Tag Archives: Quantitative Easing

Seth Klarman is Sitting on a Mountain of Cash

Posted on January 27, 2014 by Ray Galkowski, CFA

“…around 50% of our assets are in cash, and that’s a very high absolute number, now around $14 billion and rising…”–Seth Klarman I recently came across this quote from Seth Klarman of the Baupost Group, which he said during a … Continue reading →

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“…the prime directive will be to ‘lose as little money as possible’.” Jason Zweig Interviews Dean LeBaron

Posted on January 18, 2014 by Ray Galkowski, CFA

The WSJ published another excellent The Intelligent Investor column today written by Jason Zweig. In it, Jason interviews Dean LeBaron, retired founder of Batterymarch Financial Management. “For decades, the name of the game for investors has been to make as … Continue reading →

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The Stock Market: Looking in from the Outside

Posted on May 18, 2013 by Ray Galkowski, CFA

We are nearly halfway through 2013 and the S&P 500 Total Return Index is on pace to deliver a return of over 47% for the year. In the last 188 years of stock market activity, the market delivered an annual return of … Continue reading →

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How Safe are the Assets that You Trusted to Your Custodian? Jason Zweig

Posted on March 18, 2013 by Ray Galkowski, CFA

I am a risk manager and credit analyst by training (actually, I think I was born that way), so when I created my hedge fund over three years ago, one of the first questions I asked the partner of (large, … Continue reading →

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Howard Marks in Barrons. Is a Retraction/Correction Coming?

Posted on March 10, 2013 by Ray Galkowski, CFA

I do not think that Barron’s front page headline in this week’s magazine accurately reflects Howard Marks’ thinking. Marks’ latest full-length memo (he is famous for his memos) seems to be a LOT more cautious and a LOT less sanguine about markets, especially debt markets, than the … Continue reading →

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Warren Buffett Cautions Gold Bugs in His 2011 Annual Letter Out Today

Posted on February 25, 2012 by Ray Galkowski, CFA

The whole letter can be found in the Berkshire Hathaway link to the right. …The second major category of investments involves assets that will never produce anything, but that are purchased in the buyer’s hope that someone else – who … Continue reading →

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An Unusually Large Herd of Grey Swans

Posted on February 24, 2012 by Ray Galkowski, CFA

Events that can have a significant impact on the economy and capital markets have become known as swans of various shades thanks largely to Nassim Taleb’s book, The Black Swan, in which Taleb reminded us of Karl Popper’s criticism of … Continue reading →

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Majority of US Finance Professionals Expect the Global Economy to Stagnate or Deteriorate – The Finance Professionals Post

Posted on February 1, 2012 by Ray Galkowski, CFA

Majority of US Finance Professionals Expect the Global Economy to Stagnate or Deteriorate – The Finance Professionals Post Continue reading

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With No Changes, the US Will Be Insolvent

Posted on December 29, 2011 by Ray Galkowski, CFA

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…”

Posted on December 27, 2011 by Ray Galkowski, CFA

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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