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Let’s say you’re giving your niece or grandson some advice on which major to select in college. Do you tell them to get an art degree, or take courses in social sciences? Or should they focus on business and finance?

In 1945, the U.S. made up more than half of the world’s total gross domestic product (GDP), which basically means that half the world’s economy took place inside U.S. borders. Today that figure is just under 22%.

Does that mean America is in decline?

What is a “currency war”?

I bet you’ve noticed that gas prices have dropped significantly lately. On the New York Mercantile Exchange, a barrel of light sweet crude is currently worth well under $60. Prices have dropped more than 25% in a month and almost 45% year-over-year. What is behind this freefall? How long will prices keep dropping, and who does this development hurt and benefit?¹

I hope this blog post finds you in good health and enjoying the holiday season. I wanted to send out a quick note to give you my perspective on the markets, particularly regarding the performance of domestic large-cap stocks relative to other asset classes, and to discuss why you still want to maintain a diversified portfolio.

For those of you interested in the details of what’s been going on in the financial world last month, here’s what happened in November.