December 11, 2013 9:56 AM
I’ve spent my investing career accepting improbable events when the world thinks such events are impossible. I’ve also spent a lifetime hiding from popular investment ideas. Often, when contemplating unpopular investing ideas, you don’t have to get the timing right—you just have to be early enough to be prepared for them and avoid becoming trapped looking the wrong way.
I remember back in early 2009, when I told people that QE would solve all financial problems—at least in the short term. P... more
December 3, 2013 1:59 PM
As long-time readers know, I am now focusing a considerable percentage of my time on Mongolia. For those who are interested in learning more about one of the most rapidly growing economies in the world, Thursday's presentation by the Mongolian Stock Exchange (MSE) should be highly informative.
Altai Khangai, CEO of the MSE, and Saruul Ganbaatar, Deputy CEO of the MSE,... more
September 16, 2013 1:47 AM
On Friday, Mercer International (MERC:NASDAQ) spiked 10%. It is now quite near to the price when I purchased it, and I think the time has come to exit this investment. There is nothing wrong with the stock, but the thesis just hasn't played out as I thought it would--or at least not in my timeframe as an investment. One day, there will be an extreme shortage of NBSK fiber, but for now, I'd rather have my capital for other ideas. Therefore, I will be closing out this idea with a small loss based ... more
September 9, 2013 4:35 AM
Until quite recently, the central banks of many emerging markets have fought a losing battle against rapidly appreciating currencies. It wasn’t so much that their currencies were appreciating because of fundamentals—instead, too many US Dollar were being printed and they were searching for a home that provided returns.
Take Brazil for instance. Starting from the lows in late 2008, the Brazilian Real (BRL) appreciated from 2.40 to the Dollar all the way to almost 1.50. I have Brazilian frien... more
September 1, 2013 8:45 PM
From 1860 to 1865, 11 states effectively told the Federal Government, “We disagree with your laws—if you try to enforce them, we’ll shoot back.” It took over 4 years of war before the Federal Government forced them to follow the laws. While unsuccessful, you sure have to admire their sense of pluck.
Yesterday, I read the following article in the New York Times http://nyti.ms/19XPcdy
I will repeat a few key paragraphs;
JEFFERSON CITY, Mo. — Unless a handful of wavering Democrats chang... more