Excellent trip to LA — met many terrific folk, ate at many a great restaurant, saw many “beautiful people.”

Next time we go somewhere, it will be closer to home.

Any suggestions? We will take our portfolio review road show to other locales. I am all ears for suggestions as to cities to visit.

Category: Markets

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

49 Responses to “Recovering from L.A. Trip”

  1. km4 says:

    While you’re recovering ponder this… Soros says U.S. faces “lasting slowdown”

    NEW YORK (Reuters) – The U.S. economy is in for a “lasting slowdown” and could face a Japanese-style period of relatively low growth with the added problem of high inflation, billionaire investor George Soros said on Monday. Soros told Reuters Financial Television that rescuing U.S. banks could turn them into “zombies” that suck the lifeblood of the economy, prolonging the economic slowdown.

    “I don’t expect the U.S. economy to recover in the third or fourth quarter so I think we are in for a pretty lasting slowdown,” Soros said, adding that in 2010 there might be “something” in terms of U.S. growth.

    http://www.reuters.com/article/ousiv/idUSTRE53537D20090406

    The crash has laid bare many unpleasant truths about the United States. One of the most alarming, says a former chief economist of the International Monetary Fund, is that the finance industry has effectively captured our government—a state of affairs that more typically describes emerging markets, and is at the center of many emerging-market crises. If the IMF’s staff could speak freely about the U.S., it would tell us what it tells all countries in this situation: recovery will fail unless we break the financial oligarchy that is blocking essential reform. And if we are to prevent a true depression, we’re running out of time.
    - Simon Johnson, The Quiet Coup

  2. Mannwich says:

    Come on out to the Twin Cities, Barry! Wait until about June though. Anywhere from June – September is fantastic here. You might even be able to get some boating/fishing in if you’re into that.

  3. leftback says:

    “Beautiful people”, Barry? It’s all silicone, you know…

  4. awilensky says:

    Boston, Concord, and Lexington/ The Old North Bridge. Sit quietly there and feel the emotions of the blood-soaked ground. Your spine will tingle.

  5. bman says:

    Visit Detroit, You know they need the help, but do they have anything to invest?

  6. JohnDoe says:

    Boston please.

    p.s. how do i change my password on this thing. they give the most ridiculous passwords i’ve ever seen. my banking password is easier to remember.

  7. leftback says:

    Mannwich, the Twin Cities are nice.
    - but Northern Minnesota has two seasons: winter and black flies. You betcha.

  8. Mannwich says:

    Agreed, lb, but the state bird (mosquitoes) aren’t that bad within city limits. They get a bit unruly at dusk (and a little at dawn) but nothing a little bug spray can’t handle. We’re on a bit of a hill with a breeze, so they’re not as bad as I thought they would be here. The place buzzes in the summer with outdoor activity too because we don’t have the luxury to take good weather for granted.

    Northern MN is great in Sept/Oct when the bugs are mostly gone and colors out in full force. The North Shore by Lake Superior is great.

  9. hipster says:

    All the money in the Twin Cities got Madoffed….

  10. Mannwich says:

    BR: Another thing: I think you might be surprised at the wealth here as well. A lot of entrenched old money though, which could be tough for your pitch, but I’m guessing there are many unhappy campers who might be at least open to a change. Quite a few Madoff victims here, as well as Petters victims.

  11. Whammer says:

    @JohnDoe,

    Click on your name by the comment box — where it says “Logged in as JohnDoe”. You will get to a screen that lets you specify your password.

  12. Bruce in Tn says:

    Don’t come to east Tennessee, Barry. Sorry.

    …unless you want to see the Smokies, maybe attend a UT football game (105,000 fans), drive the Blue Ridge Parkway, see the Cherokee Reservation, fish for trout, go sport climbing, kayaking, ride horses in the South Fork, see a bluegrass festival, clogging, spelunking, visit an old coal mine….just get the city out of you…

    I would know. I spent the first twenty years of my salt mining career in an urban setting…never go back.

  13. Porsche87 says:

    Next time out West, try a bit further south, San Diego. More laid back and scenic than LA, but serious money in La Jolla and Rancho Sante Fe. Great restaraunts and microbreweries too. With May Gray and June Gloom on the horizon, you would want to wait anyway, but July through November is awesome, and by then you’ll be ready for a long trip again.

    ~~~

    BR: I love Roppongi in La Jolla!

  14. r says:

    One of my best vacations in the NE was in Newport RI. Views of the water are nice. Tour the mansions. Of course it was before kids, which might have something to do with it.

  15. franklin411 says:

    Why would anyone go to LA. Next time stay in the civilized world, Barry. Come to Santa Barbara…it was 80ish today!

  16. deanscamaro says:

    Well, Barry, I would invite you to Phoenix, except you are running out of time before the heat wave hits for the summer. Winter is great and bring your clubs if you have them. I know you have a yearly “buds fishing trip”, but I wouldn’t put great stock in fishing the Great Southwestern Desert.

  17. JD says:

    Jackson Hole, Wy. Tons of money and maybe if you’re lucky you can get a ride in Harrison Ford’s Jet Ranger. Just don’t tell him you’ve been making a steady 1% a month for the last 8 years, they’re all a bit spooked by the Madoff Miracle.

  18. MRegan says:

    Barry-

    Go further afield. Go to Brasil. Sao Paulo, Salvador, and Brasilia. Partner with someone. Meet with mixed groups- American and European executives and Brasilieros. Shoot for the people with 4-5+million and work you way up the food chain. Poach the lower level guys that Goldman Sachs routinely screws.

    There may be some very rich soybean farmers the el sertão originally from Illinois up in the north.
    Voce pode tenta-lo!
    In Salvador, Bahia, go to see Mestre Didi and ask him for a blessing. Tell him the architect’s son-in-law sent you. Ask to see his art.

    http://falandonalata.wordpress.com/2008/08/03/mestre-didi-e-a-estetica-do-sagrado/

    http://galeriamurilocastro.blogspot.com/2008/07/exposio-mestre-didi-da-ancestralidade_1056.html

    This is what I hope you feel after meeting him: “Me senti abençoado.”

  19. BR,

    MR is more than serious, as a + , it’s a Great idea.

    Gives you chance to hedge some of your embedded Longs, and leverage your Brand into a New market w/ Long-Run Growth potential..

    on a tertiary front, it’ll give you impetus to launch BRIPTV..

  20. Marcus Aurelius says:

    Bayonne.

  21. MRegan says:

    MH-

    I am serious. It is tough being a prescient nut, a clairvoyant jacarandá.

    In may of last year (2008) I tortured a bunch of higher ups about morale and productivity in our company urging them to take action and adopt a series ideas I had (none of them relating to a Brasilian mestre-Barry, I only mention M. Didi because you are special) and yeah, I was dismissed like a flunkie with mustard on his tie. We are currently receiving desperate emails about ‘enthusiasm’ and ‘teamwork’ and ‘focusing on the future’.

    Barry-

    I have a million ideas, one or two of them good. You have my email, let me tell como fazer farta prata no Brasil, with no money down ; )

  22. Simon says:

    Just like every where else we are in need of financial advice with integrity here in New Zealand.

  23. Mannwich says:

    @MRegan: Your F call looks pretty darn good right now to me. I almost hopped on it at 2.90. Coulda, woulda, shoulda……

  24. denis_bda says:

    Bermuda – it is only 2.5 hours away from NY afterall

  25. franklin411 says:

    I’ve just been given my first class to teach as a legitimate college instructor (IE, I’m the professor, not the assistant now!) this summer. It’s modern America, 1960-present and I’d like to include a brief, readable but still scholarly work on the rise of free market fundamentalism from say the 1980s to the present. Target audience would be history majors on the junior and senior level. Anyone have any book suggestions? I just found out I got the class and they need my book order soon!

  26. MRegan says:

    Mannwich-

    Here is a tragic story. In January of 2007 I begged a colleague (I mean borderline harassed) to buy FDG at 19.70, begged him, it was ridiculous, I feel ashamed to this day when I ponder my prostration!

    Long story short, FDG was bought out by a PE operation for 75+ or something, right so where is the tragedy- the colleague of course viewed as a complete nut (rightly so) and bought nothing- that is not the tragedy, the tragedy is I bought nothing as well- despite my crippling certainty, I could barely walk under the burden of my certain knowledge- atrocious.

    I will continue to offer ideas here, they will be perceived as nutty and the grinding of teeth will be deafening, even over the intertubes. (I’m so glad it turns out that Sen. Stevens wasn’t crook after all, my faith had been mightily shaken).

  27. MRegan says:

    franklin411-

    congrats. Now you have them at your mercy, twist their minds, unmoor them, leave ‘em shuddering, shocked, and vacant-eyed. Why? Because it is fun. And don’t forget that lovely essay by Von Hayek:

    The Use of Knowledge in Society. http://www.econlib.org/library/Essays/hykKnw1.html

  28. Logan says:

    These two suggestions are about half the distance (from NY to LA that is):

    Rural – Brevard, NC – Come in the summer or fall. Things to do: Pisgah National Forest (lots of stuff to do in there… Sliding Rock, Trout Hatchery, scenic drives on huge cliffs, Devil’s Courthouse, etc.), DuPont forest (Triple Falls), lots of hiking, really small quaint town, eat at Square Root, go kayaking, and be lazy. It’s just a beautiful place.

    Urban – Chicago, IL – Come between late May and early September. Things to do: free concerts at the Pritzker Pavilion Wed., Fri., and other dates (it ranges from the CSO to popular bands) you can also bring wine, beer, and a picnic; eat deep dish pizza at Giordano’s, Connies (red pepper and garlic), or Chicago’s (spinach); visit the Lincoln Park Zoo and greenhouse for free; the Art Institute just got revamped and has excellent impressionist paintings, lots of Picasso, an entirely new wing of Hindu and Buddhist sculptures, American art, and usually a good photography exhibit; if you’re more into contemporary the Museum of Contemporary Art is free on Tues. nights; fireworks at the lakefront every Sat. and… Wed. I think; don’t ever go to Navy Pier for anything other than the IMAX or the Shakespeare Theater; and eat at Cozy (thai, BYOB), Bongo Room or Orange (breakfast), Hackneys or Hopleaf (beer and pub), Signature Room (top of the Hancock, just get a drink, it’s expensive but cheaper than the obsevatory, higher up, and you get a drink), and Trattoria Caterina (italian, BYOB); Cubs games are fun (I don’t endorse the team); go to North Ave. beach if it’s hot, and if it’s nice go sailing.

  29. Mannwich says:

    On another note, can someone (maybe leftback?) please tell me why the NIKKEI keeps rallying day after day after day in the face of terrible news lately? Am I missing something there? Is this merely a sucker’s rally as well or something different?

  30. usphoenix says:

    @Mannwich: The Twin Cities once were the No 3 corporate HQ location. It got so cold all anyone could do was consume antifreeze and party. The stories I could tell you …..

    But my all time favorite recollection was a little dinky brewpub offering walleye. I hate to spill the beans, but walleye is where it’s at. Once I tipped everyone there for our meetings, that was the end of that. Try to get a table.

    If I have favorite places, sorry, I am keeping them to myself. Been there, done that. The herd shows up.

    Oh, Austin. I’m not going back there anytime soon. Tons and tons of money. The restaurant and music scene is only equaled two or three other places. And the weather ain’t too bad. But you have to like bats and loonies.

  31. Jeff,

    3 letters BOJ, they’re buying the NIKKEI so it doesn’t go out of Style..

    and, it’s looking like the ‘carry-trade’ might getting warmed-up again..

  32. and, franklin,

    much along MR’s point, see:

    “Being an historian and a bibliophile, I probably get overly impressed at the extent to which certain past and forgotten authors anticipated and even to some degree transcended subsequent better-known authors and schools of analysis. Having admitted that up front, let me ask any and all fellow progressive critics of American corporate communications a simple bibliographic question: have you ever read or even heard of onetime communications professor Herbert Schiller’s thirty-six year-old book The Mind Managers (Boston, MA: Beacon, 1973)?

    Dedicated to the notion that “the flow of information in a complex society is a source of unparalleled power,” his book was an important early effort to show how corporate thought-controllers” used “mainstream” (corporate) media and other means to conduct “a national communications pageant” (Schiller 1973, p.6) in support of “the state-capitalist [United States] economy” and its vast global and military reach. To a degree that I (perhaps naively) find surprising, his book is missing from the endnotes, indexes, and bibliographies of left media analysts. It disappeared in the bibliographical mist even as it seems to have anticipated numerous critical and important themes in a subsequent and impressive literature of left media and propaganda criticism in the U.S….”
    http://www.zcommunications.org/znet/viewArticle/21084

    as an aside, if you don’t your purview of ‘free-market fundamentalism’ as a reaction to the Totally regulated ‘Economy’ of the ’70s, you, obviously, have an axe to grind..

  33. Mannwich says:

    Thanks Hoffer. Didn’t know that. Knew someone would know here.

  34. Jeff,

    seems, more accurately, for public consumption, the BOJ is buying Stock directly from Banks
    http://www.boj.or.jp/en/type/release/adhoc09/fss0902a.pdf

    and buying JGBs, see this expert doublespeak: “While the BoJ increases its outright purchases of long-term JGBs, the BoJ would effectively be able to supply funds that help create jobs. Of course the BoJ, by nature, rejects the notion that it is financing fiscal policy,” he said.

    Indeed, on March 19, Bank of Japan Governor Masaaki Shirakawa said purchases of JGBs are not intended to fund government fiscal stimulus, but aimed at moving bond yields.

    Morita said that going forward, the Bank of Japan might improve its assessment of the economy, “though the possibility might be remote at this stage.” ”
    http://www.dailymarkets.com/releases/2009/04/03/jn-preview-boj-to-hold-target-rate-expand-measures-to-boost-corporate-finance/

    weaker Yen, now ~100.9/U$D

  35. Trainwreck says:

    How about D.C., and specifically to the U.S. Congress. And what I mean is that domed (doomed?) capital building where they have hearings where overpaid plutocrats pontificate about how well they are serving the American people.

  36. That sentimental mofo says:

    @franklin411 tricky one as I think the definitive book is probably yet to be written (unless it’s Mr. Ritholtz’s forthcoming), but take a look at _An Engine, Not a Camera: How Financial Models Shape Markets_ by Donald MacKenzie. Excellent book that really delves into the emergence of the derivatives markets in the 70s, written by a sociologist of the Actor Network Theory school of thought.

    Tons of other books telling parts of the story, Nicolas Talib, Bernard Mandelbrot, Steve Keen, Paul Ormerod, Joseph Stiglitz, and the behavioral economists all deserve a look. Sure I’m missing some at this late hour too.

    Not at his peak during the time period you mention, but Galbraith meets the rest of your criteria well. His later work certainly doesn’t get the attention his classics from the 50′s and 60′s do, but he was still pretty sharp writing about the 80′s and 90′s…

  37. elijahchancey says:

    Barry, I strongly recommend checking out Sea Island, GA. They hosted the G8 in 2004 and there are quite a few well heeled folks there. The coast of Georgia is amazingly beautiful, and lacks much of the concrete and artificial palms that Florida offer.

  38. aitrader says:

    I’d second (or third) Boston as a destination. It is moving quickly to becoming a food town ala New York or San Francisco. (I’d be happy to send over a list of our favs). It’s also a great walking town chock full of early US history. Seeing the church that launched Paul Revere’s ride or the common where Patrick Henry stood on his soapbox is very cool. And don’t miss a Red Sox game at Fenway, one of the few old ball parks left, having been built in 1912. Especially if they are playing beating the Yankees :-)

    The freshest lobster I’ve ever eaten was in Rockport a bit up the coast to the North. The Roy Moore Lobster Company buys them fresh off the boat and keeps them alive in tanks. You point to the one you want and they steam it in front of you. Then you sit out back with a view of the little bay and the lobsterboats and eat it up. I also highly recommend their clam chowder.

    And if you like Italian, Boston’s North End has some of the best I’ve ever eaten.

  39. insaneclownposse says:

    Seattle is a winner. Lot of money in that town due to software industry. Plus it’s a lot of fun. Make sure you visit in the summer though. Mt. Rainier will absolutely blow your mind when you see it.

  40. dbowe says:

    I know you said closer to home, but how about London!

  41. CPJ13 says:

    Barry,

    Here’s a third request for Boston. My family, friends, and business partners are up in the area, and I could assemble a relatively sizable group who would be very interested in hearing about your services.

    I also have a house in Tesoro, down just north of West Palm Beach. High end golf community, older folks with lots of money, many of them got killed and have been asking who I use, what to do, etc. Might be worth a trip before we hit the height of the summer.

    Just my 2 cents. And yes, the food in Boston is incredible. Don’t miss Davios in the Back Bay.

  42. franklin411 says:

    Thanks for the tips, everyone! This is great!

  43. Mr Beefy says:

    Come to Green Bay, Wisconsin, a.k.a., Title Town! I’ll get U a cheesehead and a brat!

  44. batmando says:

    Whammer Says:
    April 6th, 2009 at 8:26 pm
    @JohnDoe,
    Click on your name by the comment box — where it says “Logged in as JohnDoe”. You will get to a screen that lets you specify your password.

    Thanks for the tip, Whammer. Unfortunately, all my favorite passwords apparently are Too Short, yet WordPress doesn’t inform us just what the minimum # of characters actually is (at least more than 10).

  45. batmando says:

    @Mregan
    from Mestre Didi site http://falandonalata.wordpress.com/2008/08/03/mestre-didi-e-a-estetica-do-sagrado/
    “É fazendo muita merda que se aduba a vida !!!!”
    which thru the auto translation to English yields
    “It is doing a lot of s**t that fertilizer life !!!!”

  46. MRegan says:

    Batmando-

    se aduba a vida- se abona la vida. Mestre Didi ha dicho muchas cosas mas tú escogiste eso, por qué?

    Mi suegro es arquitecto- él diseñó el centro del mestre en Salvador. El conoce ‘a minha mulher’ o mejor dicho, ella lo conoce a él. El centro tiene forma de escudo, si no recuerdo mal.

    http://www.mestredidi.org/

    http://pt.wikipedia.org/wiki/Deosc%C3%B3redes_Maximiliano_dos_Santos

  47. batmando says:

    MRegan -
    You are one recondite dude!
    Between my long-lost Spanish and BabelfFish portugues-a-ingles, I can only surmise that you find mestre didi to be the bee’s knees.

  48. gstream says:

    come to Rio. i’m sure you have a small but dedicated following in Brazil. they will treat you like a king. a good place to try to set something up would be the Brazilian Center for International Relations; they always have interesting guests.
    CEBRI – http://www.cebri.com.br
    there are direct flights from NYC to Rio now.

    whatever you do don’t insult everyone by going to São Paulo

  49. philipat says:

    Bali, Indonesia. Can’t promise you it’s closer to home than LA, but it is nice.

    And Indonesia is fashionable now because O spent his childhood in Indonesia and will visit in May/June (Even if not announced yet)