‘There is one peculiarity about mass psychology in that when you are in a bubble, you can’t see it. Bubbles are invisible when you are inside the bubble,’ said the charming Jim Dines, of The Dines Letter.
‘Total credit market debt in the world has gone from $80 trillion to $200 trillion in the last ten years, an 11% annual rate, while GDP has grown by 4%. This can’t continue. It’s a simple matter of arithmetic,’ said Kyle Bass, of hedge fund Hayman Partners.
“We’ll still operating off of Jackson Hole, 2011 when Ben Bernanke delivered his famous speech preceding quantitative easing,” said foreign exchange trader, Ira Harris.
“You can reduce discretionary spending down to zero and it won’t have much impact on our fiscal problems because it’s such a small proportion of the total,” said Ben Bernanke, chairman of the Federal Reserve.
‘Changes in consumption stemming from per capita income rises from $1,000 a year to $5,000, as you are seeing in India, or $5,000 to $10,000, as you are seeing in China, is a very different kind of consumption. It is much more commodities heavy, it is food heavy, it draws a lot more on water [...]
“Under current law there will be a massive fiscal contraction in 2013,” said Ben Bernanke, chairman of the Federal Reserve.
“The only way out for Europe is to devalue the Euro to help the peripheral countries,” said Scott Minerd, chief investment officer at Guggenheim Partners.
Favorite headline of the day: “Greece Offers to Pay Back Debt With Giant Horse.”
“People are investing with a rear view mirror. Last year, you had people legitimately scared out of the market. Unfortunately, you are losing a generation of investors at a time when they ‘out to be thinking about buying high quality stocks,” said Hersh Cohen of Clearbridge Advisors.
“The next big story in credit is going to come from Asia and that will be in Japan,” said Tres Knippa of Kenai Capital Management.
“China has been doing everything right for the last ten years. Our government is made up of ‘C’ students that were political science majors, whereas, the Chinese government is made up of PhD’s that were educated at Cambridge and Harvard,’ said one Washington observer.
“Oh wow, Oh wow, Oh wow!” Were the last words of Apple founder, Steve Jobs.
‘He who lives upon hope will die fasting,’ said Benjamin Franklin.
“Apple will never be a consumer products company,” said John Sculley, the Apple CEO who fired Steve Jobs in 1985. Today Apple is the world’s largest and most profitable consumer products company.
Steve Jobs offered me one third of Apple for $50,000 and I was so smart that I turned it down. It’s funny when you think about it now, except when I’m crying,” said Nolan Bushnell, the founder of game company Atari and Jobs’ first employer.
- May 21, 2013 May 21, 2013
- July 2 New York Strategy Luncheon May 21, 2013
- End of the Commodity Super Cycle May 21, 2013
- May 21, 2013 – Quote of the Day May 21, 2013
- Follow Up to Trade Alert – (GLD) May 20, 2013 May 20, 2013
- Trade Alert – (GLD) May 20, 2013 May 20, 2013
- May 20, 2013 May 20, 2013
- Introducing the Mad Day Trader May 20, 2013
- A Special Note to Trade Alert Followers May 20, 2013
- Revisiting the First Silver Bubble May 20, 2013
- SOLD OUT! San Francisco November 4th Strategy Luncheon October 25, 2011
- My 2012-13 Stock Market Forecast. October 31, 2012
- Last Chance to Come Join Me for the Paris Strategy Luncheon – July 17, 2012 July 15, 2012
- Will Gold Coins Suffer the Fate of the $10,000 Bill? November 25, 2011
- My Personal Leading Economic Indicator November 25, 2011
- SOLD OUT! December 27 Chicago Strategy Luncheon December 22, 2011
- An Evening With the Chinese Intelligence Service December 25, 2011
- Take a Look at Occidental Petroleum (OXY) December 26, 2011
- Another Nail in the Euro Coffin January 16, 2012
- Sold Out! Las Vegas January 27, 2012 Strategy Luncheon January 23, 2012