Lara-Murphy Report

2019 July Lara-Murphy Report

On the last day of July, the Federal Reserve announced that it would be cutting its target for the federal funds rate, and it also moved up the termination of its balance sheet runoff. The move signals a fairly abrupt departure from the Fed’s official outlook from just a year ago, even though the underlying fundamentals have not significantly changed in the interim. Many observers have attributed the shift in Fed policy to Trump, either through his intimidation of Powell or because his antics with China could lead to a trade war (and hence require a shot in the arm to the economy). Either way, the Fed’s announcement does not bode well for the long-term health of the economy.

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2019 June Lara-Murphy Report


Dr. Keith Smith knows the theory of Austrian economics, but he’s also doing something about it. He is lowering medical prices dramatically by seceding from the system.Dr. G. Keith Smith is a board certified anesthesiologist in private practice since 1990. In 1997, he co-founded The Surgery Center of Oklahoma, an outpatient surgery center in Oklahoma City, Oklahoma, owned by over 90 of the top physicians and surgeons in central Oklahoma. Dr. Smith serves as the medical director, CEO, and managing partner while maintaining an active anesthesia practice.

In 2009, Dr. Smith launched a website displaying all-inclusive pricing for various surgical procedures, a move that has gained him and the facility international attention.

His most recent effort is the launch of the Free Market Medical Association, which provides a platform where those seeking to obtain high quality and affordable health care can find free market-minded providers, both physicians and facilities.

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2019 March Lara-Murphy Report

I like to be precise with my terminology, and so for example I draw a distinction between being smart (knowing a lot of facts) versus intelligent (having a powerful mind). In the same vein, I do not throw around the term genius lightly.

Someone could be very smart and very intelligent, but to be a genius you have to be a creative inventor. You have to produce new ideas and frameworks, which others will then argue over and refine.

The recently deceased R. Nelson Nash was smart and intelligent, but he was also a creative genius. He looked at dividend-paying whole life policies, and in particular their standard feature of policy loans, and realized, “That’s not merely an asset that provides a death benefit. It’s also a cashflow-management device that allows you to free yourself from bondage to commercial bankers.”

Where others saw merely protection, Nelson saw a way to become your own banker.

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