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Hope all goes well. Be back next wk with full w/e notes. Needed a breather. Plus I’m engrossed in Decoded, new book by Jay-Z. My favorite living artist. Tells the story of Man’s struggle. Set in NYC, my hometown. Explores ambition, hunger, loyalty, hard work, power. Passion for the game. Turning nickels to dimes, dimes to bricks. Anyhow, I spent the wk in NYC with hungry guys, ambitious. All in lo
Hope all goes well. I confess. Tried to squeeze too many things into too few hrs. Failed. So I’m keeping it short. I’ll be back with full w/e notes June 5th. I’m jetting out tomorrow, heading to the Apple. Overall: Oh what fascinating creatures we are. Glorious. Pathetic. Noble. Base. Good. Bad. And of course, we’re weak, small, and have precious little time to learn so many complex things. Is it
Hope all goes well. Returned from London. I met so many fellas. Listened too. Everyone wants to buy commodities. And of course, the boys expect the USD to decline. Bonds too. Stocks may go higher, but “you gotta be careful” – so goes the chatter. Overall: What a miracle. The basket nearly empty, the multitude many. But when they counted the dough, there appeared aplenty. USDA forecast corn stockpi
Hope all goes well. What a ride! They just keep building these roller coasters bigger, better, faster. Financial engineering and abundant liquidity greases the wheels. I rode like everyone else. Felt those highs, lows, twists, turns, corkscrews too. Managed to finish the ride without puking. Owning options helps. I’m off to London’s Global ARC. Overall: Obama had a helluva wk, Osama too. World was
Hope all goes well. Big wk in Santa Barbara. May inflows are strong. Managing over $800mm now. And in our industry, where trillions change hands everyday, it’s easy to lose sight of a number like that. But truth is, it’s a mountain of trust and faith that some of the world’s best investors have placed in our hands. We’re humbled, real grateful. Overall: Mara woke me at 3am. Wanted to share an inti
Hope all goes well. We gathered Fri as an Investment Committee. Having mkts closed for 3days helps you relax, open the mind, be more objective. Plus a new friend visited, it’s pretty busy here in Santa Barbara. Overall: What busy bodies we are. Just can’t help ourselves. Oh well, we’re Human. The British sent advisors to Libya, guess yelling orders at Mach 2 got old. And while the rebels don’t sp
Hope all goes well. Toured NY. Met 22 firms. Reminded me of my recent tour of Switzerland. And Texas. And St. Louis. And London. And Canada. And Miami. Why? Fellas want to talk about all the problems in our world. In these travels, haven’t found a raging bull. Not one. The globe’s filled with very nervous longs (and plenty of bankrupted bears). Overall: Those shifting plates beneath Japan won’t st
Hope all goes well. Had one of those Yin-Yang wks. Baby Charlie drooled in my mouth, gave me the flu, Mara and I moved house, I threw my back out. But the USD had an even worse time than I, so our portfolio blossomed. Life’s like that, right? I’ll take it. Overall: Yawn. Boring. Same stuff. The US Dollar extended its inexorable decline. Pretty much everything you can buy with devalued Dollars exte
Hope all goes well. Spring’s arrived. Migration’s in full swing. The S&P headed north, the USD south. Animal spirits are rising, it’s the season furry fellas get frisky. Of course, if you got no job, underwater mortgage, sleep on glowing tatami mats, drink Guinness, Sangria, etc, it’s still chilly. But those are worries for another season. Overall: Sadly, one-way bets are a rare find, usually