July 3, 2012 – Quote of the Day

“The art of taxation consists of so plucking the goose as to obtain the largest amount of feathers with the smallest amount of hissing,” said Jean-Baptist Colbert, a 17th century French minister of Finance.

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The Gold Rush in Iraq

The success of the recent oil auctions in Iraq is creating a windfall for American oil services companies. Schlumberger (SLB), Baker Hughes (BHI), Weatherford (WFT), and Halliburton (HAL) have committed to drilling 2,500-3,000 new wells per year and building new pipeline and shipping terminal infrastructure that could make the country the world’s largest oil exporter. […]

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The US Balance of Payments Surplus in Education

I spent the weekend attending a graduation in Washington state, a stone’s throw from where the 2010 Winter Olympics were held last year. While sitting through the tedious reading of 550 names, and listening to the wailing bagpipes, I did several calculations on the back of the commencement program. I came to some startling conclusions. […]

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An Evening With Malcolm Gladwell

I spent an evening with the New Yorker Magazine columnist, Malcolm Gladwell, author of The Tipping Point, Blink, and Outliers, and probably the most prolific publisher of original, consensus challenging ideas today. Half English and half Jamaican, the preeminent challenger of clichés and stereotypes was himself a cliché and a stereotype, wearing the standard issue […]

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July 2, 2012 – Quote of the Day

I enjoy issuing Berkshire stock as much as I relish preparing for a colonoscopy,” said Oracle of Omaha Warren Buffet of Berkshire Hathaway (BRK/A).

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July, 2012 European Strategy Tour

Come join me for lunch at the Mad Hedge Fund Trader’s Global Strategy lunches and seminars, which I will be conducting in Europe during July, 2012. A PowerPoint presentation will be followed by an open discussion on the crucial issues facing investors today. I’ll be giving you my up to date view on stocks, bonds, […]

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Don’t Miss the July 3 Global Strategy Webinar

My next global strategy webinar will be held on Tuesday, July 3 at 12:00 noon EST. This webinar will be broadcast live from New York City, provided that the technology works and the 19th century wireless is fast enough. I’ll be giving you my updated outlook on stocks, bonds, commodities, currencies, precious metal, and real […]

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I’m Heading Off to Europe

My tuxes are packed, the hotels are booked, and the limo is waiting outside. The Lear jet is fully fueled up and waiting for me at nearby Buchanan Field, the flight plan already filed. I am taking off for Europe today for a mix of business and pleasure. Along the way I will be meeting […]

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June 29, 2012 – Quote of the Day

“The Fed only knows two speeds; too fast, and too slow,” said Nobel Prize winning economist Milton Friedman to me over lunch one day.

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Be Careful Who You Snitch On

Buried in the recently passed Dodd-Frank financial reform bill are massive financial rewards for turning in your crooked boss. The SEC is hoping that multimillion dollar rewards amounting to 10%-30% of sanction amounts will drive a stampede of whistleblowers to their doors with evidence of malfeasance and fraud by their employers. If such rules were […]

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Take Tata Motors Out for a Spin

Every day, when considering what to write about, I tell myself that I’m not singing enough praises about India. Then events demand that a topic more urgent be thrust upon these august pages. This is a major omission on my part, as friends, like Morgan Stanley Asia’s chairman Stephen Roach, believe that India will far […]

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The Multiples Myth

I am getting tired of the endless procession of permabulls who keep insisting that at a 15 times multiple, the S&P 500 is cheap. The last time I heard this was in 2000, when NASDAQ multiples went from 100 to 50, on their way to 10. Before that, it was in Japan in 1990, when […]

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Could You Still Qualify to Become a US Citizen?

The coming Fourth of July celebration brings back memories of my late wife’s campaign to become an American citizen, who originally came from Japan. Part of the process required a verbal quiz about US history and government. Our family spent a year energetically prepping her, with nightly grillings over dinner about the finest details of […]

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June 28, 2012 – Quote of the Day

“If there were no way to short stocks, the probability of stock market bubbles would be much greater,” said hedge fund manager, Bill Ackman, of Pershing Square.

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Obama’s Unintended Oil Consequences

Back in March, oil broke the $110/barrel level and gasoline was rapidly approaching the $5/gallon level, threatening to derail Obama’s reelection campaign. The administration enlisted Europe to join it in a boycott of Iranian oil in an effort to get the Islamic republic to retreat from is program to develop a nuclear weapon. Iranian president, […]

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