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A Collection of Interesting, Important, and Controversial Perspectives Largely Excluded from the American Mainstream Media
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Wall Street

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A famous maxim has it that in the short run markets are voting machines, but in the longer run weighing machines. The point is that though short run movements can be remarkably fickle and irrational, markets do – eventually – self-correct and produce reasonable prices. But “eventually” can be a long time, especially where currency... Read More
It’s Panic Saturday, the last big shopping day before Christmas. If you are racing to find a stocking stuffer for an economically curious friend, I have the very thing: Thom Hartmann’s new book The Crash of 2016: The Plot to Destroy America – and What We Can Do to Stop It. The book is a... Read More
With Wall Street suddenly in turmoil and no end in sight to the federal shutdown, I thought it would be interesting to revisit some Japanese stocks I recommended in March. They have not disgraced themselves. Overall my ten recommendations of March 12 are up on average 15.3 percent. By comparison the Standard & Poor’s 500... Read More
Informed Americans think they know all about the Madoff affair: for decades charismatic fund manager Bernard Madoff ran a Ponzi scheme, thereby bilking the cream of New York society, but he was eventually found out and jailed. What is less well known – and far more geopolitically important – is what the Madoff affair says... Read More
The last time I made a major call on Japanese asset values was in September 1987, when I suggested both stocks and real estate were wildly overvalued. For my pains I was denounced on all sides. This was the height of the bubble, of course, and for the bubbleheads I instantly became Public Enemy Number... Read More
The horsemeat discovered on British dinner tables last week was (1) supplied by a Swedish frozen foods marketer that had (2) outsourced meal preparation to a French company that (3) operates a factory in Luxembourg that (4) uses meat imported, (5) via a Dutch agent, (6) from Romania. At least that is the BBC’s version... Read More
Last year was a good year for my stock picks — but what do I for encore? As I pointed out yesterday, the S & P Index is close to its all-time high. To say the least, there are fewer attractive looking stocks around today than a year ago. A further concern is that the... Read More
As a Warren Buffett-style investor, I am happy to report that I have consistently beaten the market over the years. Thus although my commentaries in this space focus mainly on the weighty – perhaps too weighty – issues of East Asian economics and politics, I have occasionally offered readers some “light relief” with assessments of... Read More
A second shoe has dropped in the SEC’s ostensible effort to crack down on the “red collar” crime wave. The term refers to stock scams emanating from Chinathat, by TheStreet.com’s estimate, already by last year had cost U.S. investors at least $34 billion. As I pointed out on Tuesday, this scandal puts the United Statesand... Read More
HALIFAX, N.S. I have just arrived in Canada to participate in the Halifax International Security Forum and find myself suitably impressed by my surroundings. It is my first visit north of the border in more than a decade and it is abundantly clear that the Canadian economy has been outperforming. The markets concur. Canada’s success... Read More
Donald Trump’s attempt at an October surprise the other day may have been a damp squib but now a real firecracker has been thrown into the presidential race. It comes from Charles Ferguson, director of Inside Job, an acclaimed documentary on the financial crash of 2007-2008. In an exceptionally closely fought election, Ferguson’s disclosures may... Read More
“Sell in May and go away.” It is an old British adage that I have been hearing every year since I began as a financial journalist in London in the early 1970s. These days it seems to be almost as often mentioned in stock market dispatches in United States as in the United Kingdom. As... Read More
Getting the American economy back on solid ground will require new financial regulations. Goldman Sachs alums aren’t the men for the job.
As bewildered Americans survey the wreckage of their nation’s once vaunted financial system, they could do worse than reacquaint themselves with one of Wall Street’s oldest and most revealing parables. The story goes that an out-of-town customer dropped by to talk to his broker and afterwards was ushered around Lower Manhattan’s yacht-filled docks. “Here is... Read More
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