Posts filed under “Philosophy”

The New Economic Order?


Over the weekend, Josh Brown directed me to this monthly commentary from the Eclectica fund, which had the very interesting chart, above. (Full Eclectica Fund April 2012 commentary is here).

The issue with the graphic above is that we have no real comparative history by which to judge this. It seems to be a modern question of first impression. As such, I have zero ability to evaluate whether it is a brilliantly insightful or a cranky critique of QE.

It certainly is a plausible explanatory of what the Fed’s QE is doing; I cannot tell if its a fair or accurate analysis of Fed / Government motivations for the dollar printing regime.

It is, at this moment in time, and unproven thesis.

That seems to be the biggest problem with most of the critiques of FOMC action. They are just that — unproven theories of cases of first impression. We are living in unprecedented times, and that means we have little in the way of frame of reference by which to evaluate these things.

All asset managers have a tendency to write towards their holdings. My guess would be that the holdings in the Eclectica fund are a reflection of the expectations of what is described above as coming to pass. This is where they expect the puck to be, and they are skating towards that.

We all do this to some degree. Our world view affects our holdings, and then those very same holdings begin slowly to affect our world view.

How are your portfolio holdings impacting the way you see the world?

Category: Federal Reserve, Investing, Philosophy, Psychology

Here’s to the Lazy Ones . . .

“Here’s to the Lazy Ones. The halfwits, the bumblers, the square pegs in the round holes. The ones who don’t see things at all. They’re not fond of rules (can’t remember them). They have no respect for the status-quo, which they think its Latin for Fendi. You cannot quote them, as they say little that…Read More

Category: Philosophy, Psychology, Really, really bad calls

RIP: Facts (360 B.C.-A.D. 2012)

This is the single cleverest thing I expect you will read all weekend: Facts, 360 B.C.-A.D. 2012 In memoriam: After years of health problems, Facts has finally died. A quick review of the long and illustrious career of Facts reveals some of the world’s most cherished absolutes: Gravity makes things fall down; 2 + 2…Read More

Category: Philosophy

Breakdown of Worlds Religion

Via National Post

Category: Digital Media, Philosophy, Weekend

Mike Wallace Interviews Ayn Rand (1959)

In this engaging 1959 interview, her first on television, Ayn Rand capsulizes her philosophy for CBS’s Mike Wallace. The discussion ranges from the nature of morality to the economic and historical distortions disseminated about the “robber barons.” She also comments on her relationship with Frank O’Connor, provides some autobiographical information and gives her perspective on the future of America.


Ayn Rand Mike Wallace Interview
Part 1


Part 2

Category: Philosophy, Video

Why Not . . . ?

Awesome debate smackdown line, in the comments section of Barron’s: “Now that you told us how you feel, why not tell us what you think?” Really caught my eye . . .

Category: Philosophy

Ten Pillars of Economic Wisdom

Nice piece I came across in Library of Economics and Liberty. There is not a lot to disagree with these. My one caveat about all such rules is that are a rough framework for conceptualizing the world, and are neither gospel nor a mantra. Reality does tend to intrude from time to time, making these…Read More

Category: Philosophy, Rules

Mary Matlin’s Economics

Paul Kasriel will be retiring from The Northern Trust Company on April 30. In the last month of his tenure, he plans to share some of his parting thoughts on economics. He begins with this humdinger: “Now, on to Mary Matalin. I saw her on one of the cable news shows on Wednesday defending Republican…Read More

Category: Humor, Philosophy, Politics

Complexity, Context, Probability & Bias

No one seems to remember the second part of Occam’s razor as rumored1 to be stated by Albert Einstein: “Everything should be made as simple as possible, but not simpler.” That is an issue I am encountering quite frequently these days. We see it in discussions about markets, politics, sports, economics, indeed, just about any…Read More

Category: Apprenticed Investor, Investing, Markets, Mathematics, Philosophy, Politics, Psychology

Jim Grant Does His Best John Galt Impression

Category: Philosophy, Video