Andy Kessler

1 week ago | wsj.com | Andy Kessler

What America needs: zero tariffs, a robust dollar, deregulation and reduced tax rates. Harvard is educating us all—on what’s ailing Wall Street and the U.S. economy. Facing the freeze of $2.2 billion in federal grants, Harvard is selling $750 million in bonds, for a total of $1.2 billion this fiscal year. But with a $53 billion endowment, why incur debt? Liquidity. Harvard, like too many universities, followed Yale’s lead and piled its endowment into long-term private equity—now 39% of its portfolio.

2 weeks ago | wsj.com | Andy Kessler

The dominos didn’t topple far or for long, but America still bears costs at home. Ho Chi Minh City, VietnamThis week will see another Liberation Day—in Vietnam. I walked along the parade route leading to the former Presidential Palace, now Reunification Palace. Artillery guns are lined up along the Saigon River to celebrate the victory on April 30, 1975—50 years ago Wednesday. Copyright ©2025 Dow Jones & Company, Inc. All Rights Reserved.

3 weeks ago | wsj.com | Andy Kessler

Everybody’s folding, from Trump and Democrats to law firms and universities. The White House claims that phones were “ringing off the hook” with countries caving to President Trump’s reciprocal tariffs. Meanwhile, the bond market backed up and stocks sold off until Mr. Trump folded like a cocktail napkin by pausing most reciprocal tariffs. Ukraine has signed a memorandum of understanding leading toward a mineral-rights deal. So much folding. We’re having an Origami moment.

1 month ago | wsj.com | Andy Kessler

The U.S. prospers atop a horizontal empire, not as a vertical island. “Mister, we could use a man like Herbert Hoover again,” goes the “All in the Family” theme song. Donald Trump, who grew up 15 minutes from Archie Bunker, took it seriously. “We’re bringing wealth back to America,” says tariff-happy Mr. Trump. “That’s a big thing.” Those in the Trump administration with Wall Street experience should know better.

1 month ago | wsj.com | Andy Kessler

It’s not buying American flag boxer briefs. It’s following up words with actions. “Patriotism is the last refuge of a scoundrel.” According to the author James Boswell, Samuel Johnson said this on April 7, 1775, at the Literary Club in London. It’s been one of the most misunderstood lines for 250 years. Johnson most likely wasn’t putting down patriotism but instead putting down those—perhaps William Pitt—who don’t follow up their patriotic words with actions.