=MsoNormal style='tab-stops:641.9pt;border:none;mso-border-bottom-alt: solid windowtext 1.5pt;padding:0in;mso-padding-alt:0in 0in 1.0pt 0in'><span style='mso-no-proof:yes'>our behaviors…that sense of abundance and infinite is a part of what makes America <o:p></o:p></span></p> <p class=MsoNormal style='tab-stops:641.9pt;border:none;mso-border-bottom-alt: solid windowtext 1.5pt;padding:0in;mso-padding-alt:0in 0in 1.0pt 0in'><span style='mso-no-proof:yes'>special, but that also makes it complicated to manage resources when they are constrained…”<o:p></o:p></span></p> <p class=MsoNormal style='tab-stops:641.9pt;border:none;mso-border-bottom-alt: solid windowtext 1.5pt;padding:0in;mso-padding-alt:0in 0in 1.0pt 0in'><span style='mso-no-proof:yes'><span style='mso-spacerun:yes'> </span><o:p></o:p></span></p> <p class=MsoNormal style='tab-stops:641.9pt;border:none;mso-border-bottom-alt: solid windowtext 1.5pt;padding:0in;mso-padding-alt:0in 0in 1.0pt 0in'><b><span style='mso-no-proof:yes'>Rana Faroohar (2022)<o:p></o:p></span></b></p> <p class=MsoNormal style='tab-stops:641.9pt;border:none;mso-border-bottom-alt: solid windowtext 1.5pt;padding:0in;mso-padding-alt:0in 0in 1.0pt 0in'><b><span style='mso-no-proof:yes'><span style='mso-spacerun:yes'> </span></span></b><span style='mso-no-proof:yes'><o:p></o:p></span></p> <p class=MsoNormal style='tab-stops:641.9pt;border:none;mso-border-bottom-alt: solid windowtext 1.5pt;padding:0in;mso-padding-alt:0in 0in 1.0pt 0in'><span style='mso-no-proof:yes'>“Globalization. At least the kind we’ve known for the last several decades, has failed. The free<o:p></o:p></span></p> <p class=MsoNormal style='tab-stops:641.9pt;border:none;mso-border-bottom-alt: solid windowtext 1.5pt;padding:0in;mso-padding-alt:0in 0in 1.0pt 0in'><span style='mso-no-proof:yes'><span style='mso-spacerun:yes'> </span>flow of capital and jobs to cheap-labor countries did make most of what you buy at Walmart <o:p></o:p></span></p> <p class=MsoNormal style='tab-stops:641.9pt;border:none;mso-border-bottom-alt: solid windowtext 1.5pt;padding:0in;mso-padding-alt:0in 0in 1.0pt 0in'><span style='mso-no-proof:yes'>cheaper, but lower prices didn’t make up for the lost jobs and income….Offshoring to multiple <o:p></o:p></span></p> <p class=MsoNormal style='tab-stops:641.9pt;border:none;mso-border-bottom-alt: solid windowtext 1.5pt;padding:0in;mso-padding-alt:0in 0in 1.0pt 0in'><span style='mso-no-proof:yes'>countries was supposed to make manufacturing more productive and business more efficient,<o:p></o:p></span></p> <p class=MsoNormal style='tab-stops:641.9pt;border:none;mso-border-bottom-alt: solid windowtext 1.5pt;padding:0in;mso-padding-alt:0in 0in 1.0pt 0in'><span style='mso-no-proof:yes'><span style='mso-spacerun:yes'> </span>but many of those supposed ‘efficiencies’ collapsed with any sort of global stress, whether it <o:p></o:p></span></p> <p class=MsoNormal style='tab-stops:641.9pt;border:none;mso-border-bottom-alt: solid windowtext 1.5pt;padding:0in;mso-padding-alt:0in 0in 1.0pt 0in'><span style='mso-no-proof:yes'>was pandemics, wars, tsunamis, port backups, or other unforeseen events….complex supply<o:p></o:p></span></p> <p class=MsoNormal style='tab-stops:641.9pt;border:none;mso-border-bottom-alt: solid windowtext 1.5pt;padding:0in;mso-padding-alt:0in 0in 1.0pt 0in'><span style='mso-no-proof:yes'><span style='mso-spacerun:yes'> </span>chains were, well, complex…” Better to walk the factory floor to find out what’s happening.<o:p></o:p></span></p> <p class=MsoNormal style='tab-stops:641.9pt;border:none;mso-border-bottom-alt: solid windowtext 1.5pt;padding:0in;mso-padding-alt:0in 0in 1.0pt 0in'><span style='font-size:13.0pt;mso-no-proof:yes'><span style='mso-spacerun:yes'> </span><o:p></o:p></span></p> <p class=MsoNormal style='tab-stops:641.9pt;border:none;mso-border-bottom-alt: solid windowtext 1.5pt;padding:0in;mso-padding-alt:0in 0in 1.0pt 0in'><span style='font-size:13.0pt;mso-no-proof:yes'>For domestic reasons and global climate change, both more localization and top-down <o:p></o:p></span></p> <p class=MsoNormal style='tab-stops:641.9pt;border:none;mso-border-bottom-alt: solid windowtext 1.5pt;padding:0in;mso-padding-alt:0in 0in 1.0pt 0in'><span style='font-size:13.0pt;mso-no-proof:yes'>thinking are becoming necessary.<o:p></o:p></span></p> <p class=MsoNormal style='tab-stops:641.9pt;border:none;mso-border-bottom-alt: solid windowtext 1.5pt;padding:0in;mso-padding-alt:0in 0in 1.0pt 0in'><a name="OLE_LINK1"></a><a name="OLE_LINK2"><span style='mso-bookmark:OLE_LINK1'><span style='font-size:13.0pt;mso-no-proof:yes'><span style='mso-tab-count:1'> </span><o:p></o:p></span></span></a></p> </div> <span style='mso-bookmark:OLE_LINK1'></span><span style='mso-bookmark:OLE_LINK2'></span> <p class=MsoNormal><span style='font-size:11.0pt;mso-no-proof:yes'><o:p> </o:p></span></p> <p class=MsoNormal><b><span style='font-size:13.0pt;mso-no-proof:yes'>1. </span><span style='mso-no-proof:yes'><a href="https://www.inv.com/practicalreasoning.htm">Practical Reasoning</a></span></b><b><span style='font-size:13.0pt;mso-no-proof:yes'><o:p></o:p></span></b></p> <p class=MsoNormal><span style='font-size:13.0pt;mso-no-proof:yes'><span style='mso-tab-count:2'> </span></span><b><span style='mso-no-proof:yes'><o:p></o:p></span></b></p> <p class=MsoNormal><b><span style='mso-no-proof:yes'>2. <a href="https://www.inv.com/maniasmarkets.htm">Manias in Markets</a><o:p></o:p></span></b></p> <p class=MsoNormal><b><span style='mso-no-proof:yes'><span style='mso-spacerun:yes'> </span><o:p></o:p></span></b></p> <p class=MsoNormal><b><span style='mso-no-proof:yes'>3.<span style='mso-spacerun:yes'> </span><a href="http://www.inv.com/valinvestai.htm">Value Investing and AI</a><o:p></o:p></span></b></p> <p class=MsoNormal><span style='mso-no-proof:yes'><span style='mso-spacerun:yes'> </span><o:p></o:p></span></p> <p class=MsoNormal><b><span style='font-size:13.0pt;mso-no-proof:yes'>4. <a href="https://www.inv.com/genai.htm">The Democratization<span style='font-size: 12.0pt'> of Generative AI</span></a><span style='mso-spacerun:yes'> </span></span></b><a name="OLE_LINK5"><span style='font-size:13.0pt;mso-no-proof: yes'>(</span></a><span style='font-size:13.0pt;mso-no-proof:yes'>+ <a href="https://www.inv.com/ai_research1.htm">Research1</a><span style='mso-spacerun:yes'> </span><a href="https://www.inv.com/ai_research2.htm">Research2</a><span style='mso-spacerun:yes'> </span><a href="https://www.inv.com/ai_research3.htm">Research3</a> <a href="https://www.inv.com/ai_research4.htm">Research4</a> <a href="https://www.inv.com/ai_research5.htm">Research5</a><span style='mso-spacerun:yes'> </span><a href="https://www.inv.com/ai_research6.htm">Research6</a> <span style='color:#0432FF'>- Is Generative AI Logical? <a href="https://www.inv.com/ai_research7.htm">Research7</a> </span></span><span style='color:#0432FF;mso-no-proof:yes'>- The Uses of AI </span><span style='font-size:13.0pt;mso-no-proof:yes'>)<span style='color:#0432FF'><o:p></o:p></span></span></p> <p class=MsoNormal style='tab-stops:382.0pt'><span style='mso-no-proof:yes'><span style='mso-spacerun:yes'> </span><span style='mso-tab-count:1'> </span><o:p></o:p></span></p> <p class=MsoNormal><b><span style='font-size:13.0pt;mso-no-proof:yes'>5. <a href="https://www.inv.com/americatransition.htm">America in Transition</a><o:p></o:p></span></b></p> <p class=MsoNormal><b><span style='font-size:13.0pt;mso-no-proof:yes'><span style='mso-spacerun:yes'> </span><o:p></o:p></span></b></p> <p class=MsoNormal><b><span style='font-size:13.0pt;mso-no-proof:yes'>6. <a href="https://www.inv.com/earth.htm">Average Earth Temperatures</a><o:p></o:p></span></b></p> <p class=MsoNormal><b><span style='font-size:13.0pt;mso-no-proof:yes'><span style='mso-spacerun:yes'> </span><o:p></o:p></span></b></p> <p class=MsoNormal><b><span style='font-size:13.0pt;mso-no-proof:yes'>7. <a href="https://www.inv.com/meaning.htm">Principles and Meaning</a><o:p></o:p></span></b></p> <p class=MsoNormal><b><span style='mso-no-proof:yes'><span style='mso-spacerun:yes'> </span><o:p></o:p></span></b></p> <p class=MsoNormal><b><span style='font-size:13.0pt;mso-no-proof:yes'>8. <a href="https://www.inv.com/futurevalue.pdf">What Is The Future? </a><span style='mso-spacerun:yes'> </span>This file in .pdf form because of hackers; third icon for text.<o:p></o:p></span></b></p> <p class=MsoNormal><span style='font-size:14.0pt;mso-no-proof:yes'><span style='mso-spacerun:yes'> </span></span><b><span style='font-size:13.0pt;mso-no-proof:yes'><a href="https://www.inv.com/futurevalue1.htm">Footnotes</a><span style='mso-spacerun:yes'> </span>This file in .htm form.<o:p></o:p></span></b></p> <p class=MsoNormal><b><span style='font-size:13.0pt;mso-no-proof:yes'><span style='mso-spacerun:yes'> </span><o:p></o:p></span></b></p> <p class=MsoNormal><b><span style='font-size:13.0pt;mso-no-proof:yes'>9.<span style='mso-spacerun:yes'> </span><a href="https://www.inv.com/Facetsnat.htm">The Facets of Nationalism</a><o:p></o:p></span></b></p> <p class=MsoNormal><b><span style='font-size:13.0pt;mso-no-proof:yes'><span style='mso-spacerun:yes'> </span><o:p></o:p></span></b></p> <p class=MsoNormal><b><span style='font-size:13.0pt;mso-no-proof:yes'>10. <a href="https://www.inv.com/democracy.htm">Democracy or Autocracy</a><span style='mso-spacerun:yes'> </span><o:p></o:p></span></b></p> <p class=MsoNormal><b><span style='font-size:13.0pt;mso-no-proof:yes'><span style='mso-spacerun:yes'> </span><o:p></o:p></span></b></p> <p class=MsoNormal><b><span style='font-size:13.0pt;mso-no-proof:yes'>11. <a href="https://www.inv.com/renaissance.htm">The Renaissance and the Modern World</a><span style='mso-spacerun:yes'> </span><o:p></o:p></span></b></p> <p class=style3><span style='font-size:13.0pt;mso-no-proof:yes'>12. <a href="https://www.inv.com/87uvav.htm">The Nature of Stock Market Equilibrium</a><o:p></o:p></span></p> <p class=style3><span style='font-size:13.0pt;mso-no-proof:yes'><span style='mso-spacerun:yes'> </span>We hope these continuing discussions and articles will be helpful to you.<o:p></o:p></span></p> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"; mso-no-proof:yes'><span style='mso-spacerun:yes'> </span><o:p></o:p></span></p> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"; mso-no-proof:yes'><span style='mso-spacerun:yes'> </span><o:p></o:p></span></p> </div> </element or tag hidden> 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