Where are all the new households?

You probably know a kid or two in their twenties or early thirties still living at home with the folks. You might even be one. This has become way to common in the last five years. According to Fortune, it’s an epidemic: “The share of 18 to 34-year-olds living with their parents rose from about…

Why Are America’s Great Value Managers Hoarding Cash?

There’s a world-famous value manager who stopped buying stocks in 2007 and started to hoard more and more cash. He was not predicting the Financial Crisis or the Credit Crash that would lead to a 60% drop for the S&P over the next two years. He simply couldn’t find enough stocks to buy that fit…

Inevitability of the Upward Tilt

This comes from the Dep’t of Unsolved Problems – one of the dumbest f*cking business models in the history of the world and in all the annals of global finance is the user-pays situation we have with the credit ratings agencies. And unlike other perverse compensation arrangements we’ve been regulating out of existence on Wall…

Amazing Staircases

Above, you’re looking at a 10th century hermitage on an island off the coast of Spain called Gaztelugatxe. It can be reached by the Stairs Above the Sea, which is one of those magical combinations of nature and man-made artifice that looks like it belongs in a storybook, not in the real world. Click over or…

I don’t understand.

A quote from Jason Zweig’s piece on “High Pressure Hedge Fund Culture”: “You should pay hedge-fund managers all that extra money so they don’t lose you a lot of your capital in bad markets,” says Elizabeth Hilpman, chief investment officer at Barlow Partners, which invests exclusively in hedge funds. “But many institutional investors want it…