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Double Down Institutional Investing

I wrote the following on January 28th, 2010: =-=–=-=-=-=-==-=–=-==-=-=–=-==–==-=-=-=-=-=-=-=-=–=-==-=- I once wrote a post on university endowment investing that I thought was one of my better ones, but drew little attention.  It helped to inform another piece I wrote that was better received, The Forever Fund.  Okay, two more if you are a glutton for […]

Rationality versus Time Horizons

I wrote this on January 16th, 2010: -=-==-=-=-=–==-=-=-=–=-=-=-==-=-=-=–=-==-=–=-==–=-=-=-=-=-=-=-=-==- Would that there were one time horizon — a goal to shoot for, similar to the dispensationalists that plague Christianity with an announced date for the return of Christ.  But a major reason that the Chicago School (as well as the Keynesians) is wrong in their view […]

R Bonds R Bad 4 U

I wrote the following on January 14th, 2010: -=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-==-=–=-=-=-=-=-=-=-==-=–==-=–=-=-=-= I have long been a fan of immediate annuities, particularly those that are inflation indexed, as retirement products for seniors.  Yet, they do not get bought by retirees.  Why?  Well, insurance products are sold, not bought, typically, and when the agent sells an immediate annuity, that […]

Fat Fed Profits Do Not Create a Healthy Economy

I wrote the following on January 13th, 2010: -=-=-=-=-=-=-=-==-=–=-=-=-=-=-=-=-=-=-=-=-=-==–=-==-=-=-=-=-==–=-==- 1) Inflate the size of my balance sheet by 2.5x over last year, all through borrowing at really low rates. 2) Increase my interest spreads by ~50% over last year. means: 3) I only increased my profits by ~50% over last year??!    I would have […]

Yield = Poison (2)

I wrote the following on the palindromic date 01/02/2010: =-=-=-=-=–==-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=- My first real post at the blog was Yield = Poison.  In late February 2007, prior to the blowup in the Shanghai market, I felt frustrated and wanted to simply say that every fixed income class seemed overvalued.  Short and safe seemed best. It reminded […]

One Dozen or so Books on Economics

I wrote the following on December 30th, 2009: –==-=-=-=-=-=-=-=-=-=-=-=–=-==-=-=–=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-= One reader asked me:  David do you have a Top 10 book list on Economic Theory for beginners? Just finished “The Myth of the Rational Market” and loved it. But I don’t know what to read next. Or let me ask the question another way, should […]

Not so Cheap Trills

I wrote the following on December 27th, 2009: =–=-==-=-=–==-=-=-=-=-=-=-=–==-=–==-=–=-=-=-==-=–==–=-=-=-==-=–==-=-=- What would you pay for a bond that offered to pay you $1/year, but would increase its payment by 3.4% each year?  Assume that bonds that offer no increase in payment, but offer $1/year currently yield 4.4%, for a price of $22.73.  Assuming there is no […]

On Contrarianism

I wrote the following on December 23rd, 2009: =-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=- With markets, it doesn’t matter what people say.  What matters is what they rely upon. Face it, people have opinions, and when asked only the most cautious or prudent won’t give an answer.  Talk is cheap. But money talks.  What will people or institutions risk some […]

Uncharted Waters

I wrote the following on December 22nd, 2009: -==-=-=–==-=-=-=-=-=-=-=-=-=-=–==-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=- It does not matter how you measure it, the US Treasury yield curve is at its steepest level ever.  Away from that, the value for expected five-year inflation, five years from now is at its highest level ever, excluding the noise that we had as our […]

Where the Rubber Meets the Road at Home

I wrote the following on December 19th, 2009: =-=–=-==-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=–=-==-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=- Dear David, Quick question in case you find yourself with time to spare on your blog (ha!! ) : You have a large family. What do you teach your children?  How do you prepare them using the economic back drop? What are the hopes, the fears […]

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