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Restoring Our American Dream provides a blueprint for a future that reasserts America’s leadership position in the increasingly complex world of intertwined global economies…and at home.
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Skeptical of Rally and Fiscal Farce MarketWatch
The rally on Wall Street might not last, according to Michael K. Farr of Farr, Miller and Washington. He tells Joan Doniger prospects for earnings have gotten worse as a result of the deal Congress reached.
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Michael K. Farr
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Farr, Miller & Washington, LLC.

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.
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Michael K. Farr, President and majority owner of Farr, Miller & Washington, LLC.

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Restoring Our American Dream
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Stock Will Rally on Yellen Testimony
The Kudlow Report, CNBC, November 13, 2013
Cautious But Wrong
By Michael K. Farr, January 23, 2014
Recently, Larry Kudlow asked about the performance of money managers who were consistently cautious last year.  He also pointed out that they were dead wrong as the S&P 500 had gained over 30%.  It is an important discussion largely because it can be so distracting.  Some seers see the market going higher and some see a crash...how should you manage your money given the constant uncertainty?
What is the True State of the U.S. Labor Market?
By Michael K. Farr, January 16, 2014
Last Friday's employment report for the month of December caught most people by surprise. While the unemployment rate fell to a post-crisis low of 6.7%,...
Support at 3.0% ?
By Michael K. Farr, January 8, 2014
The bond market has sold off rather dramatically since mid-year when the Fed signaled its intent to begin the tapering process.  The yield on the 10-year Treasury bond currently sits at about 3.0%, up from a low of about 1.4% in mid-2012.  It appears that 3.0% is a key level of support for bonds...
Revisiting Income Equality
By Michael K. Farr, February 5, 2014
One of our consistent messages over the past few years has been that the benefits of the economic recovery have largely accrued to the wealthy and that a more balanced distribution of recovery benefits will be necessary to achieve a stronger (and healthier) economic recovery. In late January we received fresh evidence of the problem in the form of a new study by Barry Z. Cynamon and ...
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Too Big To Fail
By Michael K. Farr, February 12, 2014
The financial crisis uncovered a number of fundamental flaws in our financial system.  These flaws span a wide spectrum of financial activities and include (to name just a few) reckless mortgage underwriting, an overdependence on ratings agencies, a massive increase in derivatives (and corresponding counterparty risk),..
Mother Nature Clouds the Outlook
By Michael K. Farr, February 19, 2014
The economic data has clearly been deteriorating over the past couple of weeks.  Data tracking activity across multiple sectors of the economy suggest that growth is slowing from the brisk pace reported for the second half of 2013...
Taking Stock of Earnings
By Michael K. Farr, February 26, 2014
Now that we are nearly through the 4Q earnings season, we thought it would be a good time to take a look at how corporate America fared for the final quarter of 2013.  According to data obtained from Bloomberg, 93% of the companies in the S&P 500 have reported 4Q earnings so far.  Among those companies, aggregate earnings grew 8.7%...
Deleveraging
March 5, 2014, By Michael K. Farr
Consumer debt balances have begun to grow again, which is either a positive or a negative depending on your perspective.  If you are most concerned about near-term economic growth, it is undoubtedly a positive that debt levels are rising...
What’s Happening with Housing?
By Michael K. Farr, March 12, 2014

We have been writing about the housing sector's important role in the economy for several years now. The sector remains quite depressed relative not only to the years prior to the financial crisis, but also to long-term averages. "Residential Fixed Investment" (which includes construction of new single-family and multifamily structures, residential remodeling, production of manufactured homes and brokers' fees) as a percentage of GDP was just 3.1% in 2013 compared to 6.5% in 2005 and an average of about 4.9% from 1946 through 2007. As the National Association of Home Builders points out, however, housing's influence in the economy stretches far beyond the narrow definition of Residential Fixed Investment. If we include consumption spending on housing services, says the NAHB, housing's contribution to GDP has averaged in the high teens (18%-19%) over the past several decades compared to about 15.5% in 2013. It stands to reason, then, that the fate of housing and the economic recovery at large are very much intertwined.