On 12.15.10, In Economics, Investing, Long positions, Macro Trends, Secular Market Trends, by David Pinsen
From today’s FT: “Boost for suppliers as miners dig deep”. Excerpt:
Samuel Brannan became the richest man in California during the state’s Gold Rush of 1849; although he never found a lump of bullion. He made his fortune selling shovels and picks to the gold-seekers.
Fast forward 150 years and the modern version of Mr Brannan – [...]
On 08.09.10, In Economics, History, Investing, Musings memories and observations, Secular Market Trends, Technology, U.S. economy, by David Pinsen
Fred Wilson, who I think has taken more vacations in the last year than Michelle Obama (off the top of my head, for Fred: Buenos Aires, Vail, Paris, someplace in Italy), hopes the Skype IPO will be the one to “get things going again.” Maybe. But when early investors (the smart/lucky money) are selling, someone [...]
On 07.25.10, In Investing, Long positions, Musings memories and observations, Pairs trades, Secular Market Trends, Short positions, Speculations, by David Pinsen
In a post Thursday (“Road to Nowhere”), Tim Knight wrote,
With the exception of commissions-based brokers, it’s hard to believe there’s anyone out there who has really enjoyed the stock market over the past few months. I mean, just look at the ES [S&P e-mini futures] below.
Tim Knight still thinks the S&P’s going to decline to [...]
On 07.01.10, In History, Investing, Musings memories and observations, Secular Market Trends, by David Pinsen
A comment I left on Josh Brown’s post about value managers complaining about getting scalped by high frequency traders:
I suspect that HF traders overstate the extent to which their algorithmic trading provides any liquidity or price discovery benefits to the broader market. On the whole, it seems like an enterprise which throws a lot [...]
On 06.24.10, In Investing, Musings memories and observations, Secular Market Trends, hedging, by David Pinsen
One problem with some of the conventional wisdom regarding investing is that it doesn’t distinguish between secular bull and bear markets. What makes sense in a secular bull market doesn’t necessarily make sense during secular bear markets.
Conventional wisdom says that long-term investors should generally eschew hedging, since the costs of hedging can lower long-term returns. [...]
Via Tim Knight, interesting chart from Martin Pring:
On 05.21.10, In Investing, Long positions, Pairs trades, Secular Market Trends, Short Selling, Short positions, hedging, by David Pinsen
In the course of a conversation with Matt today about some upcoming projects, he asked, essentially, whether there was any rhyme or reason to the recent flurry of trades I’ve mentioned here and elsewhere. This post is my answer distilled.
The Big Picture:
– John Hussman, Vitaliy Katsenelson*, Jim Rogers, and Tim Knight all believe [...]
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