How the Reformation Shaped your World
Can one man change the world? The life and work of Martin Luther proved the answer to that question is an unqualified “yes.” Stephen Cornils of the Wartburg Theological Seminary details the rebellion that fractured a centuries-old religion and changed the course of history.
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In general I have supported most of Trump's actions and policies but, I admit, I am conflicted regarding his recent pronouncement regarding the Syrian , and potential Afghanistan, withdrawal(s.)
I understand his, or any president's, desire to end a war, to reduce casualties and stress on personnel and equipment. However, even a good decision encompasses risks and there are always unexpected downsides.
In the matter of Syria, I believe Trump was his usual inconsiderate self by not informing our general officers in charge of the military as well as preparing our allies.
Second, I am concerned Trump's withdrawal message could be misinterpreted by our allies as a signal American foreign policy may be dictated by worthy cost considerations to the detriment of wiser strategic ones. Time will tell and, of course, we can always re-engage if necessary, but at, perhaps, a higher ultimate cost.
Every president has the right to confidants but it helps to also include contrarians who have experience and are intellectually honest even though their views may differ. Steak, perhaps, is healthier and more delectable when accompanied by potato's and vegetables.
Finally, when you make your adversaries gleeful that is not a positive sign. That Putin, Erdowan, Sen. Rand Paul and Rep. Nancy Pelosi were pleased is disconcerting. At the very least, that should give Trump a pause.
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We are leaving for Maitland to be with our daughter, her husband and our two grandchildren over New Year's and will be returning with Dagny while she is on school vacation so memos will be either sporadic or non existent.
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I AM Writing this market comment on Monday several days before the year ends.
My performance for clients was not auspicious this year My focus on health care, financials, utilites, REITS and technology names was mostly favorable until November, when chilling winds blew away any positive performance.
Whatever positives I experienced I undercut with excessive focus on energy , energy related, basic industry and raw materiel stocks. My bet on a broad world wide economic recovery and infrastructure investment proved totally wrong.
My 2018 market outlook of favorable statistics was challenged by political machinations and the picture for 2019 is about the same. The difference, if any, appears to be a somewhat more subdued world economic order, an heightened discontent with President Trump, the person, and the prospect of a far more combative political atmosphere as Democrats take over The House and The Mueller Investigation continues, notwithstanding growing evidence there was no direct Russian Collusion. Nevertheless, Mueller has given himself permission to wander far afield of his original mandate and the hue and cry for Trump's impeachment continues to fill the air.
America remains divided on a variety of fronts, deficits mount, The Fed continues to withdraw liquidity and is committed to raising rates but at a somewhat less aggressive pace. Therefore, the outlook remains a mixture of decent economic news against a mosaic of uncertainty. Market technicals have eroded and bearish sentiment and performance has occurred at a time when historically the market is generally strong.
Should several unresolved issues clarify the market could right itself and here I am thinking of the China trade confrontation and The Fed going slow on interest rate raises. Corporate earnings are not expected to match this year's but if inflation remains subdued and dividend increases continue at a moderate rate, total returns would still be acceptable and multiples are not achingly high.
All that said, nothing Trump will ever do will find overall acceptance and, as long as the mass media turn everything Trump does into a negative that creates a"WALL" which is quite high for the market to climb.
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Skinny on the new Sec. of Defense. (See 1 below.)
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Dick
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1)
After President Trump's moral yet controversial decision to withdraw all American forces from Syria, several names came up as potential replacements for outgoing Secretary of Defense Jim Mattis.
One of the names mentioned was Deputy Secretary of Defense Patrick Shanahan. A former Boeing executive, Shanahan has a perspective on U.S. military obligations overseas that more closely resembles the president's – as opposed to retired generals.
Today, Trump named Shanahan as Mattis' replacement.
The Daily Caller's Benny Johnson reports:
Shanahan also enthusiastically supports Trump's proposed Space Force.
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Finally, when you make your adversaries gleeful that is not a positive sign. That Putin, Erdowan, Sen. Rand Paul and Rep. Nancy Pelosi were pleased is disconcerting. At the very least, that should give Trump a pause.
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
We are leaving for Maitland to be with our daughter, her husband and our two grandchildren over New Year's and will be returning with Dagny while she is on school vacation so memos will be either sporadic or non existent.
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
I AM Writing this market comment on Monday several days before the year ends.
My performance for clients was not auspicious this year My focus on health care, financials, utilites, REITS and technology names was mostly favorable until November, when chilling winds blew away any positive performance.
Whatever positives I experienced I undercut with excessive focus on energy , energy related, basic industry and raw materiel stocks. My bet on a broad world wide economic recovery and infrastructure investment proved totally wrong.
My 2018 market outlook of favorable statistics was challenged by political machinations and the picture for 2019 is about the same. The difference, if any, appears to be a somewhat more subdued world economic order, an heightened discontent with President Trump, the person, and the prospect of a far more combative political atmosphere as Democrats take over The House and The Mueller Investigation continues, notwithstanding growing evidence there was no direct Russian Collusion. Nevertheless, Mueller has given himself permission to wander far afield of his original mandate and the hue and cry for Trump's impeachment continues to fill the air.
America remains divided on a variety of fronts, deficits mount, The Fed continues to withdraw liquidity and is committed to raising rates but at a somewhat less aggressive pace. Therefore, the outlook remains a mixture of decent economic news against a mosaic of uncertainty. Market technicals have eroded and bearish sentiment and performance has occurred at a time when historically the market is generally strong.
Should several unresolved issues clarify the market could right itself and here I am thinking of the China trade confrontation and The Fed going slow on interest rate raises. Corporate earnings are not expected to match this year's but if inflation remains subdued and dividend increases continue at a moderate rate, total returns would still be acceptable and multiples are not achingly high.
All that said, nothing Trump will ever do will find overall acceptance and, as long as the mass media turn everything Trump does into a negative that creates a"WALL" which is quite high for the market to climb.
++++++++++++++++++++++++++++++++++++++++++++++++++++++
Skinny on the new Sec. of Defense. (See 1 below.)
=====================================================
Dick
+++++++++++++++++++++++++
1)
After President Trump's moral yet controversial decision to withdraw all American forces from Syria, several names came up as potential replacements for outgoing Secretary of Defense Jim Mattis.
One of the names mentioned was Deputy Secretary of Defense Patrick Shanahan. A former Boeing executive, Shanahan has a perspective on U.S. military obligations overseas that more closely resembles the president's – as opposed to retired generals.
Today, Trump named Shanahan as Mattis' replacement.
The Daily Caller's Benny Johnson reports:
Here are some career highlights for Shanahan, according to his bio on the Defense Department website:Trump announced the move Sunday in a tweet. “Patrick has a long list of accomplishments while serving as Deputy, & previously Boeing,” the president said, “He will be great!”
- Shanahan has two advanced degrees from the Massachusetts Institute of Technology.
- He enjoyed a three-decade career at Boeing, ascending to the position of senior vice president.
- He also served as vice president and general manager of Boeing Missile Defense Systems and Boeing Rotorcraft Systems.
- President Trump appointed him 33rd Deputy Secretary of Defense on July 19, 2017.
Shanahan also enthusiastically supports Trump's proposed Space Force.
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