Monthly Archives: December 2011

With No Changes, the US Will Be Insolvent

http://www.washingtonpost.com/opinions/the-dirty-secret-in-uncle-sams-friday-trash-dump/2011/12/28/gIQArtWMNP_story.html?tid=sm_btn_tw Buried in GAO financial statements released on the Friday before Christmas was this information (H/T Guy Spier): In fiscal 2011, the cost of [Social Security and Medicare] promises grew from $30.9 trillion to $33.8 trillion. To put that in context, consider … Continue reading

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Ron Paul’s Portfolio: “A Cellar-Full of Canned Goods and 9mm Rounds…”

At least that is what William Bernstein thinks (H/T: Greg Mankiw): At our request, William Bernstein, an investment manager at Efficient Portfolio Advisors in Eastford, Conn., reviewed Rep. Paul’s portfolio as set out in the annual disclosure statement. Mr. Bernstein … Continue reading

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The Origin of Kellogg’s Corn Flakes

Like mutations in evolution, many accidents such as the one described below lead to increases in diversity. Further proof that centralized, top-down planning could never produce a standard of living as satisfying as atomistic, decentralized agents produce. I love browsing … Continue reading

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Part II of my Notes from the CFA Institute’s Value Investing Conference

(Click on the tag below for the other parts) Sorry, I was very busy. Rather than wait and post notes on several speakers, I thought it better to post each one as I complete it. As a reminder: The CFA … Continue reading

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Cleveland Fed: State of the Consumer

US consumer data does not comport with the optimistic market today (H/T: Jason Zweig) http://www.clevelandfed.org/research/trends/2012/0112/01houcon.cfm   &nbsp… Continue reading

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Happy Holidays from the Margin of Safety Blog

The Wall Street Journal can be surprising. I never heard of this little girl before seeing the embedded video on WSJ.Com today, but she apparently came out of nowhere and did well on the TV show, America’s Got Talent. Enjoy:… … Continue reading

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More on Europe from SocGen and Kyle Bass

From a SocGen Analyst’s note released today: The extraordinary events we’ve seen these past months are now threatening the euro project, and calls for its dismissal, which were laughable a year ago, are becoming more mainstream. Risk aversion has increased … Continue reading

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A Close Examination of Federal Stimulus Spending in Silver Spring, MD…

…and the US. Whew. (H/T: Cafe hayek) More evidence that the Austrian School is correct. Paul Krugman still believes we just needed more of this:   On another note, George Mason University has quite an impressive number of thinkers in … Continue reading

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“It’s a Disaster, the United States…” Kyle Bass

Bass’s usual upbeat outlook on Japan, Europe and the US as broadcast on BNN today. I wish the interviewers would have allowed Bass to fully answer their questions. They cut him off too many times to ask a new question in the … Continue reading

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The President and CEO of the CFA Institute Presents…

…a video introduction to the Institute’s annual report. John Rodgers has done a fine job and is an excellent spokesman for the CFA Institute. Now, if it could only help charterholders like me raise capital for our investment vehicles…… Continue reading

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