Last week, I made my annual pilgrimage to London to meet with some of our insurance carriers and prospective ones as well. We have approximately 15 different companies providing us with different layers of coverage. We have a primary layer that covers first losses after deductibles and then secondary/excess layers.
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Last week was extremely busy, and this week, I’m in Europe for meetings in London related to our property insurance. Given that time is limited but the subject is important, I thought that the most expedient way to convey my points about the Middle East would be to use the words of someone far more prophetic and insightful than myself.
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I recently finished Bill Walton’s autobiography and thoroughly enjoyed it. Talk about someone who has had a zest for life and embodies perseverance. That is one of the great benefits I get out of reading about other people’s lives.
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Five years ago this week, my late wife Roneet passed away. Since that time, I have written a lot about her and my journey since she left us. From death and despair can also come renewal if we make a concerted effort to grow and evolve and take those who we lost with us deep in our hearts on the next phase of our journey.
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Last week, I waded into the dangerous waters of discussing the war between Israel and Hamas. It’s really between Israel and Iran, but the latter is using its proxies of Hamas, Hezbollah, Houthis, and militias in Iraq and Syria to do its dirty work.
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I am going to share my thoughts about what has been happening in Israel and Gaza, but before doing so, I am going to approach it from a very different angle initially, and then I will apply it to the situation at hand.
The Virtues of Fossil Fuel
I am reading a fascinating book called Fossil Future: Why Global Human Flourishing Requires More Oil,
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I was definitely in the camp that once the yield curve inverted, we were headed for a recession within a year or so. The spread between the 10-year Treasury and 2-year Treasury yields went negative (inverted) in early July 2022.
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I have written continuously over the last year or so about critical yields for the 10 and 2-year Treasuries such that if they were breached, the probability of them going higher would be quite elevated.
Looking at the following 10-year Treasury chart,
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Given China’s importance to the world economy, I wanted to focus this week’s post on some of the challenges China is facing in the short and long term.
China’s Economy
From an investor perspective, there is very little optimism that China’s economy will experience stronger growth after severely disappointing in the wake of its Covid reopening.
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Beans the Cat
Heather and I have ended up with a rescue kitten. I won’t go into the circumstances, but his name is Beans. This is what he looks like.
As you can see, his eyes are very intense.
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