The One Bright Spot in Real Estate

After my weekly dump on residential real estate, I feel obliged to reveal one corner of this beleaguered market that might actually make sense. By 2050 the population of California will soar from 37 million to 50 million, and that of the US from 300 million to 400 million, according to data released by the […]

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The Muni Bond Myth

Some 18 months ago, bank research analyst Meredith Whitney is predicted that the dire straits of state and local finances would trigger a collapse of the municipal bond market that would resemble the Sack of Rome. She believed that total defaults could hit 2,000 issues and reach $100 billion in value. Those sharp edged comments […]

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Report From Milan

Milan, Italy appears to be a city entirely populated by fashion models riding bicycles on the city’s frenetic streets. That is one’s first impression coming out of the monolithic Milano Centrale train station, built by Mussolini to reaffirm faith in his state. Despite years of allied bombing during WWII, the building is as imposing as […]

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August 8, 2012 – Quote of the Day

“It’s ironic that just as we break out of a three year trading range, the market is about to be hit by a sledge hammer,” said Dave Rovelli at Canaccord Genuity.

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Is Food the New Distressed Asset?

After my entertaining repast with the head of our nation’s intelligence service, I had to ask myself this question. During the sixties, new dwarf varieties, irrigation, fertilizer, and heavy duty pesticides tripled crop yields, unleashing a green revolution. But guess what? The world population has doubled from 3.5 to 7 billion since then, eating up […]

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Please Use My Free Data Base Search

The original purpose of this letter was to build a database of ideas to draw on in the management of my hedge fund. When a certain trade comes into play, I merely type in the symbol, name, currency, or commodity into the search box, and the entire fundamental argument in favor of that position pops […]

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The One Economic Indicator You Can Rely On

There is no end to which I am willing to go to understand the future direction of the world economy. So when I learned that the price of Brazilian bikini waxes was going through the roof, I had to sit up and take note. Last month, the price of the popular beauty treatment soared by […]

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August 7, 2012 – Quote of the Day

“There seems to be an impression that we can solve our problems without pain. There is no conceivable way that can happen,” said former Federal Reserve chairman, Alan Greenspan.

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Your Portfolio and the Population Boom

Long time readers of this letter know that demographic issues will be one of the most important drivers of all asset prices for the rest of our lives (click here). Researchers expect that the global population will reach 9 billion by 2045, the earliest date that I have seen so far. Can the planet take […]

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The World’s Worst Investor

My grandfather was an immigrant from Sicily who joined the army during WWI to attain US citizenship, lost an eye when he was mustard gassed on the Western Front, and settled down in the Bay Ridge section of Brooklyn after the war. He bought a three bedroom brick home on 76th street for $3,000, eventually […]

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Postscript

One day in New York a few years ago, I had a few hours to spare waiting to board Cunard’s Queen Mary 2 to sail for Southampton. So I decided to check out the Bay Ridge address near the Verrazano Bridge where my father grew up that I had heard so much about during my […]

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How the US is Getting Screwed on Its China Trade

One of the great things about running a website with a truly global reach is that readers send me material which is nothing less than outrageous. So I had to laugh when I found in my inbox an animation of two bears discussing the hopelessly idiotic approach the US government has taken towards its trade […]

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August 6, 2012 – Quote of the Day

“People think that Treasury bonds are riskless, but a 100 basis point rise in interest rates leads to an 18% capital loss,” said Andrew Neale, a portfolio manager at Fogel Neale Partners.

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Trade Alert Service Punches Through to New All Time High

Global Trading Dispatch’s Trade Alert Service posted a new all-time high yesterday, clocking a 50.9% return since inception. The 2012 YTD return is now at 10.71%. That takes the average annualized return up to 30.1%, ranking it among the top five performing hedge funds in the world. Those happy subscribers who bought my service on […]

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Report From Zermatt

My first morning in the Swiss mountain hamlet of Zermatt, home to the Matterhorn, I was awoken by an army platoon outside my door, fully armed with fixed bayonets. No, I was not being arrested for past indiscretions in the idyllic Alpine paradise. My often-inflammatory opinions had not even triggered an international incident worthy of […]

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