Global Market Commentary, Analysis and Investments
Legendary investor Jeremy Grantham, of Boston-based fund manager GMO, recently said:
“The investment business has taught me — increasingly as the years have passed — that people, especially investors (and, I believe, Americans) prefer good news and wishful thinking to bad news, and that there are always vested interests to offer facile, optimistic alternatives to the bad news. The good news is, obviously, an easier sell.”
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In 2011, PayPal co-founder Peter Thiel’s venture capital firm put out a white paper called We Wanted Flying Cars, Instead We Got 140 Characters. His thesis was that computers are getting faster, cheaper and better… but when it comes to transportation, energy, commodity production, food production — “real stuff” — human progress is at a standstill.
[Read more...]It’s come to this: A typical family’s health insurance costs as much as a typical family car.
If you’re a typical American family, your “health” will set you back $20,728 every year. That figure comes gratis of Milliman, a benefits consulting group. A base-model Toyota Camry… the typical family’s most-popular make? It costs $22,055.
[Read more...]There’s nothing like a little mean reversion to start your day…
The Japanese Nikkei fell flat on its face overnight. Investors looking for an excuse to take profits received just that in the form of soft Chinese manufacturing numbers. That’s all it took for traders to mash the “sell” button…
[Read more...]Yesterday gold dropped $17.
…on a day when Ben Bernanke promised NOT to hit the brakes on his monthly campaign of easing. (Heck, the man won’t even pump the brakes, just to make sure they still work!) That means more bond buying and long-term low interest rates. It’s a savers nightmare, and underpins our precious metals outlook.
[Read more...]Investing in a bank used to seem like such a great idea…
But then came the crises, the scandals, the closures, not to mention the government bailouts.
Even now, with the economy seemingly on the mend, it still seems too early to trust your investment dollars in such a perilous industry.
[Read more...]The Daily Reckoning provides over half a million subscribers with literary economic perspective, global market analysis and contrarian investment ideas. In short, The Daily Reckoning shows you how to live well in uncertain times.
Published daily in six countries and three languages, each issue delivers you a feature-length article by a senior member of our team and a guest essay from one of many leading thinkers and nationally acclaimed columnists.
[Read more...]The study of crowds has always fascinated people in finance. It’s not hard to understand why. Markets can go to crazy extremes, extremes no one can make sense of. So, one favorite way to explain it away is to say that crowds do dumb things that individuals, upon cooler reflection, would never do. In a sense, a crowd become its own kind of organism — stupid, clumsy, emotional, etc.
[Read more...]“The first generation of Silicon Valley giants got their start in a garage,” Anderson writes in Makers, “but they took decades to get big. Now companies start in dorm rooms and get big before their founders can graduate.”
That’s impressive progress… but it all takes place in the realm of “bits.” Social media, music, videos — it’s all digital.
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Waiting For The Zugswang
“There’s a term in chess called zugzwang,” writes Michael Sivy at Time, “which describes the point in a game when it’s your turn to move but every move you could make would worsen your situation. That’s pretty much what the chessboard looked like for Ben Bernanke this morning.”’
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