A Pyrrhic victory is so called after the Greek king Pyrrhus, who, after suffering heavy losses in defeating the Romans in 279 B.C., said to those sent to congratulate him, “Another such victory over the Romans and we are undone.” Dictionary.com A quick thought on the debt-ceiling debacle. I believe that by August 2nd we’ll see the debt [...]
I looked at Brown & Brown about a year ago (May 2010), here are my thoughts which are still relevant today: Risk of growth by acquisition Very significant portion of Brown & Brown’s (BRO) growth in the past came from acquiring brokers. I am naturally skeptical of sustainability of this type of growth as it [...]
Party rulers in China are trapped in a position that chess players deeply fear — zugzwang — where any move made puts you at disadvantage. In China, the potential cost of both action and inaction is economic collapse. China is slowly starting to face the consequences of its actions — loans grew over 30% a [...]