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...grotesque distortions
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Quote
The Eclectica Fund, April 2012 , Hugh Hendry
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...on asset confiscation.
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Quote
Hugh Hendry, 2012
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Forecasting the Improbable
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Typically, when thinking up extreme events, the practitioner draws from past experience or historical events that have had a material impact on financial markets. (...) Things become more complicated when the event in question has never occurred in the past or occurred such a long time ago that there is little material to recollect its impact.
Lobnek Wealth Management, Newsletter, April 2012 , Altug Ulkumen, CFA, Partner & Chief Investment Officer
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La Grèce Contemporaine
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Observations on Greece's Public finances from 1858. Some things never change!
Troisième Edition, Paris 1858 , Edmond About
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The Yen's Looming Day of Reckoning - Japan looks set to depress the value of the yen to boost trade – how China must brace itself for the impact
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"A yen collapse will impact China and South Korea most, just like in 1998. It will trigger substantial weakness in their industries. If a banking system succumbs, the shock can bring down an entire economy, as South Korea's experience in 1998 demonstrates."
Caixin Online , Andy Xie 03.23.2012
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U.S. Corporate Profit Margins – Highest Ever!
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An interesting chart from GMO, and a strong case on the driving force behind these margin expansions
What Goes Up Must Come Down! - GMO White Paper, March 2012 , James Montier
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Agricultural land values
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For all thoses worried about falling U.S. real estate prices, here is a positive side of the coin: agricultural land prices in the State of Texa have more than doubled since 2003.
Federal Reserve Bank of Dallas, 30.03.2012 , Agricultural Survey, First Quarter 2012
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The Fed’s Dual Mandate Responsibilities: Maintaining Credibility during a Time of Immense Economic Challenges
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Rather than fighting the inflation ghosts of the 1970s, I am more worried about repeating the mistakes of the 1930s.
Chicago Fed , Speech delivered by President Charles L. Evans, October 2011
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Some of the Worst Book Timings
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From "Dow 40'000" in June 1999 to the "Great Depression Ahead" in January 2009, and "Why the Real Estate Boom will not Bust" in 2006 !
InvestmentsOffice.com , Ronald Weber
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Quantitative Easing and US Equity
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Causation or Correlation?
Morgan Stanley, February 2012
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