players

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 intimate moment. We snuc

Mara woke me at 3am. Wanted to share an intimate moment. We snuck downstairs, flipped on CNN. Two lovely souls exchanged wedding vows. And we, along with 1,000,000,000 tiny creatures across our shrinking globe, shared in that wonderful human ritual. The dress, train, veil, limousine, palace, abbey, military uniform, medals – all intended to help us imagine our little lives are bigger, and connected. We submit to the

I played Lacrosse and didn’t suck. But to be great, you gotta play rightie and leftie with near equal skill, grace, confidence. I never could. By college, I’d recognized this problem, but at that level it’s damn hard to catch up. The best time to confront weakness is when you’re at ease – under no real pressure – my window had shut. So I made up for a weak left in lots of ways, hit guys real hard, hustled

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 speak great English, they surely picked up some slang while fighting us in Iraq. The EU Parliament (whoever they are) intervened, rejecting Sarkozy and Merkel’s attempt to dilute rules that impose fines on deficit-running nations. Of course, E

We ordered. A light lunch. Conversation’s better that way. And the tables were just far enough apart. The perfect distance. He’s a pro. Connects Wall Street (and Mayfair) to Washington. Exchanged stories, shared gossip, then dug in. Obama’s election committee is sketching out The Plan. Three parts. (1) Copy Ronald Regan’s tax cuts for corporations and individuals, cut deductions. (2) Reduce regulation, shake up the E

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 speak great English, t

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 stop. And it ain’t jus

Those shifting plates beneath Japan won’t stop. And it ain’t just Tokyo shaking. Global forecasts are moving too. Fukushima got upgraded from 5-7, which may be really bad, but who knows, I’ve been brainwashed to rate danger by color code. Japanese minister Yosano shuddered, “The economic damage may be bigger than expected.” The IMF did too, lowering US and Japanese GDP forecasts. Fitch opened a new fault line, placed

What’s the right price? I got asked that all week. Of course, there’s no definite answer, just opinion. Nobel Prize winners say stocks are always the right price. Perhaps. But how the hell does that help? Truth is, today’s price reflects a perfect stand-off between Bulls and Bears. When the totality of Bulls/Bears are relatively optimistic about our future, the stock market is priced high relative to corporate earnin