Global Market Commentary, Analysis and Investments
The price of gold shot up yesterday. Reports said investors were betting on another round of “quantitative easing,” aka money printing.
But are gold buyers making a big mistake? Is history repeating itself? The New York Times suggests it is:
As it was in 1980, could it be again in 2012?
[Read more...]“America is back,” said the President of all the Americans, “Anyone who tells you America is in decline or that our influence has waned, doesn’t know what they’re talking about.”
Well, Dear Reader, we’re here to tell you: America is in decline.
We can give it to you straight because we’re not running for public office. And if we were elected, we would immediately demand a recount.
[Read more...]New York Times writer, Steven M. Davidoff, recently dubbed the Federal Reserve, “the most successful hedge fund around.”
After reading the article, we concluded that Mr. Davidoff is the most creative financial writer around. As such, Mr. Davidoff may be the perfect apologist for today’s dysfunctional monetary “system.” Certainly, he possesses the cerebral alacrity to dodge whatever cold, hard facts may be standing in the way of a good story.
[Read more...]Yes…he’s probably listening…
We’d prefer to invite you to a quieter place, Fellow Reckoner…somewhere we could talk in private. A speakeasy, perhaps. Somewhere off the radar. Alas, that’s becoming increasingly difficult.
[Read more...]Several of the ‘Capitalism in Crisis’ thinkers — even those who should have known better — thought the government needed to invest more money in education.
Kenneth Rogoff, for example, concludes that “improved education alone will not resolve the flaws inherent in today’s capitalism, but it [is an] essential first step down any path to a solution.”
[Read more...]Get-rich-quick investment advice is a fantasy. Get-rich-slow is a validated strategy for real wealth.
Today, it is more important than ever to keep the long-run perspective firmly in mind…
Lest you’ve forgotten, world financial markets are in a state of unparalleled disorder. More capital has been drained from markets, thanks to the irresponsibility of politicians and the acquiescence of naive citizens, than at any time in modern history. The damage done by bombers and tanks in world wars has been matched by the unintended consequences of central planning and bureaucracies.
[Read more...]Last week came and went. As near as we could tell, nothing was settled. The trends in motion stayed in motion… No end in sight.
On Friday, Americans were still convinced that they were never going broke. The Europeans were still squabbling about how they were going to keep from going broke And the Japanese were telling each other that going broke wouldn’t be so bad.
[Read more...]The Financial Times has continued its series on ‘Capitalism in Crisis’ much longer than we expected. Longer than seems decent, actually. The crisis will be over before the series ends.
Each of the Davos-list celebrities to write on the subject basically ‘talks his own book.’ The politicians tell us that they can fix what is wrong with capitalism. The regulators want more regulations; do-gooders urge us to rely more on good works. The economists have their economic solutions. The entrepreneurs put their faith in can-do hustlers.
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The Value of a Thief
“Every human problem is an investment opportunity if you can anticipate the solution,” the old gentleman told me. “If not for thieves, who would buy locks?”
I just met this remarkable fellow, full of wisdom on investing, yet hardly known beyond a small group of fans. His name is Thomas Phelps, and he’s had quite a career. He was The Wall Street Journal’s Washington bureau chief, a former editor of Barron’s, a partner at a brokerage firm, the head of the research department at a Fortune 500 company and, finally, a partner at Scudder, Stevens & Clark (since bought out by Deutsche Bank). Phelps retired in Nantucket after a varied 42-year career in markets.
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