Gary CarmellWith the holidays coming up, I thought I would focus on a more personal blog entry this week, especially as this was a special week for our family. In my upcoming book The Philosophical Investor: Transforming Wisdom into Wealth (March 17, 2015 publication date) I discuss the power of partnership and how one plus one can really add up to more than two.
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Gary Carmell
As the following headline shows, interest rates fell quite sharply on Friday to current cycle lows in the wake of a very weak non-farm employment report.
One can see how inverted the 10-year Treasury note yield has become versus the 3-month T-bill yield in the following chart.
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Gary Carmell
Jeff Chimenti is a highly accomplished keyboard player who has played with Grateful Dead spin-off bands to great acclaim for a number of years. His background is in jazz and he embarrassingly admits that he never heard the Grateful Dead’s music until he joined Grateful Dead member Bob Weir’s solo band Ratdog.
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Gary CarmellThoughts on the Nature of Mass Movements
While I usually try to avoid controversial subjects because of the emotions that can be stirred, I do feel the need to address the horrific events that took place at in France this week with the slaughter of a dozen people at Charlie Hebdo,
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Gary Carmell
I spent last week in Israel and it was a fascinating time to be there. It’s always interesting, but it was particularly so this time due to the significant escalation of hostilities in the south of the country as well as that it was coinciding with Israel’s Memorial and Independence Days (no accident I’m sure).
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Gary Carmell
Mohamed El-Erian, the former CEO of PIMCO, said recently on CNBC that if you want to know what’s going to happen to U.S. long-term interest rates, then all you have to do is look to Germany. And so that is what I did.
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Gary Carmell
There’s a regional park near my house that I like to hike. It has beautiful scenery, a lot of hills, and a number of people on the trails that conveys a feeling of community and self-care. Its topography and large size allow for many different trail options in terms of length,
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Gary Carmell
[Updated: April 13, 2016] I touched on the global markets having a whiff of deflation two weeks ago in this blog. It seems to have picked up speed. Today the Dow dropped by 300 points and 10-year Treasury yields dropped to much lower levels (2.08%) in the wake of a pretty spectacular drop in oil since August but really accelerating in October.
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Gary Carmell
In some ways, it is understandable why the subprime meltdown took place. Prior to 2006 home prices in the United States in the post World War II era rarely, if ever, declined materially on a sustainable basis. Based on this rearview mirror modeling investors in mortgages were led to believe that default rates would be manageable and if they did default then losses would be negligible because recovery rates would be strong because home prices kept rising.
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Gary Carmell
Steve Schwarzman is the co-founder and Chairman and CEO of Blackstone, which is the largest alternative asset management firm in the world. Schwarzman has built a financial colossus and extraordinarily successful asset management firm that is by far the global leader in alternative investments.
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