When I used to watch my son’s high school basketball team I was always so impressed at how composed they were. Many times they would initially fall behind and the other teams would get so pumped up after getting off to a strong start, especially against such a good team as ours.
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It was quite a week of action for CWS, particularly for our risk management, safety, construction, operations, asset management, human resources, marketing, and maintenance teams. We have been having very early calls (at least for me on the west coast) every morning, including over the Labor Day weekend,
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With the extraordinary events that took place in Houston, southeast Texas, and Louisiana as a result of Hurricane Harvey I felt that it was much more relevant to discuss this catastrophe versus part two of demographics and interest rates emphasizing Japan.
Houston: Hurricane Harvey
An estimated 27 trillion gallons of water has blanketed southeast Texas and parts of Louisiana.
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One of the key premises that I have with regard to interests rates staying low for a very long time relates to demographics. The United States is projected to grow more slowly in the future and as a result the labor force growth will also slow which will make the productive capacity of the country lower than it otherwise would be absent material gains in productivity.
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Whenever there are significant events that take place, particularly those with some historical context, I like to take a step back and, if possible, go back in time and find real-time sources to generate a better understanding of what people were thinking at the time. The terrible events in Charlottesville was a catalyst for me to take this approach.
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Let us put men and women together, see which one is smarter,
Some say men, but I say no, women got the men like a puppet show.
It ain’t me it’s the people that say,
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The unemployment rate is the most important indicator for people who are believers in the Phillips Curve. Phillips Curvers believe that there is a trade-off between unemployment and inflation. The less slack in the labor markets (lower unemployment rate) the more inflation there will be as labor can bargain for higher wages and this,
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As investors (and human beings) it’s almost always best to keep our cool and not let others or ourselves get the best of us. When we lose our center and become consumed by emotion set off by powerful triggers, mistakes happen and we often come to regret our actions and the consequences they unleash.
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Charlie Munger is a big proponent of solving problems and optimizing through inversion. For example, if you want to live a happy, productive, and successful life it is probably more valuable to study those people who you think have been unhappy, unproductive, and unsuccessful.
It is just as important to know what not to do and avoid those actions and decisions as it is to know what to do.
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“A lot of companies have chosen to downsize, and maybe that was the right thing for them. We chose a different path. Our belief was that if we kept putting great products in front of customers, they would continue to open their wallets.”
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