In reference to another client response I received this morning, one of my best friends in life pointed out, "well, you're making a market out there!"...
That is the goal of building a business on cummulative knowledge, indeed. Although I have been more right than wrong this year, we're looking for the right answers over here, and those certainly won't always be my answers.
Here's the note - enjoy; especially the Grantham link - definitely on the required reading list for the objective seekers of truth out there.
"Although Ben takes a lot of heat and should pull a Volcker (btw, I find it interesting that Volcker is on Obama's advisory board - or inner circle of advisors or whatever you want to call it) - regardless, it was Greenspan that got us in to this mess. Ben has the toughest job on the planet right now and is not doing us any favors by trying to nice to everyone. Raising rates will crush everything people say. My response is "we are going there anyway" To me, it's simply "get it over with rather than dying a death by 1,000 paper cuts." Nobody like a guy who spoils the party, which is why Volcker lasted a short time and Greenspan, conversely, lasted a long time. Ben seems to be trying to be somewhere in between. But he needs to pull a Volcker (so I can make a ton shorting these stupid fertilizer stocks).
anyway, Avery signed with the Stars, the Tour de France starts this weekend and the Olympic swimming trials continue. The market is incredibly inefficient right now. Quality assets are for sale. Ben needs to do the right thing and correct Greenspan's mess. If he doesn't, a hot dog (believe me, I know protein fundamentals real well) will cost $30 next July 4. Viva la Pig.
read the last newsletter (1Q2008 letter to clients midway down the screen). this is outstanding work, even if there are no hockey analogies."
A Friend Of Mooner's