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A Conversation with the Boots on the Ground

I have spent many hours speaking at length with the generals who are running our wars in the Middle East, like David Petraeus, and James E. Cartwright. To get the boots on the ground view, I attended the graduation of a friend at the Defense Language Institute in Monterey, California, the world’s preeminent language training […]

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Dinner with Joseph Stiglitz

The great thing about interviewing Joseph Stiglitz over dinner is that you don’t have to ask any questions. You just turn him on and he spits out one zinger after another. And he does this in a kibitzing, wizened, grandfatherly manner like one would expect from a character that just walked off the set of […]

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December 27, 2013

Global Market Comments December 27, 2013 Fiat Lux Featured Trade: (THE REAL ESTATE MARKET IN 2030), (CHINA’S LONG AND WINDING ROAD), (FXI), (CYB), (INDUSTIRES YOU WILL NEVER HEAR FROM ME ABOUT) iShares China Large-Cap (FXI) WisdomTree Chinese Yuan (CYB)

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The Real Estate Market in 2030

A number of analysts, and even some of those in the real estate industry, thought that there would never be a recovery in residential real estate. Long time readers of this letter know too well that I went hugely negative on the sector in late 2005, when I unloaded all of my holdings. However, I […]

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China’s Long and Winding Road

I spent the evening speaking to Gao Jie, a Beijing civil judge who left the bench to join China’s growing environmental movement when her kids came home from school one day coughing and wheezing. You only have to inhale in the capitol city these days to understand that they have a huge problem there. One […]

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Industries You Will Never Hear From Me About

The focus of this letter is to show people how to make money through investing in fast growing, highly profitable companies which have stiff, long term macroeconomic winds at their backs. That means I ignore a large part of the US economy whose time has passed and are headed for the dustbin of history. According […]

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December 26, 2013

Global Market Comments December 26, 2013 Fiat Lux Featured Trade: (INDIA IS CATCHING UP WITH CHINA), (PIN), (FXI), (WHO SAYS HEDGE FUNDS AREN’T ADDING VALUE?) (PETER F. DRUCKER ON MANAGEMENT) PowerShares India (PIN) iShares China Large-Cap (FXI)

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India is Catching Up With China

When I first visited Calcutta in 1976, more than 800,000 people were sleeping on the sidewalks, I was hauled everywhere by a very lean, barefoot rickshaw driver, and drinking the water out of a tap was tantamount to committing suicide. Some 36 years later, and the subcontinent is poised to overtake China’s white hot growth […]

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Who Says Hedge Funds Aren’t Adding Value?

According to my old friend, Rick Sopher, chairman of LCH Investments in London, the top ten hedge funds have earned $153 billion for their investors since inception. Rick, who runs his business from an elegant flat on posh Eaton Square, compiled the list after a comprehensive survey of the still operating 7,000 hedge funds worldwide. […]

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Peter F. Drucker on Management

If you have been living in a cave for the last 74 years and missed the work of management guru, Peter F. Drucker, here is your chance to catch up. I just finished reading The Essential Drucker, a weighty tome of 368 pages which summarized the high points and pearls of wisdom of the author’s […]

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December 24, 2013

Global Market Comments December 24, 2013 Fiat Lux Featured Trades: (A CHRISTMAS STORY), (THE U-HAUL INDICATOR)    

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A Christmas Story

When I was growing up in Los Angles during the fifties, the most exciting day of the year was when my dad took me to buy a Christmas tree. With its semi desert climate, Southern California offered pine trees that were scraggly at best, and we didn’t want to chop down the view that we […]

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My Favorite Secret Economic Indicator

It is the end of the school year at the University of California at Berkeley, and the unenviable task of moving my son, a senior, out of his hovel for the holidays fell to me. When I arrived, I was stunned to find nothing less than a war zone. Both sides of every street were […]

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December 23, 2013

Global Market Comments December 23, 2013 Fiat Lux Featured Trade: (THE ONE BRIGHT SPOT IN REAL ESTATE), (A SHORT HISTORY OF HEDGE FUNDS), (THE POPULATION BOMB ECHOES), (POT), (MOS), (AGU), (THANK GOODNESS I DON’T LIVE IN SWEDEN), (EWD) Potash Corp. of Saskatchewan, Inc. (POT) The Mosaic Company (MOS) Agrium Inc. (AGU) iShares MSCI Sweden (EWD)

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The One Bright Spot in Real Estate

I feel obliged to reveal one corner of this bubbling market that might actually make sense. By 2050 the population of California will soar from 37 million to 50 million, and the US from 300 million to 400 million, according to data released by the US Census Bureau and the CIA fact Book (check out […]

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