Michael Farr is CEO and founder 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 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. and received a Finalist Award from the Next Generation Indie Book Awards in the Current Events/Social Change category.
Mr. Farr is currently Chairman of the Sibley Memorial Hospital Foundation and a Trustee of Sibley Memorial Hospital and of Sewanee, The University of the South. He is a current Director of Goal Financial, LLC and Atlas Financial Services Group, Ltd. He has formerly served as Vice Chairman of the Salvation Army, Chairman of the Travelers Aid Society, and Trustee of Ford's Theatre; Nation's Capital Progress Foundation; the Paul Berry Academic Scholarship Foundation; and Neediest Kids.
Mr. Farr is a graduate of the University of the South in Sewanee, Tennessee. He is married and has two children.
The US is facing a double tightening of both fiscal and monetary policies. Europe has raised rates twice, and they are nowhere near seeing daylight in dealing with Greece and her sister sinners. China has raised rates and bank reserve requirements. Global tightening is not a backdrop for economic expansion
Investors have been shunning high quality and defensive companies (and sectors) in favor of more speculative investments since the stock market lows in March, 2009. This approach has paid off in spades as the Fed and Congress continually bailed out poor investment decisions whenever stocks swooned. However, an interesting sea change has developed within the stock market since the end of the first quarter.
Bernanke is obviously most concerned about the weak pace of employment growth. The Fed's dual mandate requires him to focus on employment as well as price stability. However, it appears as though Bernanke's strategy with regard to employment is to increase stock prices.
When I was a 16 year old counselor-in-training, I sat in Jim Weiss’ cabin at Camp Wachusett and learned about providing discipline. Jim gave a very simple, clear approach for working with children that included consistency and following through on your word.
Investors spend a good deal of time parsing the actions and statements by the Federal Reserve banks and governors. Ben Bernanke has the dubious distinction of chairing this eclectic economic curia, and his weighing-in of opinion carries more weight. It is only fitting then that Ben spends a little extra time on the examination table.
For months investors have been speculating about when and how the Fed will begin to extricate itself from its aggressive intervention in the economy. As early as March 15, the Federal Reserve reiterated its commitment to buy $600 billion of Treasury securities through June as part of its ongoing monetary stimulus. However, several Fed governors have since expressed their reservations about continuing QE2 and the ultra-low interest rate policy that were keys to the stabilization of the housing market and the economy at large.
For most investors, investing is not a clever game; it is a treacherous necessity in preparing for retirement. Most folks don’t need to feel brilliant, and though they don’t like feeling stupid, they really don’t like losing their asses trying to invest in something they don’t understand.