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 FM&W, he was a principal with Alex, Brown & Sons.
Farr is a paid contributor for CNBC television and has appeared on "The Today Show," "Good Morning America," "NBC's Nightly News," CNN, Bloomberg TV, Reuters and the "Nightly Business Report." Farr is heard on Associated Press Radio, CBS Radio and National Public Radio. His market blogs can be found on CNBC.com, HuffingtonPost.com and Politico.com.
He is a member of the Economic Club of Washington, D.C., National Association for Business Economics,The World Presidents' Organization, International Atlantic Economic Society and The Washington Association of Money Managers. He is the author of "A Million Is Not Enough" and "The Arrogance Cycle." His third book, "Restoring Our American Dream: The Best Investment," was released in March 2013 and is available on Amazon.
Farr is the chairman of the Sibley Memorial Hospital Foundation. He also serves on the board of trustees at Sibley Hospital; he is the former vice chairman of the board of the Salvation Army; a former member of the Board of Trustees of Ford's Theatre; the former chairman of the board of directors of the Traveler's Aid Society, Nation's Capitol Progress Foundation; and the Paul Berry Academic Scholarship Foundation. He also is a member of the board of the Neediest Kids.
He graduated from the University of the South in Sewanee, Tenn. He is married and has two children.
The stock market appears to be taking a well-deserved breather after a double digit first quarter 2012 return. Volatility has increased recently and we find ourselves back nearly where we started the month. We continue to see a disconnect between corporate earnings (very strong) and U.S. economic data (getting better but still not great).
Do you believe the economic recovery is real and sustainable? Those are really two questions, and we suppose someone will want to parse our definition of “real.”
No matter one’s perspective, we are unable to consider current market conditions vibrant or robust.
The Fed has played a very important role in stabilizing our economy and financial systems, and it continues to do so today. However, the economy and markets will only return to a healthy state when investors shift focus from anticipating government’s next move to anticipating organic improvement in corporate earnings.