“A masterly retreat is itself a victory.” -NORMAN VINCENT PEALE POINTS TO PONDER 1. Evergreen GaveKal had a cautious view of most investment sectors over the last year. Although this stance has been off the mark with regard to the US stock market,… Read More
“Fed policy has had a distorting effect on capital allocations decisions of all kinds at virtually every level of the economy. It is a very large and dull hammer for markets.” -RICK REIDER, Manager of $760 billion in fixed income assets at BlackRock. Too much… Read More
“Buy, buy, buy, says the sign in the shop window. Why, why, why, says the junk in the backyard?” -PAUL MCCARTNEY “Ahhh…Wings, the band the Beatles could have become.” -BRITISH COMEDIAN, ALAN PARTRIDGE Get back to where you once belonged. Admittedly, my… Read More
“Those classes of investments considered ‘best’ change from period, to period. The pathetic fallacy is what are thought to be the best are in truth only the most popular—the most active, the most talked of, the most boosted, and consequently, the highest in price at that time.”… Read More
“Money does not create wealth. Wealth creates money.” -CHARLES GAVE Wanted: Market strategist, one arm missing. It wasn’t just Dr. Richard Kimble, of The Fugitive fame, who was frantically seeking answers from a one-armed individual. President Harry Truman, after listening to the equivocations from… Read More
“Frankly, I view the present course of monetary policy as reckless—not because it threatens inflation (which I don’t think it will for several years), but because it diverts scarce capital away from productive investment and toward speculative activities.” -JOHN HUSSMAN, highly regarded money manager. Special Message: Due… Read More
“You can always count on Americans to do the right thing—once they’ve tried everything else.” -WINSTON CHURCHILL Special message: Several past EVAs have described the investment process popularly known as the “carry trade.” As a refresher, this involves hedge funds, propriety trading desks of large… Read More
“The great traders that I’ve known would joke about how their emotions would push them to do the wrong thing. Admitting that part of your brain is working against you is not a sign of weakness—it’s the first step towards really doing well in financial markets.” -TERRY… Read More
“If you are not confused about the economy, you don’t understand it very well.” -CHARLIE MUNGER, Warren Buffett’s sidekick at this year’s Berkshire Hathaway shareholders meeting. POINTS TO PONDER 1. The most recent addition to the growing list of… Read More
“Just because a reversal of something unsustainable hasn’t happened yet, doesn’t mean it won’t.” -SUPER INVESTOR, SETH KLARMAN There they go again! Don’t get me wrong—I’m a regular reader and avid admirer of The Economist. It has a uniquely global perspective but whoever… Read More
