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Warning: Hope, Hype, and the Herd
“…most investors tend to project near-term trends—both favorable and adverse—indefinitely into the future.”
That’s what value investor Seth Klarman told a group of investors last February. Klarman, portfolio manager and co-founder of the Baupost Group where he has averaged just under a 20% annual return for 25 years. So when Klarman talks, I pay attention.
But hey, this bit of wisdom was from a speech back in February. That’s ancient history for Wall Street and the masters of the universe apparently already forgot Klarman’s sage advice.
Think about it for a second – “most investors project near-term trends…indefinitely into the future.”
“Most investors” are…
7Jan2009 | Q1 Publishing | 0 comments | ContinuedFrom Eisenhower To Obama: The Firms Poised To Cash In On The New U.S. Infrastructure Revolution
Source: Money Morning
Pack your bags, folks – "There’s no more Wall Street."
That’s the damning verdict from Alan Greenberg, former CEO of The Bear Stearns Cos.
Speaking on Bloomberg TV’s "Money and Politics" show, Greenberg declared that the existing Wall Street investment-banking model is dead.
I’m not sure about death, but the broader U.S. economy is like a 2:00 A.M. drunk, continuing to stumble towards the end of a mind-altering 2008, with little long-term relief in sight. Will it ever find its way home again?
One of President-elect Barack Obama’s most ambitious and large-scale plans quite literally seeks to dig America out of…
19Dec2008 | Money Morning | 0 comments | ContinuedChina Slams Western Financial Firms
China’s $200 billion sovereign wealth fund, China Investment Corp. (CIC), doesn’t plan to open its wallet to foreign financial firms and banks any time soon.
Still mindful of losing about $6 billion of the $8 billion CIC invested in Morgan Stanley (MS) and Blackstone last year, chairman Lou Jiwei not only bluntly rejected the notion of putting the government’s money into banks outside of its homeland, but did so citing an overwhelming fear.
"I don’t dare to invest in financial institutions now," Lou, said today (Wednesday) at a conference in Hong Kong, Bloomberg reported. "The policies of the developed nations…
4Dec2008 | Money Morning | 0 comments | ContinuedInfrastructure Investment Opportunities: Two of Our Favorite ETFs Right Now
An old Pennsylvania Dutch farmer friend once told me "Put another way, every new beginning comes from an old beginning’s end…"
What we’re witnessing today in the markets is the end of an old beginning (the housing boom and the subsequent credit crisis). And while the media, Congress and scores of others spend time pontificating, pointing fingers, and engineering "fixes," the smart investors are making investments. Warren Buffett is certainly the most visible investor who’s out there shopping for bargains… and even though we aren’t quite as famous, we’re shopping, as well.
If you believe as I do, that the credit lockup…
9Oct2008 | Investment U | Comments Off | ContinuedFour Brazilian Firms Poised to Profit from Two Powerful Spending Trends
Brazil is no longer just a tourist hot spot, but a solid profit play for savvy investors, too. And one of the best ways to profit from Brazil’s expected 4.8% growth in gross domestic product this year is to invest in one of the Latin American nation’s infrastructure-focused firms.
Business has been good in Brazil, with the government and consumers alike enjoying the benefits. That means everyone has money to spend for improvements, whether it’s for the nation’s infrastructure or personal lifestyles.
Brazil’s government is planning huge investments to improve Brazil’s highways and byways. At the same time, a growing…
19Aug2008 | Money Morning | Comments Off | ContinuedUBS Embarks on Middle East Expansion
UBS AG (UBS) yesterday (Tuesday), announced it had obtained a license to operate in Saudi Arabia, joining a growing number of financial firms looking to recoup some of the over $400 billion in global write-downs to date by tapping into the oil-fueled wealth creation occurring in the Middle East.
â€With over 40 years’ experience in the region our decision to set up operations in the Kingdom of Saudi Arabia is further evidence of UBS’ long-term commitment to the Middle East and marks yet another important milestone for the firm in this very exciting and significant market,†Chairman and Chief Executive…
9Jul2008 | Money Morning | Comments Off | ContinuedMerrill Lynch: Emerging Market Infrastructure Spending Will Surge 80% in the Next Three Years
Merrill Lynch & Co. Inc. (MER) has raised its annual infrastructure-spending estimate for emerging markets by 80%, as developing countries try to keep pace with fast-growing economies and large cash reserves, BusinessWeek reported.
Investment in infrastructure, which the firm sees as the long-term solution to inflation, will rise from $1.25 trillion to $2.25 trillion annually over the next three years. And China, the Middle East, and Russia will account for 70% of infrastructure spending.
The report from Merrill Lynch pointed out that Xstrata PLC (OTC: XSRAY) recently predicted emerging markets would spend $22 trillion on infrastructure in the next 10 years.…
9Jul2008 | Money Morning | Comments Off | Continued
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