Three Years at The Aleph Blog!

Three years at The Aleph Blog?  Has it been that long?  Yes, the Shanghai crisis is that far in the past, which foreshadowed our current troubles, though I denied it at the time at my new blog.

Why do I write here?  Is it for fame?  There isn’t much of that.  Money?  Sorry no, I make less than $3000/year off the blog; that does not justify my time.  My employer is pushing me?  Oh please, they would be happier if I did not blog, I think… eh, they like the notoriety, but would not want to pay for it.  Power?  What power?

Look, I write what I write because I believe it.  No other reason.  I write because I have had a strong impulse since the ’90s to find a way to give back to those who have/know less.  Everyone should do pro bono work in society.  It holds society together.

In general, I try to take a positive view of other bloggers, but I have no permanent favorites, though I have friends.  Politicians and regulators, not so.  They are almost all replaceable.  Our society needs change, and change will not happen without replacing the elites that govern us.  Vote out incumbents, and support third parties.  We need real change in America, not just the difference between the evil party (Democrats) and the stupid party (Republicans).

I write this partly from private criticism from other bloggers, who accuse me of writing for less than honorable motives.  Ugh, to quote that great moral philosopher Popeye, “I yam what I yam.”  There is nothing behind me.  I am not involved in politics in any deep way.  My blog does not make much money.  I write what I write for the sake of expressing my opinion.  That’s what I do.  I would rather that I lived in a less contentious era where I could spend more time on portfolio management issues.

So, what do I say after three years?  Thanks to my commenters, and thanks to my readers.  You are who I write for, and I thank you.  You have many things that you can do in life, but you deign to read me, and write about me.  Thanks ever so much; I do not deserve you.

To all of my readers: may the fourth year be the best of all!


PS — my apologies on e-mail; I get so much of it that I can’t get to it.  I want to reply, but am swamped.  Apologies.


  • Steven Milos says:


    Congrats on three great years of blogging! I’ve been privileged to have read your words of wisdom from the beginning. God willing, I wish you many more years of erudite commentary.


  • Ryan says:


    I have enjoyed your writing since the RM days, but I find your current blog do be a much better format for you. You are one of the few writers out there that I consider to be an independent, non-partisan thinker, which is very important to me given how politicized the financial economy has become. Solutions to our problems require fresh-thinking realists and pragmatists like you to drive the debate forward.

    I also find your actuarial background to be a completely unique perspective among people who I read. That perspective seems especially germane to the current crises facing Greece–and ultimately much of the Western world–which is a combination of demographic problems and the coming due of long-term liabilities.

    Tangentially, another reason that I crave independent thinking is that I am of the belief that much of the traditional thinking in modern economics will be debunked in the next decade as the long-brewing fiscal/demographic crises unfold. Not enough analysts view the world as it is, but rather as they have been taught–and much of that teaching seems rather suspect.

    Anyway, thanks for the honest, intellectual debate.


  • Paul in Kansas City says:

    Thank you! You’ve been a real help for me professionally. Especially in 2008!

  • Congrats, David! Very admirable how you’ve been able to generate such great content on a consistent basis for three years! Blogging is by no means super-rewarding like you said, and I hope you’ll find the drive to post for another 3 years!



  • phil mckee says:

    You are one of the very best bloggers on economic and market issues. I read all your posts. They are often stimulating for the mind. Thank you.

  • Jay Weinstein says:

    Yes, thank you david, Happy Anniversary

  • Jim Slagle says:

    Congrats David! Great content will always stand the test of time. Your unique insights are highly valued. Keep up the good work.


    Jim Slagle

  • jck says:

    Congratulations and many happy returns…

  • Craig says:

    Most refreshing blog going!


  • IF says:

    I am very grateful for what you are doing, even though I might not always sound like it. Congratulations!

  • Jeff says:

    Congratulations, David.

    I know how hard it is to tee it up day after day. Many of us look forward to your work and take inspiration from your ideas.


  • Molly says:

    Congratulations and would like to give you a big THANK YOU here. I came across your blog only about a fortnight ago but it immediately became a part of my life. Deeply grateful for your noble work.

  • Bob Rosenbaum says:

    Thank you for your efforts. I actually found your personal essay from 12/19/09 to be particularly touching.
    Best wishes to you and your family

  • I do not read your blog to confirm my biases. In fact, I often disagree with your points. I read your blog because it helps me make sense of some of the many contradictions I find among mankind, including some of those contradictions within my own mind…

  • Brent says:

    Congrats on the three years Dave!

    Really appreciate your perspective on things and not just the same stuff recycled again.

  • aguynamedbry says:

    Thanks for your efforts – I’ve enjoyed your blog for well over a year and hope to for many more years.

    – Bryan

  • markus says:

    I can’t remember how I stumbled upon your blog about a year ago. Providence, I suppose. It’s now one of many I’ve bookmarked, but one of only two that I read without fail. Thanks for your insight and your independent perspective. I am always learning something from your work. Please keep up the posts. You are appreciated.

  • steve says:

    I really appreciate you writing this blog. I worry about protecting my assets, about being able to retire in this era of staggering deficits and debt. And reading this helps me get some sort of idea as to how it might all play out. Thanks very much.

  • Daniel says:

    I am absolutely grateful for what you do here. You are an extremely insightful, balanced and valuable voice in the investing wilderness. Keep it going!