Here’s Paul Krugman confidently declaring that the Fed doesn’t even indirectly influence the broad money supply via QE: I do think Glasner misses a point when he says that: “the quantity of money, unlike the Fed Funds rate, is not an instrument under the direct control of the Fed.” Actually, under current conditions — in… Read More
Cliff Asness and Matt Levine have smart articles critiquing the article in the NY Times about hedge fund manager pay in 2014. Cliff and Matt note that the NY Times article is excessively critical and intentionally paints the fund managers in a negative light. Specifically, much of the income generated from these managers is from… Read More
Over the course of the last 7 years there have been a series of excuses for why bad inflation predictions turned out to be bad. The most prominent excuse is that the bad inflation predictions weren’t wrong, but merely haven’t been right just yet. This is a classic move in economics. If you want to ensure… Read More
Stephen Gandel has an interesting piece in Fortune this week on Warren Buffett and interest rates. He writes: Buffett said that he wouldn’t have predicted that interest rates could have stayed this low for this long without a problem. “So far, I have been wrong on interest rates,” said Buffett. “It is so hard for… Read More
It’s estimated that more than 40,000 people pack the CenturyLink arena in Omaha to hear what Buffett and Munger have to say at the Woodstock of Capitalism. Every year I read about more and more value investing groups and panels at this event that bring together some of the brightest minds in finance to share ideas and their process.
The riots in Baltimore hit home for me. I grew up about an hour away in Washington DC. I lived there for 25 years before chasing a girl across the country to California. But I grew up going to Camden Yards and the National Aquarium. I’m always stunned when I go back home and I see… Read More