Month

Do corrections start on bad news? Or do they end on bad news? Might corrections mysteriously anticipate bad news? Or do corrections create bad news? I don’t know. But by the time I figure it all out, I’ll be older than King Salman. More senile too. Confused. Which is why you can’t hold him responsible for naming Yemen’s new war Operation Decisive Storm. Because desert storms are never decisive. They’re divisive. Dupl

“I have something to admit,” said Jackson, our 13yr old, as I walked into his room. He’d had a day to digest the news of our move to Greenwich. “What’s up my man?” I asked. “Leaving Santa Barbara stinks,” he said. I nodded, in some ways it does. “But can I show you something?” he asked, excited, and played a Greenwich lacrosse highlight video. “Wow Jackson, they’re awesome.” He nodded, eyes glued to the screen. “You

Hope all goes well… “Jackson’s crying!” chanted Osama bin Charlie. Jack stopped. Grew calm. “Who’s your best friend Chuck?” he asked. “Pierce,” said Charlie, smiling. “Well, you’ll never, ever, ever, ever see Pierce again.” Charlie went nuclear. Olivia wept. I excused myself to vomit. And returned to explain the importance of putting yourself in the best possible position to win; giving examples of how Mara and I do

“If this unprecedented journey continues, technical, economic, legal and even political boundaries may well be tested,” warned Claudio Borio of the BIS, stunned by the prevalence of negative bond yields, frightened of change. In a changing world. Solar Impulse 2 touched down in Myanmar, completing its latest leg of a circumnavigation, powered solely by the Sun. Oil touched new lows. Elon Musk tweeted, “Au

“I trace the boomerang to 1993,” said the CIO, a top performer, year after year. “It circles the globe, taking out one after another,” he explained. “China’s massive currency devaluation, coupled with its economic opening, produced a massive deflationary impulse that precipitated the 1998 Asian crisis.” Emerging market leaders then concluded they want cheap currencies and huge reserves as insurance against future cri

Hope all goes well… “We live in a world of trending markets,” said Yoda, high in the Rockies. “Fade nothing,” continued the market’s biggest S&P local, more to himself than to me. “Corrections are meaningless.” The dollar index marched from 80 last July to over 100.50, retreating Friday to 97.80 on Yellen’s command. “But a day will come when central banks tell markets to do one thing, and they will do the opposit

Hope all goes well… He stood smiling. But not quite his smile. Behind him in the photo was a wall of countless skulls. Each with its own story, forever lost, but for its final chapter, to Pol Pot’s killing fields. Jackson has accompanied his grandmother to Cambodia, to volunteer for an Operation Smile mission. Where doctors mend the world, one child at a time. Mara had cried, as he left our little oasis for something

Sent a note this week to one of my portfolio managers. He’d proposed a bullish Brazil theme following Dilma’s October re-election, which would’ve been a big loser. Here’s the email: We all get things wrong. The question is why? Improve on the margin, and long-term performance rises dramatically. So reflect back on your excitement after Brazil’s election. It’s a good example of a few things: (1) Politicians: Betting o

“Is interesting, no?” whispered Vladimir, to the mirror, smoking a cigar, surrounded by tabloids. The headlines betraying editorial bias. Putin’s Dead! A Stroke! Palace Coup! And, Vladimir’s a Father! Which is my favorite. Because faced with uncertainty, we believe what we want to believe, we fear what we want to fear. And I want to believe Putin slipped out to Lugano, where his 31yr old baby mama gave birth to their

“Countries with different ideologies, different priorities, different systems of government, cooperated to defeat the Nazis,” said Iraq’s Prime Minister, “It’s foreseeable we see countries which might not get along well in terms of their bilateral relations working to help defeat this threat.” Iran’s military mastermind, America’s nemesis, General Suleimani, draped in black, sporting a grim grin, sipping tea, appeare