John Mauldin's Outside the Box: Taper Capers - By Michael Lewitt

Michael Lewitt has long been one of my favorite thinkers and writers on matters economic. He's incisive, thorough, and, well, pithy. No holds barred. Today's Outside the Box features an extended excerpt from the October issue of Michael's The Credit Strategist, which he has kindly allowed me to pass on to you.

Michael leads off this month with some useful thoughts on "the art of learning to live with intellectual and emotional discomfort," which he says is a key requirement for successful investing. Then he extends these thoughts in order to give us a critique of recent Federal Reserve behavior that is different from any I've seen.