I just finished a ten-page quarterly letter to clients and am taking refuge here to write about anything other than stocks. This scribble will be about a topic that I have been thinking about the last six months. I am somewhat embarrassed about it, because it’s a bit “me”-centered, and I am going to go […]
The article I am about to share with you has been in the works for three years. I started and failed at finishing it half a dozen times. I want to warn you, this is an apolitical article. I go out of my way not to take positions on any issue – not because I […]
I’ve been asked about Bitcoin a lot lately. I’ haven’t written anything about it because I find myself in an uncomfortable place in agreeing with the mainstream media: It’s a bubble. Bitcoin started out as what I’d call “millennial gold” – the young (digital) generation looked at it as their gold substitute. Bitcoin is really […]
This year James Chanos gave the Valuex Vail attendees an update on the Chinese bubble: It is alive and kicking. Jim estimates that Chinese spending on residential construction is currently running at 20 percent of GDP.
There are lot of similarities between the 1920s and today. In fact Livermore’s quote says it all: “There is never anything new on Wall Street, because speculation is as old as the hills.” Jon talked about how the 1924-1929 bull market was rigged by stock manipulators.
As one of my favorite childhood memories, I remember walking home with my father on a sunny Sunday afternoon. I was maybe nine years old. There was the sound of classical music coming from the fourth-floor window of our apartment building.
The U.S. oil market, which is going through one of its largest transformations in decades. In fact, watching this market is like watching the invisible hand of a maestro conduct a gigantic orchestra within the constraints imposed by various laws and regulations.
Traditions. I write this word and I think of Tevye the milkman in Fiddler on the Roof saying (actually singing) it. As you get older your life slowly starts turning into a series of “traditions.” Over the years the beginning of May has turned into a wonderful tradition: the trip to Omaha to Buffett’s Berkshire […]
I have known about Van Cliburn was since I was very little. He was about the only American that (Soviet) Russians did not hate but admired (maybe the only other one I can think of off the top of my head is Louis Armstrong). Van Cliburn won the first International Tchaikovsky Competition. It was 1958. […]