Michael K. Farr is President and majority owner of Farr, Miller & Washington, LLC. He is Chairman of the Investment Committee and is responsible for overseeing the day to day activities of the firm. Prior to starting Farr, Miller & Washington, he was a Principal with Alex, Brown & Sons.
Mr. Farr has appeared on The Today Show, Good Morning America, NBC's Nightly News, CNN, Bloomberg TV, Reuters, and the Nightly Business Report. Mr. Farr is heard on Associated Press Radio, CBS Radio and National Public Radio. And he has been quoted in the Wall Street Journal, Forbes, Fortune, The Washington Post, Businessweek, USA Today, and many other publications. His market blogs can be found on CNBC.com, HuffingtonPost.com and Politico.com.
He is a member of the Economic Club of Washington, DC, National Association for Business Economics, The World Presidents' Organization, International Atlantic Economic Society, and The Washington Association of Money Managers.
Mr. Farr is an award-winning author of three books. The first, "A Million Is Not Enough", was published by Hachette Book Group USA in 2008. That was followed by "The Arrogance Cycle", released in September 2011 by Globe Pequot Press. His third book, "Restoring Our American Dream: The Best Investment", was released in March of 2013 by Headline Books Inc.
He is the Chairman of the Sibley Memorial Hospital Foundation. He also serves on the Board of Trustees at Sibley Hospital; he is also a Trustee of the Board of Trustees of Sewanee, The University of the South; he is the former Vice Chairman of the Board of the Salvation Army; he is a former member of the Board of Trustees of Ford's Theatre; he is the former Chairman of the Board of Directors of the Traveler's Aid Society, Nation's Capital Progress Foundation, the Paul Berry Academic Scholarship Foundation, as well as a member of the Board of the Neediest Kids.
Mr. Farr is a graduate of the University of the South in Sewanee, Tennessee. He is married and has two children.
Yes, I know that bond holders have been among the precious few investors to have enjoyed positive returns over the past ten years. Yes, I know that equity guys usually favor equities. I begin with these two disclaimers because of the intense criticism readers send in whenever I caution against buying bonds.
We know that jobs aren’t being added and that consumers have their saving hats on. Neither offers much encouragement for speedy recovery. But pay attention to stocks.
We continue to believe (and the Fed appears to agree) that a stabilization in housing is key to any self-sustaining economic recovery. Therefore, it should not come as a major surprise that the Fed changed course and decided to maintain the size of its portfolio.
The public is beginning to understand that the economic recovery remains very tenuous. Therefore, we do not believe that any new taxes, including an increase in rates on the "rich", would receive much popular support at this stage.
As Bernanke & Company are keenly aware, companies are neither hiring new workers nor investing aggressively in new plants and equipment. Rather, most companies are content to sit on their fortunes while earning just a fraction of a percent on their money