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- A small size advantage: "If these large asset managers tore apart every $5M security for sale and stress-tested it for several hundred default, recovery, prepay and modification scenarios (as we do), they would find it difficult to put their money to work)."
- From John Robb: "Summer spikes in gasoline prices have tanked the US economy in every year since 2008-2011... Oil production is now steady state. The prices increases until if forces a decrease in economic activity, which drive prices down again."
- The AAPL rally as a bad sign: "Whenever the performance chart of the world's largest market cap company goes parabolic, well - the jig is up real soon."
- Another Jobs review: "There is much that is wrong with Walter Isaacson’s biography of Jobs, but its treatment of software is the most profound of the book’s flaws."
- Stableboy: "Steve Jobs was so good at forecasting how certain tech businesses would do that I really wonder why Apple didn’t have an internal hedge fund to take bets on his views."
- Bonds are currently priced to achieve a five year forward return of only about 2 percent.
- Profile of Louis Bacon in Fortune.
- Stableboy: Samsung Still Thinks TVs Are Only About Picture Quality
- Economic data point: Pulse of Commerce Index shows a 1.7% Drop in January
- Warning: A divergence between US financial credit and equities. (Credit markets are systematically smarter than credit markets.)
- Steady Progression of Lower Highs in the Russell 2000.
- Deindustrialization: "Nothing in North America currently approaches these enterprises. The changed position of the USA is remarkable. In the 1940s it manufactured over 2700 Liberty ships, each 10,800 tonne DWT - possibly pioneering modular construction at that scale (average construction time was 42 days in the shipyard). In the 1970s it had a substantial heavy infrastructure, but today China, Japan, South Korea, India, Europe and Russia are all well ahead of it."
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