“In every battle there comes a time when both sides consider themselves beaten, then he who continues the attack wins.”
-Ulysses S. Grant
“When things get really bad, just raise your glass and stamp your feet and do a little jig.
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The Philosophical Investor's Blog
The Only Way Out Is Through - Lessons From Africa Applied at The Dead & Company Concert
by 
Gary Carmell
Gary Carmell
There is a line from a Grateful Dead song that says:
I remember on our recent long sojourn to Africa and Asia there were a number of days when we are out on excursions and it was oppressively hot. The temperatures were close to 100° and the humidity was well over 50%.
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Creating Gifts that Keep on Giving
by Gary Carmell
Gary Carmell
35 years ago on the night of June 27th, a friend of mine and I slept on very uncomfortable concrete outside of Dane County Coliseum in Madison, Wisconsin. The catalyst for this was fear of missing out as we were intent on doing our best to position ourselves to secure a great location for the next night’s concert being put on by the Grateful Dead as all seats were general admission.
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What You See Is What You Get? LIBOR & The Flat Yield Curve
by Gary Carmell
Gary Carmell
Under most economic environments longer-term debt instruments yield more than shorter ones. This is the case in order to compensate investors for risks related to purchasing power eroding and more uncertainty and volatility that can increase the probability of default (outside Treasuries). In addition, our banking system is based on banks accessing short-term deposits and being able to make longer-term loans and investments which necessitates longer rates being higher than shorter ones so banks can be profitable.
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Resistance is The Enemy of Creativity
by Gary Carmell
Gary CarmellShortly after publishing my book I was in New York City and did a brief interview with Gregg Greenberg from TheStreet.com which was quite fun and then I had a meeting with investment legend Howard Marks which was such a treat. He was kind enough to write a testimonial for the book and made the time to let me thank him personally.
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Why Are We Our Own Worst Investing Enemies?
by Gary Carmell
Gary Carmell
Human beings are reaction machines versus reflective and responsive individuals. We are our own worst investing enemies when it comes to investing successfully. Most people are easily susceptible to bouts of fear and greed when it comes to investing. Unfortunately, these emotional highs and lows are often when the masses are reacting in a similar manner.
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Quantum Phases & Locking Rate
by Gary Carmell
Gary Carmell
The last few weeks have been a good representation as to why I have an aversion to fixed-rate loans when doing a refinance or an acquisition. Assuming fixed rate loans from sellers when acquiring properties, however, is a different story and worthy of its own write up so I won’t address the distinctions here.
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10-year Treasury Note & Argentina's 40% Interest Rate - An Interesting Week
by Gary Carmell
Gary Carmell
What a difference one week makes. Last week I was concerned that the 10-year Treasury note yield had breached its previous cycle peak. I used some questionable, but fancy statistical analysis to justify that the peak I should really be worried about was 3.16% versus the previous cycle peak of 3.04%.
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Fake News - The Reality Is Not What You Think
by Gary Carmell
Gary Carmell
I recently completed Titan: The Life of John D. Rockefeller, Sr. by Ron Chernow and it is a wonderful read about the fascinating life and times of John D. Rockefeller. Ida Tarbell, one of the great muckraking writers and profilers who gained her fame while writing for McClure’s was personally impacted by Standard Oil’s brash business tactics.
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The Omniscient Yield Curve: My Belief in Variable Rate Loans
by Gary Carmell
Gary Carmell
The future is clearly unknowable other than the certainty of our demise. All we can do is to utilize our knowledge and experience to assess when we think the odds are in our favor or against us and take action accordingly. Everything comes down to risk and reward,
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