Tag Archives: Free Markets

Market Valuation, Deus Ex Machina, and Volatility

Posted on September 12, 2011 by Ray Galkowski, CFA

We have written several times to say that the market in general is overvalued based on earnings (the CAPE) and book value (Tobin’s Q). Even after the recent selloff, the market is still well above long-term averages. However, astute market … Continue reading →

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Whitney Tilson Had a Bad Month and is Having a Bad Year

Posted on September 1, 2011 by Ray Galkowski, CFA

I am somewhat surprised by this because I thought he was less than 50% net long. (Correction: Tilson made changes to the fund in August which resulted in the fund being 70% net long).  Covering his NFLX short may have hurt … Continue reading →

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Frank Stonach Meets John Galt

Posted on August 18, 2011 by Ray Galkowski, CFA

It is rare to hear the Chairman of the Board of a public company publicly trash government bureaucrats, especially one from a car part manufacturing company, which is heavily dependent on government regulatory approvals. But, here is Frank Stonach, Chairman of Magna, an … Continue reading →

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Why are there Few Entrepreneurs?

Posted on August 16, 2011 by Ray Galkowski, CFA

Two recent Wall Street Journal pieces highlight our current poor economy. The first recognizes that entrepreneurship is on the decline. Shrinking in a Bad Economy: America’s Entrepreneur Class By JOHN BUSSEY Imagine a small airstrip where single-seat Continue reading

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More Reasons for Rational Optimism–A Cure for Cancers?

Posted on August 10, 2011 by Ray Galkowski, CFA

Economic freedom leads to trade and specialization. Millions of free people pursuing wealth–among other things–develop products and ideas that benefit all of mankind. The mere possibility of a cure for cancers makes me immeasurably wealthier today than I was yesterday even … Continue reading →

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Left in the Dark–How Regulations Encroach on the Private Sector

Posted on July 25, 2011 by Ray Galkowski, CFA

As readers of this blog know, I believe the regulatory burden imposed by federal and state governments is largely to blame for the stagnation in the US and elsewhere. That burden includes the large amount of things government spends taxpayer money on–such … Continue reading →

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Crush the Entrepreneurial Spirit and the US Will Become Greece

Posted on July 14, 2011 by Ray Galkowski, CFA

There was an interesting piece written by Anne Jolis and published yesterday in the Wall Street Journal. The article was on John Coustas, a Greek and head of Danaos Corporation, the third-largest container ship company in the world. I will … Continue reading →

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A Major Economics Lesson in a 5-Minute and 10-Second Video

Posted on July 9, 2011 by Ray Galkowski, CFA

View, in 5:10, practically everything you need to know about the efficiency of free markets and how freedom leads to rapid improvements in your standard of living (H/T: CafeHayek.com): The most convincing argument in favor of free markets is to … Continue reading →

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The Great Minds Think Alike Department

Posted on July 6, 2011 by Ray Galkowski, CFA

If I am correctly reading the notes taken by the Inoculated Investor (http://inoculatedinvestor.blogspot.com/) at Charlie Munger’s annual meeting recently, then Munger is a big fan of Matt Ridley’s Rational Optimist too. The Google document: https://docs.google.com/viewer?a=v&pid=explorer&chrome=true&srcid=0B7X_KYnqpniZNTY4YjdkY2UtNjU5Ny00ZmYxLTg0YWItODJkMWY0ZjBhNzA1&hl=en_US I disagree with the conclusion … Continue reading →

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Vitaliy Katsenelson’s Blog

Posted on January 29, 2011 by Ray Galkowski, CFA

I have just added VK’s Contrarian Edge to the blogroll. VK has strong opinions, but backed up with many facts. He has an interesting tid bit in today’s post: China consumes two-thirds of the world’s production of iron ore. Given the … Continue reading →

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