My dad had a paper route growing up. Rain, fog, cold, it didn’t matter. He showed up, threw the papers, moved on. No audience, no applause, just consistency. He’s told that story more times than I can count, and for a long time I didn’t think much of it. Somewhere along the way (probably around 4:00 a.m. staring at a screen editing a podcast for the thousandth time), it clicked. That’s the whole business, and its blueprint. Show up, deliver, do it again tomorrow. If you do that long enough,...

It is easy to look at the steady drumbeat of floods, hurricanes, tornadoes, and wildfires and ask whether something fundamentally different is happening or whether we are simply more aware of risks that have always existed. When people talk about once-in-a-century floods arriving every few years, the question is not really theological or political. It is about whether the data supports what our instincts are telling us. And in at least one important way, it does. If you step back from...

Politics, policy, and a market trying to recalibrate after a burst of volatility were the names of the game this week. President Trump’s announcement that he intends to nominate former Fed Governor Kevin Warsh to succeed Jerome Powell as Federal Reserve Chair was the largest headline. While Warsh is a known quantity with prior Fed experience and deep ties to Wall Street, the nomination introduced renewed debate about Fed independence, especially as the Supreme Court considers a case that...