My decision to begin reading Thomas Mann’s The Magic Mountain was inspired, at least in part, by my late father. I have a distinct childhood memory of him reading this enormous book and, perhaps even more vividly, of the satisfaction he took in having finished it.
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For four decades—from Paul Volcker’s inflation-crushing rate peak in 1981 all the way to 2022—investors operated in a world defined by a single, unbreakable trend: long-term interest rates were moving down.
Throughout those 40 years,
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After finishing listening to Sound Man on Audible, which is a book I highly recommend for music lovers, it cycles through snippets of other books the algorithm thinks I might like. One of those books was The Uncool by Cameron Crowe.
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I wanted to return to the subject of housing and share some of the latest graphs related to the single-family and multifamily markets. I’ll start with the single-family sector.
Demand continues to be strong but it has decelerated from the torrid Covid-catalyzed pace of 2020.
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The U.S. apartment market has gone through a very intense swing from the greatest market in my life in 2021 and early 2022 to a far more challenging one from 2023 through today. The pendulum swung far to the left in the wake of low interest rates,
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Wisdom from Warren Buffett
“Fear is the foe of the faddist, but the friend of the fundamentalist.” (1994)
“A climate of fear is their best friend. Those who invest only when commentators are upbeat end up paying a heavy price for meaningless reassurance.”
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I recently read a summary of an interesting piece of research that is somewhat counterintuitive at first glance but upon deeper reflection makes more sense and it’s the cornerstone for one of life’s great metaphors, you’ll see what I mean.
Little Bets -What We Can Afford to Lose vs.…
Gary Carmell
Posted in Advice, Economy, Interest Rates, Investing, News, Uncategorized, Wealth
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A blog for the curious skeptic –
There’s nothing new under the sun
(or at least very little)
I’m a big fan of newspaperarchive.com. I have a rather anti-social hobby of often going back and reading old newspaper articles. Occasionally I come across some worth sharing. The following is one written on March 18,
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Last week I was in Abu Dhabi for a one-day conference, and then Heather and I went to Oman for a few days. There were approximately 150 people at the conference, with a strong representation from the Abu Dhabi sovereign wealth and pension funds.
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I have written a lot over the years about how global events and markets often follow the path of how one of Hemingway’s characters said he went bankrupt.
“How did you go bankrupt?”
Two ways.
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