Is there a greater joy in the investing world than finding a WAY OFF THE RUN arbitrage promising 8% in several months? Where you can put the trade on in decent size ($10 million?) It’s 2014 and I’ve found a riskless arb. Unbelievable!!!!
Go to China. China has built replicas of famous European cities. http://gizmodo.com/chinas-building-cities-so-fast-people-dont-have-time-1446570856?utm_campaign=socialflow_gizmodo_facebook&utm_source=gizmodo_facebook&utm_medium=socialflow Counterfeit cities. That’s a new one… with far worse economics than making counterfeit handbags. Who’s going to pay the rent to pay off the debt load that was used to finance these enormous projects? No one. Which means the loans are bad, which […]
“Anyone who buys Puerto Rican debt of any kind is taking on an awful lot of principal risk for not much return.” -Me November 2012 Now I’m hearing stories of “conservative” Puerto Rican investors who have been totally wiped out. Think about that for a minute. People typically do not buy bonds with their risk […]
Magnus Carlsen beat 18 out of 20 players and drew 2 playing simultaneously. Magnus drew one to a grandmaster; the other to a 9 year-old kid, out of sympathy. Boaz resigned before Magnus could advance his pawns to crush him. The amazing thing is Carlsen doesn’t have a predictable system. He mixes up his game […]
I’m getting to the age where I can hear about a bizarre event happening and yet remain unfazed. But last week when Pandora announced that its listener hours went up slightly and bulls inferred that iTunes Radio wasn’t the threat everyone thought it was (bidding the stock up 6%), I LOLed. This market is screwy, […]
Stanley Druckenmiller recently did an interview with Bloomberg TV in which he called hedge fund investors idiots for paying 2 and 20, and for excusing poor performance by considering it risk-adjusted. He also said, nostalgically, that he and his peers were expected to make 20% a year (even in down markets). Druckenmiller is right. There […]
When we submitted this to the Value Investing Congress last year we knew it was by far the best idea to come from any contestant. After increasing by five times in one year, maybe some more people will realize how great it really was. Another takeaway is that the ideal holding period is forever. Yesterday […]