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The only thing we have to fear..

“Let me be clear on one point: I can’t predict the short-term movements of the stock market. I haven’t the faintest idea as to whether stocks will be higher or lower a month — or a year — from now. […]

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On not adding, but taking away

“Our job is to find a few intelligent things to do, not to keep up with every damn thing in the world.” – Charlie Munger.   According to the French author and pilot Antoine de Saint-Exupéry, a designer knows he […]

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Major drag, huh?

Price Value Major Drag

“We’re not gonna make it, are we ? People, I mean.” “It is in your nature to destroy yourselves.” “Yeah. Major drag, huh ?” –       From James Cameron’s ‘Terminator 2: Judgment Day’. Here is a thought experiment. It is January […]

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Goodbye to all that

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“Funny how bonds were labelled “certificates of confiscation” back in the early 1980’s when yields were 14%. What should we call them now ?” – Bill Gross. The American bond fund manager Bill Gross titles his latest commentary ‘A Sense […]

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Unsafe at any price

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“Everyone is bullish. Contrarians know that must be bearish. However, everyone has been bullish for a while, yet the S&P 500 rose to a record high of 2117 on April 24. That’s because everyone has finally figured out that fighting […]

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On billionaire altruist lunatics

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“Facts do not cease to exist because they are ignored.” – Aldous Huxley. There was once a time, perhaps, when unprecedented things happened only occasionally. In today’s financial markets, unprecedented things are commonplace. The Queen in Lewis Carroll’s ‘[Alice] Through […]

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Asset manager? Or asset gatherer?

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If you are willing to allow a third party firm to handle your investments, you should understand whether that third party firm is primarily an asset manager, or an asset gatherer. A financial services firm can be one or the […]

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