Wood will burn
“I am definitely concerned. When was [the cyclically adjusted P/E ratio or CAPE] higher than it is now? I can tell you: 1929, 2000…
A time of universal deceit
“Individuals who cannot master their emotions are ill-suited to profit from the investment process.” – Ben Graham. “What really broke Germany was the…
Madness!
“Central bankers control the price of money and therefore indirectly influence every market in the world. Given this immense power, the ideal central banker…
“Everything we are told about deflation is a lie”
“The European Central Bank has given its strongest signal yet that it is prepared to embrace quantitative easing to prevent the euro zone from…
Lured by plausible nonsense
“One of the peculiar sins of the twentieth century which we’ve developed to a very high level is the sin of credulity. It has…
More Bread and Circuses
Editor’s note: We’re grateful to Tim Price of PFP Group for this article. PFP has made this document available for your general information. “Lower…
Pop!
Editor’s note: We’re grateful to Tim Price of PFP Group for this article. PFP has made this document available for your general information. “10th…
Forty centuries of learning nothing
“The co-authors began working on this book in 1974, just after the termination of President Nixon’s controls in the United States. Since that time,…
Animal spirits deflating
“The Fed insists on saving us from ‘everyday low prices’ – they call it deflation. I submit that in a world of technological wonder,…
Not at Davos and proud of it
“We know Carney is blagging us, he knows we know but he has to keep a straight face and essentially say – look chaps…