We have been doing this for more than a few years, more than a few cycles…

1999 CNN

Key things to note in this picture that are no longer true / now confined to a dustbin in history:

  • A.G. Edwards (sad but true);
  • CNN fn;
  • Computer monitors in the background are CRT (cathode ray tube);
  • Stocks traded in fractions;
  • Dow 11,000;
  • Our founder still has hair (“No, that is not a toupee!  I was in my early thirties.” he insists)
NYSE floor

We have had the privilege of getting to know some of the smartest hedge fund managers on the street.


Rail interview

Back when Larry Kudlow was still in the private sector…
We have gotten to know some of best news media professionals, as together we tried to figure out what was happening with the economy or the stocks. 




CNBC’s Bill Griffeth, an affable prince of a guy, who is the master of asking incredibly direct questions in the most civilized manner. We have been debating the markets and the economy for more than 25 years, and loving every minute of it.



CNBC’s Morgan Brennan, Werner Enterprises CEO Derek Leathers, Swift Transportation COO Richard Stocking, and Covenant Transportation CEO David Parker – together they have forgotten more about trucking that the rest of us have learned.


We have had the honor of getting to know the leaders of the transportation industry, who literally changed the course of history.

The man who epitomizes ‘changing the world with ideas.’  The quintessential American entrepreneur, who created new markets and changed the way the world does business.  If this Naval Aviator sets his sights on something, it is only a matter of time…  Fred Smith really does see the future before the rest of us mere mortals.
“If you understood the basic economics of nodal networks, lane density, and back-haul you would understand why Amazon is not a threat to FedEx!” I wish I had recorded a video of his passionate but logical, clearly laid out discourse on this topic. In essence, he explained why whatever size they grow their parcel deliver system to, no matter how many nodes it ads to the network, it will first hurt the U.S. Post Office, and then UPS. Because no other retailer or e-tailer will give Amazon their packages, it will not be able to reach the lane density or back-haul utilization of either UPS or FedEx. “In my business, if you go out full and come back empty, the costs born by the packages going out are double what they should be.”

Yes, Hunter Harrison was controversial, but he was also charismatic, insightful, passionate, and irrepressible.  As he walked a rail yard or stood in a dispatch tower, he would notice one small detail after another and rapidly fire off questions to the staff that both held them accountable and clearly demonstrated that he knew as much or more about their job than they did (the story about how he “started as an oiler and brakeman, and worked his way up,” was not a myth).  The track record of operational and financial improvement he produced at Illinois Central, Canadian National, and Canadian Pacific created hundreds of billions of dollars in wealth for shareholders.  Hunter Harrison actually did write the book (a couple of them) and changed the way railroads operate, more than any single other person in the modern era.