The Stingy News Weekly (07/22/2012)
Why we're driven to trade
"Most of the folks who say buy and hold is dead don't talk much about their long-term returns. Instead, they stress how they have done recently, a tactic that for many potential clients has the same irresistible appeal as the last couple of pulls on a slot machine."
Ideologue vs. Estonia
"'What Krugman has not mentioned at all,' says Urmas Varblane, 'is that when economic crisis entered Estonia in 2008, then we had already our own crisis.' For Varblane, who teaches economics at the University of Tartu, the real crisis was what came before the downturn: unsustainable, debt-driven growth that distorted the economy."
"Economists have regularly failed to predict recessions and were completely caught out by the recent financial crisis, as the Queen famously noticed. The shortfalls of the profession are old news. All the way back in 1994, Paul Ormerod wrote a book called The Death of Economics, lamenting the failure to forecast the Japanese recession or the collapse of the Exchange Rate Mechanism, from which Britain was turfed out in 1992. 'The ability of orthodox economics to understand the workings of the economy at the overall level is manifestly weak (some would say it was entirely non-existent)' Ormerod wrote."
Third Avenue is buying HK real estate
"Wolf started buying up Centro's distressed debt at less than 60 cents on the dollar late last year, while it was still in bankruptcy. The debt was converted to equity, and now Third Avenue owns more than 13.8 million shares of the new company."
Why Berkshire is killing it right now
"The reason why the stock has gotten this burst of momentum is very simple - Berkshire is the single greatest play on the housing market resurgence extant. It's got the safety of a well-diversified business and it hits the housing market from virtually every angle - remodeling, re-mortgaging, recovering prices etc."
Howard Marks interview
"Howard Marks, chairman of Oaktree Capital Group LLC, talks about Europe's debt crisis, the global economy and investment strategy."
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