Donald Luskin
Donald Luskin (born April 1954) is Chief Investment Officer for Trend Macrolytics
Luskin has published three books, Index Options and Futures: The Complete Guide,[1] Portfolio Insurance: A Guide to Dynamic Hedging[2] and I Am John Galt: Today's Heroic Innovators Building the World and the Villainous Parasites Destroying It (co-author Andrew Greta).[3]
Luskin also wrote a blog, "The Conspiracy to Keep You Poor and Stupid," based on the title of his as-yet unpublished book. The blog's tagline was: "How big government, big business, big media and big academia block your road to financial freedom—and tell you it's for your own good." Luskin is a self-avowed libertarian, and his blog linked to other financial and political blogs espousing similar beliefs.
Biography and achievements
On his former blog, Luskin stated he "attended Yale in 1973–1974; dropped out to rejoin the real world as soon as possible."[4]
After dropping out of college, Luskin worked for several years as a creative consultant to Los Angeles companies such as
Luskin's investment career began in 1979, when he started a hedge fund while an
In 1984 Luskin joined
In 1987 Luskin joined Wells Fargo Investment Advisors, a division of
In August 1999, during the
Predictions
Over the years, some of his predictions have drawn controversy. In May 2001, when he was a columnist for the financial website
Luskin's predictions courted controversy again in 2008 when, in a September The Washington Post opinion piece,[13] he cited evidence of what he claimed were factual errors made by Barack Obama and members of his presidential campaign concerning the state of the economy. Luskin claimed that the market was healthy, and Obama was simply using the state of the economy to discredit John McCain. However, the following day, Lehman Brothers filed for the biggest bankruptcy in US history and two days later, on September 16, stock markets imploded, thus discrediting every prediction he made in his editorial. Additionally, in the same editorial, he cited evidence that the economy was weak, but not in recession. He wrote, "…anyone who says we're in a recession, or heading into one—especially the worst one since the Great Depression—is making up his own private definition of recession." Shortly afterward, following the sudden collapse of Lehman and several other large financial firms, the economy sharply worsened, and was subsequently declared to have been in recession all year by the National Bureau of Economic Research.[14] Foreign Policy included Luskin's prediction in its list of "The 10 Worst Predictions for 2008" on its website and noted that it gave additional opportunities for liberal bloggers to criticize Luskin.[15] The editors of The Yale Book of Quotations also made note of the inopportune timing of Luskin's editorial and included his prediction in their list of "Top ten quotes of 2008".[16] He has been singled out for "some of the worst, money losing commentary of the past few years."[17]
He has been frequently referred to by
Conflicts with Paul Krugman
Luskin has been controversial as a public intellectual. Much of his blog and many of his NRO columns were devoted to arguments that economic facts, figures, and trends are distorted by
According to
Krugman occasionally responded directly to Luskin's criticisms. In one instance Luskin accused Krugman of making an error in his appraisal of the costs and effects of the 2003 tax cuts.
References
- ISBN 0-471-85464-6.
- ISBN 0-471-85849-8.
- ^ "I Am John Galt: Today's Heroic Innovators Building the World and the Villainous Parasites Destroying It | Wiley". Wiley.com.
- ^ "The Conspiracy to Keep You Poor and Stupid". Archived from the original on May 18, 2007.
- ^ "SnoutCast #47: "Before Midnight"".
- ISBN 9780593087688.
- ^ "United States Patent: 7390056". January 16, 2017. Archived from the original on 2017-01-16.
- ^ "A fund goes live on the Net". CNN. September 17, 1999. Retrieved May 1, 2010.
- ^ "OpenFund closes its doors". CNN. Archived from the original on April 19, 2010. Retrieved May 1, 2010.
- ^ a b "ClosedFund: Seeking Buyer, MetaMarkets Shuts Down Funds – TheStreet". Archived from the original on September 27, 2007.
- theStreet.com.
- Barron's, June 25, 2001
- ^ Luskin, Donald (September 14, 2008). "Quit Doling Out That Bad-Economy Line". The Washington Post.
- ^ "Business Cycle Dating Committee Announcement December 1, 2008". NBER.
- ^ The 10 Worst Predictions for 2008 Archived 2010-01-10 at the Wayback Machine, Foreign Policy, December 2008
- ^ Palin tops list of memorable quotes, NBC News (Associated Press), December 15, 2008.
- ^ Barry Ritholtz, cited in Better Trades Archived April 19, 2009, at the Wayback Machine, February 2, 2009
- ^ "The Washington Monthly".
- ^ Luskin, Donald (June 13, 2011). "Paul Krugman: The Prophet of Socialism". National Review.
In 2003, I set out to expose Krugman's various distortions . . . I started first on my blog, and soon afterward in a series of columns for National Review Online called "The Krugman Truth Squad" (KTS). ... The series of columns was structured as what is now called "crowdsourcing": Within several hours of a Krugman column's appearing on the Times website, I and a network of fellow bloggers would put it under a microscope and discover all the filthy microbes hiding in every crack. We'd fact-check every claim, confirm every quotation, run down every source, and compare every statement for consistency with statements made in the past.
- ^ Okrent, Daniel (March 28, 2004). "The Privileges of Opinion, the Obligations of Fact". The New York Times.
- National Review Online.
- ^ "Donald Luskin on Paul Krugman and Jobs on NRO Financial". National Review. Archived from the original on 2007-04-26. Retrieved 2007-05-08.
- ^ "The Unofficial Paul Krugman Web Page". www.pkarchive.org.
- ^ "The Unofficial Paul Krugman Web Page". www.pkarchive.org.
- ^ "The Conspiracy to Keep You Poor and Stupid". Archived from the original on June 11, 2007.
- ^ a b Ben McGrath, "Blalking", New Yorker, November 17, 2003.
- ^ "Eschaton".
External links
- Trend Macrolytics LLC – Luskin's corporate site
- The Conspiracy to Keep You Poor and Stupid – Luskin's blog
- National Review Online – column archive
- Appearances on C-SPAN
- SmartMoney.com – column archive
- ClosedFund: Seeking Buyer, MetaMarkets Shuts Down Funds