6/16/21
Been reading Hussman's latest essay. So wealth comes from one of two activities. Either you do something useful, make something, teach something, invent something, perform some sort of useful activity…
5/26/21
Reread my post from yesterday and started to think that I sounded like a person arguing for a planned economy, but that's not at all what I mean. The craziness…
5/25/21
Is everything just asset allocation? And I don't mean portfolio management, I mean all of society. Like anyone who is even vaguely interested in these topics, I've been daydreaming about…
5/23/21
I don't understand this, but let me see if i can talk my way through it. First there was money, mostly silver but sometimes gold, shells, tobacco, camels, humans, and…
5/16/21
Let me see if i understand all the parts. The Fed has to keep going with QE/money printing whatever you want to call it because reversing course would be catastrophic…
5/8/21
What the hell is going on? Plywood headed toward a $100 a sheet, steel prices tripling, houses prices completely beyond any reasonable attachment to wages, the stock market on a…
5/4/21
Drove by an old powerhouse the other day. It had been converted into a retail mall because it was a good sized powerhouse despite the relatively small size of the…
4/25/21
I remember reading over the years, various places, but enough so that I came to believe it, that inflation couldn't really get going until there was wage inflation, and globalization,…
3/24/21
I was just reading about Substack and how it pays its star writers a base "salary" while thousands of other hopeful writers contribute free content to the site in the…
3/19/21
Seems to me that most economic theory is based on some idea scarcity and deprivation. People work, in the simplest analysis, because they want to eat. There might not be…
2/25/21
Here's a novel idea, or rather, a novel way of looking at two problems. First is the problem of what what call capitalism, which has clearly broken down in some…
2/18/21
Maybe the whole explanation for every asset crazily mispriced relative to future possible cash flows is reserve currency. Money is free, at least the richer you are the cheaper it…
2/1/21
This history of financial markets is one of boom and bust. So be it. Everyone who reads a little about markets quickly learns this. What is different this time is…
1/28/21 Rigged Game
It all makes sense to me now. Leonard Cohen was right. Everybody knows. It's a rigged game. I've been puzzling about how it is possible that any human being intelligent…
12/15/20
Had an interesting talk with a friend the other day. His take is that all of the talk about companies, earnings, rotation, the usual bullshit, which seems, on any logical…
11/28/20
I guess it is becoming clear that the governments around the world will support the equity markets with liquidity and eventually actually buying shares. On the consumer side the government…
6/26/20
Not strictly a financial post, but i haven't seen anyone else make this comment and, if true it would certainly have bearing on the markets. Lots of people are remarking…
6/25/20
When the stock market is going up it is functionally indistinguishable from a Ponzi scheme. The only limiting factor is new participants or an endless supply of money for the…
6/7/20
Maybe the stock market is some sort of doomsday machine. We've so contorted and perverted capitalism and the good qualities of markets, focusing everything on the gambling house that is…
5/5/20
Thought experiment. Actually a several part thought experiment. First, what is wrong, and I mean the big, stupidly obvious shit, like the illusion that this is a capitalistic system, the…