1 September 2020
value investing
UNIDOS HACIA EL FUTURO
“The markets are the product of 1999 & 2007 hooking up for a one night stand.” - Tweet by Danielle DiMartino Booth (@DiMartinoBooth), 25th August 2020. “In the middle of the journey of our life, I came to / Myself in a dark wood, for the straight way was lost.” - Dante, Inferno. “Zoom is now worth more than IBM.” “I don’t know if that says more about Zoom or IBM.” - Tweets by Morgan Housel (@morganhousel), 31st August 2020.
24 August 2020
momentum investing
Winning the wrong game
“We have a forest fire and are borrowing trillions from future generations to Venmo people sitting at home as the inferno in their neighbour's yard rages. Personal income was 7.3% higher in Q2 versus Q1 because of stimulus payments and extra unemployment benefits. The personal savings rate hit a historic 33% in April, the highest by far since the department started tracking in the 1960s. Do the 89% of people who still have their job need additional stimulus? It appears, as is the case the last several decades, that the only bipartisan action is reckless spending that flattens the curve for rich people while throwing some funds at the neediest for optics. “And the enemy marches on. “Donald Trump was right, the wars in Iraq and Afghanistan were mistakes. Mistakes that cost us almost 7,000 American souls, 208,102 Iraqi and 111,000 Afghan civilian lives, and $1.9 trillion (inflation adjusted). But Covid-19 will register an even greater toll of American blood and treasure. The response to the novel coronavirus would have been swifter and more disciplined if the pathogen had brown skin and worshipped a different god. Americans can’t seem to wrap their head around an enemy 10,000 times smaller than the width of human hair.” - Scott Galloway, The Great Distancing.
17 August 2020
MMT
Into the twilight zone
“The 2019 General Election threatened us with the prospect of a Big State socialist authoritarian who wanted to treat “our” NHS as a deity, shut down our liberties, and tank the economy. Unfortunately, he won.” - The biggest disappointments of 2020. A tweet by @SirDanofC, 14th August 2020.
10 August 2020
Weimar hyperinflation
The quick and the dead
“The operation was successful but the patient died.” - Anon. “Teach your kids about compounding: put your money in a savings account and watch it double every 19,876 years.” - Morgan Housel. “We have kept interest rates at 0.1%. Vote 9-0” - Tweet by the Bank of England, who seem bizarrely proud of themselves. “Successful investing is about having people agree with you.. later.” - James Grant.