Here’s a little diversion to pass the time as you endure Washington’s policy debates. Listen for phrases like “All we have to do” or “We need just a small tweak” or “There’s a really simple fix.” Then watch to see what happens. Whatever that person is proposing will prove to be really, really costly—politically or fiscally or both. On ...

The move from active investing to passive has been a hot topic lately. Fund flows show that investors are voting with their feet. The news media has been all over the story. The Wall Street Journal has done a big spread on it; Bloomberg has covered it extensively as well. Bill Miller, the legendary stock picker at Legg Mason Capital ...

  No one likes to admit defeat. But global policymakers, who continue to insist that there’s more they can do to revive growth and inflation, are starting to sound like Monty Python’s Black Knight, the limbless and mortally wounded warrior who threatens to bleed on his victorious opponent. The truth is that governments and central banks have very few weapons ...