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Daily Journal archiveBerkshire Hathaway Vice Chair Charlie Munger passed away late last month at the age of 99. Here’s a remarkable story of some of the adversities he overcame to become one of the most successful investors in history (from Kevin G. via X)…
Read articleMunger’s advice on risk management was as simple as it was powerful (from The Long View via X)…
Read articleHere’s a summary of 12 of Charlie Munger’s most important insights on life and investing (from Compounding Quality via X)…
Read articleInvestment Chronicles Issue 09
Read articleWorldly Wisdom From a Great Investor
Read articleThe Naughty List – An Investor’s Version
Read articleA Hard Landing Could Lead to More Distress
Read articleGuns, Wars, and Drugs – a Portfolio Update
Read articleA Top-Shelf Booze Maker at a Dive-Bar Price
Read articleMore Planes, More Profits
Read articleGold Is History’s Greatest Store of Value…
Read articleElectronic Gold
Read articleChris Mayer: Exclusive Conversation and Book Download
Read articleThe big story in November was the dramatic return of risk-taking, as easing long-term interest rates and better-than-expected inflation data fueled renewed hopes of a “soft landing.” For example, large-cap tech stocks – represented by the Invesco QQQ ETF – saw their largest weekly inflows on record (from Barchart via X)…
Read articleBullish options bets on small-cap stocks – via the iShares Russell 2000 ETF – also soared to a new record high (from The Daily Shot)…
Read articleAnd high-yield corporate bonds saw their biggest monthly inflows in at least five years (from Bloomberg)…
Read articleThese moves occurred alongside a violent reversal in investor sentiment. This includes the largest one-week decline in bearish sentiment (from 50.3% to 27.2%) in the history of the American Association of Individual Investors (“AAII”) weekly survey (from AAII)…
Read articleWith positive year-end seasonality kicking in (see Economics and Markets below), this rally could certainly continue a while longer. But history continues to suggest those betting heavily on a soft landing are likely to be disappointed (from Bloomberg)…
Read articleStanley Druckenmiller made a “massive” bullish bet on two-year Treasury notes this month (from Bloomberg)…
Read articleForeigners are no longer buying U.S. Treasury bonds like they used to (from The Daily Spark)…
Read articleWhy the Treasury’s recent QRA shift is unlikely to be a long-term “fix” for the government’s funding problem (from Joseph Wang)…
Read articleThe government’s debt-service costs continue to soar (from Jesse Felder via X)…
Read articleMoody’s Investors Service cut its ratings outlook on U.S. debt this month (from CNBC)…
Read article