Monthly Archives: July 2011

De Minimus Laws

This post is different, therefore it has to start with a disclaimer. I am not a lawyer. Yes, I am good at reading legal documents, such as securitization agreements, structured securities, insurance contracts, insurance laws and regulations, etc., but that is not the same as having legal training.  I make mistakes, and how much more […]

The Costs of Illiquidity — II

I thought it was bad enough to try to dissuade people from buying life contingent cash flows.  Now I get to talk about Non-Traded REITs. This is the first time I heard about them.  Doing a little digging, there is controversy around them.  But let’s talk about the benefits first: You receive a high and […]

Where to Hide?

We can’t rely on US Treasuries?  If so, what can you do to preserve purchasing power?  I will ignore a variety of exotic strategies/derivatives and focus on things that can be executed by individuals and small institutions. The first idea that comes to mind is gold, silver and commodities.  Commodities don’t lie, they just sit […]

Cash Versus Valuations

From reading your blog, it isn’t clear whether you are a value investor or a valuation based investor. When you wrote that you would sell something only if you had a better opportunity, it sounds different from a traditional value investor (buy at a discount to fair value and sell when it approaches fair value, […]

Book Review: Lords of Finance

  I really enjoyed this book.  It taught me a lot regarding the four main central bankers and the problems that they faced between WWI and WWII.  Add in Lord Keynes and you have real party. WWI Reparations were too large for the Germans to afford.  But worse, France and England relied on those repayments […]