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China’s Total Debt Estimated To Be As High As 200%
While China normally dominates headlines for its stunning economic growth and rapid development, new estimates suggest that a massive bubble of bad loans could be building up. Now, analysts believe...
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Ray Dalio 2010 Harvard Presentation
Ray Dalio’s Harvard presentation. If you’re talented, don’t go into a business in which the macro environment will determine your success. What each decade is like is determined by the excesses of the...
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Russia Beyond Sochi: Growing Regional Debts Threaten Stability
Editor’s Note: The following is the first installment of a three-part series on growing debt for Russia’s regional governments. Since the 2009 financial crisis, the Kremlin has allowed Russia’s...
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Debt Deflation and Avoiding Value Traps
During a panic, it is useful to reflect on the degree to which the real economy has been driven by the financial economy. In the Great Depression, the degree was heavy; in the seventies, it was light....
View ArticleBuy When Credit Spreads Are High, Sell When Low
Credit spreads and implied volatility are cousins. When there is complacency, both are low. When there is panic, both are high. For those of us with strong balance sheets, when do we buy? We buy...
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China’s Auditor Says Sovereign Fund Mismanaged Assets
Dereliction of duty and mismanagement were identified in 12 overseas investments made by the Chinese sovereign wealth fund between 2008 and 2013The National Audit Office blamed China Investment...
View ArticleThank You for Your Service: How One Company Sues Soldiers Worldwide
Thank You for Your Service: How One Company Sues Soldiers Worldwide by Paul Kiel ProPublica, July 25, 2014, 11 a.m. This article was co-published with The Washington Post. Army Spc. Angel Aguirre...
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Most People Wish They Had Saved More For Retirement
An American Century Investments found that most people feel like they should have saved more, especially early in their careersFor all the talk of beating the market, avoiding fees, and optimal asset...
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The Credit Cycle And Why It Is Important For Bond Managers
Peddling the Credit Cycle by David Merkel, CFA of The Aleph Blog Starting again with another letter from a reader, but I will just post his questions in response to this article: 1) How much emphasis...
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Francis Chou’s Chou Associates Fund 2015 Semi-Annual Letter
Francis Chou’s Chou Associates Fund semi annual letter for the first half ended June 30, 2015. Dear Unitholders of Chou Associates Fund, The net asset value (“NAVPU” or “NAV”) of a Series A unit of...
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Molycorp Warns Huge Debts Will Be Unpaid In Liquidation
Molycorp, the rare-earths metal producer, warned of a liquidation scenario and presented financial information that justified its exit from Chapter 11 bankruptcy in a way that its business operation is...
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Ray Dalio 2010 Harvard Presentation
Ray Dalio’s Harvard presentation. If you’re talented, don’t go into a business in which the macro environment will determine your success. What each decade is like is determined by the excesses of the...
View ArticleClik here to view.
Russia Beyond Sochi: Growing Regional Debts Threaten Stability
Editor’s Note: The following is the first installment of a three-part series on growing debt for Russia’s regional governments. Since the 2009 financial crisis, the Kremlin has allowed Russia’s...
View ArticleBuy When Credit Spreads Are High, Sell When Low
Credit spreads and implied volatility are cousins. When there is complacency, both are low. When there is panic, both are high. For those of us with strong balance sheets, when do we buy? We buy...
View ArticleClik here to view.
China’s Auditor Says Sovereign Fund Mismanaged Assets
The National Audit Office blamed China Investment Corporation, the country’s $575 billion sovereign wealth fund, for some of its investments leading to losses. The country’s top auditor did not,...
View ArticleThank You for Your Service: How One Company Sues Soldiers Worldwide
Thank You for Your Service: How One Company Sues Soldiers Worldwide by Paul Kiel ProPublica, July 25, 2014, 11 a.m. This article was co-published with The Washington Post. Army Spc. Angel Aguirre...
View ArticleClik here to view.
Most People Wish They Had Saved More For Retirement
For all the talk of beating the market, avoiding fees, and optimal asset allocations, the most important thing that people can do to get ready for retirement (or any other major life expense) is to...
View ArticleClik here to view.
The Credit Cycle And Why It Is Important For Bond Managers
Peddling the Credit Cycle by David Merkel, CFA of The Aleph Blog Starting again with another letter from a reader, but I will just post his questions in response to this article: 1) How much emphasis...
View ArticleClik here to view.
Francis Chou’s Chou Associates Fund 2015 Semi-Annual Letter
Francis Chou’s Chou Associates Fund semi annual letter for the first half ended June 30, 2015. Dear Unitholders of Chou Associates Fund, The net asset value (“NAVPU” or “NAV”) of a Series A unit of...
View ArticleClik here to view.
Molycorp Warns Huge Debts Will Be Unpaid In Liquidation
Molycorp, the rare-earths metal producer, warned of a liquidation scenario and presented financial information that justified its exit from Chapter 11 bankruptcy in a way that its business operation is...
View Article