QE Assets Diverge From The Real World

November 16, 2014 12:17 PM


In 1324, King Edward II of England codified something that had already been taken for granted for nearly half a millennium—the definition of the inch. Henceforth, the inch was defined as "three grains of barley, dry and round, placed end to end, lengthwise". A foot was then 36 barleycorns and a yard was 108 barleycorns. Taken to its logical extreme, five yards make a perch and 40 perches in length and four in breadth define one acre. Seems pragmatic—right?? Start counting your barl... more

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So Why Are You Public Again?

October 9, 2014 9:10 AM


Now, I’m the sort of guy who likes to ask taxi drivers for recommendations—everything from best street food to favorite bars—especially when I’m visiting a new city. So, as we piled into the taxi from the airport, I asked the driver for some recommendations. “Don’t leave your hotel—it isn’t safe.” Ok, we’d already been warned the same by pretty much everyone we knew. “Avoid the white hookers, they work for the police—the black ones are fine <wink wink>” Yes, the taxi driver was offerin... more

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Is Indexing Just Socialism For Stocks?

August 4, 2014 12:29 PM


Decades ago, index funds were created with the view that many stock pickers have no real ability to pick stocks—therefore, those people would be better off simply owning an index of stocks and receiving the performance of the overall stock market. Since then, studies have shown that index funds have outperformed the majority of actively managed funds. There are now index funds and ETFs that track all sorts of things and allow investors take a view on a sector and simply allocate capital—with... more

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Bear Raids 2.0

July 2, 2014 11:46 PM


Two weeks ago, I received a spam email from Prescience Point Research, asking me to click a link (LINK TO THESIS) and see a short selling thesis on Chicago Bridge & Iron (CBI: USA). I read about a third of the report, found the allegations regarding CBI to be intriguing but quickly lost interest. I have no position in the stock, don’t short stocks and spend my analytical time on smaller companies. I printed out the report and added it to the pile of stuff that I will probably never read.... more

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The Era Of Cheap Oil Is Over

June 10, 2014 6:10 AM


The greatest honor in the blogosphere is to be quoted by another blogger. I will now return the favor to my friend at Buyside Notes who has done an excellent job of expanding upon my Kashagan piece, to show all of the many reasons that oil prices will not be declining any time soon. I have found his writing to be very informative and highly recommend that you sign-up for his research at www.buysidenotes.com. I’ve heard some very smart people speculate that oil prices will decline as new ... more

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