The Muni Minefield
Following are some of my remarks prepared for Allen & Company’s Fifteenth Annual Arizona Conference. The discussion, “Munis and the Euro: Crises or Opportunities?”, took place on March 8, 2011. The...
View ArticleGo Long Material, Go Short Certified Idiots
Some relationships: The last time the US dollar exceeded 120 on the dollar index (DXY) was in January 2002. Today it’s trading at 74.04, a 38% decline. Since January, 2002, gold has risen from $282 to...
View ArticleIn an Undercollateralized World
The world is undercollateralized. This is the single most important feature of the 2011 economy. Sixty years ago, if assets were worth less than loans, it was possible to work our way into the black....
View ArticlePlaying Old Maid
When my youngest sister was four-years-old, we taught her how to play Old Maid. She learned quickly but played the game like – a four-year-old. When she was dealt the Old Maid, her little thumb would...
View ArticleThe Euro and You
“Global regulators…have no real sense of what type of contagion effect would occur if Greece were to default,” observes Michael Lewitt in the June 16, 2011, edition of The Credit Strategist. “No doubt...
View ArticleBankruptcy: From Greece to Rhode Island
Central Falls, Rhode Island faces a plight that should be studied for its application elsewhere. It is nearly out of money. This is common news today, whether in Greece or California. The various...
View ArticleWhat a Business
Steve Wynn, chairman and CEO of Wynn Resorts, is a man who knows how to build and grow casinos. His father ran bingo parlors. Over the years, Wynn built (and sometimes sold) the Golden Nugget, the...
View ArticleBuy Anti-Dollars!
The prices of gold and silver shares are derived from the price of their reference metals. The referral method has gone astray, akin to a renegade ETF. Osiris Investment Partners L.P. in Boston, under...
View ArticleAn Absolute Zero
The Federal Reserve Open Market Committee (FOMC) concluded a two-day meeting last week by initiating “Operation Twist.” The FOMC’s press release explained: “The Committee intends to purchase, by the...
View ArticleNo Way Back
Gold and silver will both rise far above their current levels. “When” is unknowable. “Why” is due to the unremitting and insolent amorality of central bankers and their practices. If not Simple Ben at...
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