If you're a drummer or a musician then you know--you never forget your first drum set or instrument. I started playing drums in the first grade taking private lessons and practicing on a drum pad. Then I moved up to a snare drum. And I would set up buckets around the snare and bang away as if it were a set. When I was in fifth grade my dad and I drove to New Bedford, MA after reading an ad in the newspaper for a drum set. That was a mistake. The second I saw it, one of us was sold. It was a classic Slingerland five-piece set-up with Zildjian cymbals. Slingerland was the set made famous by … [Read more...]
Financial Disaster Prep
You never know when you're going to be in a bad spot. But when TSHTF, you know it. And it doesn't feel very good. I want you to think about your investments from a survivalist point of view. What do you need to do to make sure you survive? And what's the downside of being prepared? It is clear as day that we have a currency system that will always be untethered from reality. There is no other way around it. That's why you need to have some precious metals in your portfolio and some coins outside of it. When I was a kid scooping ice cream for minimum wage a medium, two scoops, cost … [Read more...]
Has Warren Buffett Lost His Mind?
Leave it to good ole' Warren Buffett to create a stir. In a recent op-ed in The Wall Street Journal, he calls for an expansion of the Earned Income Tax Credit (EITC) to help low-income workers. How about a reduction in the size of government instead Mr. Buffett? Let workers keep more of what they make and this economy would be much better off. If government is such a great wealth transmission system, why not donate your money to the Treasury rather than the Bill and Melinda Gates Foundation? Elite businessmen like Buffett do nothing to help this economy when they forget about the successful … [Read more...]
The Crash that Cured Itself
James Grant, in his book The Forgotten Depression—1921: The Crash That Cured Itself, explains the resilience of the free market. During the 1921 economic contraction, the government and the Fed got out of the way, and America was better for it. The Mises Institute writes: James Grant, of Grant's Interest Rate Observer, recently joined us at our event in Stamford, Connecticut, to discuss his new book, The Forgotten Depression—1921: The Crash That Cured Itself. If you've never heard of the Depression of 1921, it's because the federal government and the (then new) Federal Reserve did the … [Read more...]
Tiny Bubbles
Originally posted January 21, 2014. Imagine outgoing Chairman Ben Bernanke joyfully wrapping things up at the Fed while humming “tiny bubbles make me feel happy” from Don Ho’s song Tiny Bubbles. Creating bubbles seems to be a job requirement for a Fed Chair. The Fed is putting on an air of solidarity for incoming Chair Janet Yellen. The broad show of support for Mini “Tapering” is part I. Any concerns about the stock market are cloaked in Fed speak. Take the recent Fed meeting minutes for example. "Several [Fed officials] commented on the rise in forward price-to-earnings ratios for some … [Read more...]
Sell in May Go Away?
You can learn a thing or two from history. For one, it happened, it’s a fact, and 2) not many people predicted it correctly. In Bill Bryson's book One Summer “America 1927” he touches on the fateful decision by the Federal Reserve to lower its discount rate. The stock market even before leading up to that fateful decision by the Federal Reserve was fueled by credit. You could buy $100 worth of shares with $10 down. Brokers or banks were happy to lend you the money at 10-12 percent interest, which they borrowed from the Fed at 4 to 5 percent. It all worked as long as the stock … [Read more...]
Good Morning from Newport, RI
If you live in New England, or are visiting, there’s plenty of reasons to come visit Newport, RI. This weekend was buzzin’ from the Volvo Ocean Race stopover. The boats left port yesterday. Next stop Lisbon, Portugal. You would never know our business is in the heart of it all. Our office is on William Street—a neat little street away from the hustle and bustle of Thames St. Give me a call if you’re planning a visit. … [Read more...]
$100 Million Room with a View, or Not
You just gotta love the obnoxious real estate prices in Manhattan. Vornado Realty Trust’s 220 Central Park South has already secured $1.1 billion, or one-third of the building, making it already profitable reports the WSJ. “We are doing beyond well,” said Vornado CEO Steve Roth. Yawn. Then you have the penthouse at the building called One57 (how clever) which sold for $100 million in January. The view must be really pretty, or not. Read this comment from a WSJ reader: Actually, looking at the building (One 57) from Central Park on Saturday it appeared that the top ten or so floors were … [Read more...]
“The Moment” I Lost Money
If you’re over 50 and lived in or around the Boston area during the 70s then you know the moment. 45 year’s ago, Mother’s Day 1970, Bobby Orr took the pass from Sanderson, scored to clinch the Stanley Cup, and “The Flying Bobby” was born. That was the defining moment in Boston sports for Boston Globe sports-writer Kevin Paul Dupont. In describing his most important moment in Boston sports he talks about winning and losing. It made me think about making and losing money. I lost money at a very early age and it hurt. The summer between my Junior and Senior years at Babson I had an … [Read more...]
Bond Bubble
I've been hearing, and reading a lot, and I mean a lot, about the bond bubble. But you know what? I’m not concerned in the least. I’ll tell you why. Yes, I know the Fed is talking about raising rates this year. But you and I know the economic reports they gloss over, and wax and wane about, have zero to do with the economy you and I deal with—the one we live and breathe everyday— you know, the real world. And yes, I know how bonds work: when interest rates go up, prices go down. I get it. But the Fed has almost no control over interest rates that you and I care about. They control the … [Read more...]
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