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November 28, 2010

High Cotton…


A funny thing happened while I was in Asia—cotton made new all time highs. I’m a big believer in watching what assets are at new highs as new highs always tell you an interesting story. What sectors are booming? What’s popular as an investment? What associated industries should be doing well, or hurting? You always have to ask yourself those questions.  All time highs ... Read More
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October 29, 2010

Beer and Babes


As we come into the homestretch of yet another dismal political season, I thought it would be helpful to remember a simpler time, a time when politicians promised only two things; beer and babes. Naturally, I’m talking about the election for fraternity president. It was my first taste of true politics. Sure, we had middle-school student council elections, but we always knew those were ... Read More
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September 19, 2010

The Black Market


A few years back, on a trip to some Third World nation, I remember asking a successful businessman why more small businesses are not public. His response was sublime. “I keep two sets of books—one for the government and a real one for myself. I am not showing anyone the real books. If I have shareholders, what will I show them? I will never ... Read More
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August 9, 2010

The Kuppy Plan (How To Fix Unemployment)


Dear President Obama, Back in March, I wrote to you with my Kuppy Plan for the housing market. After yet another dismal jobs number, I thought it was time for a Kuppy Plan for unemployment. Clearly our country is in a tough spot.  We compete in a world economy. Jobs gravitate to places which offer the lowest costs of doing business. There are places where ... Read More
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July 2, 2010

The Macro Trumps All Else


When I read Security Analysis, the investment bible by Graham and Dodd, I am transported to a past era when investment life was easier. You could focus your energies on finding companies trading at less than fair value. You focused on the balance sheet and the income statement. The economy was static. It grew a few percent a year and economic life was rather uneventful. ... Read More
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June 19, 2010

This Changes Things…


On thursday, I sat and watched the congressional grilling of BP (BP: NYSE) CEO Tony Hayward. Is anyone else embarrassed for everyone involved? I’ll admit that I know nothing about sub-sea cement bonding or fluid dynamics, but at least I don’t go on TV and pretend that I do. Did all dozen congressmen read the same cliff notes on the way into the hearing? ... Read More
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June 17, 2010

What Did I Miss?


It’s great to finally be home. After more than a month on the road, it’s time to get back and do some laundry. Travel is great. It lets you see so many things. You can take your mind off the details and get some deep thinking done. The downside is that you can get horribly behind on world events. While you can get the ... Read More
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May 22, 2010

Bendigo


The Great Ocean Road I’m on the way to Adelaide and have stopped at a coffee shop in Tailem Bend, South Australia. If you can find this place on a map, you have a better map than me. I have just driven the Great Ocean Road between Melbourne and Adelaide. I’ve driven on a lot of scenic roads before; this is clearly one of ... Read More
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April 2, 2010

Miami Condo Market–No Bottom In Sight


I live on Miami Beach. It is the epicenter of the condo boom and then crash. For four years now, every hint of a bottom has been greeted with applause. Everyone wants to call the bottom—or at least hope that prices cannot go lower. Everywhere you look, people want to declare victory. I thought condo prices were silly as they went up. I think ... Read More
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