[Subscription Required] With U.S. stocks at all-time highs, it’s more important than ever that investors be brutally realistic about future returns. Some of the most purportedly sophisticated investors in the world, the managers of giant pension funds for state and local government employees, might not have absorbed that lesson yet. You can learn a lot from these folks -- if you listen to them and then do the opposite.

Over at our sister publication Law & Liberty, political science professor James R. Rogers has a piece titled “The Harder Question Tucker Carlson Raises for Conservatives.” If it were a question Carlson raises only for conservatives, I would be less interested than otherwise. But Professor Rogers makes clear in the article that Carlson raises this question for libertarians too.