Bill King quote
Found via The Big Picture:
“An inordinate number of traders keep buying dips and playing for a rally. They apparently adhere to the view of Carl Spackler (Bill Murray) in Caddy Shack. “I’d keep playing. I don’t think the heavy stuff’s going to come down for quite a while.”
As we have warned for months, the current environment is very similar to 2008. In August 2007 the global financial system collapsed and the global economy was in contraction. But stocks kept rallying because equities always get it last and are susceptible to hope & hype.
As the financial crisis worsened, stocks kept trucking. The DJTA hit an all-time high in July 2008. At the time the US was at least a couple quarters into the worst economic decline since the Great Depression and the financial system was imploding. The main difference now is sovereign governments are in crisis for bailing out their banks and economies; and central banks are left with only one option – to go Weimar.”
- Where Does The Future Of Investments Lie? Ray Dalio On The Japanese & World Economies
Found via ValueWalk. With economic malaise in Europe, lagging growth in the BRICS, gradual recovery in the US and Abenomics in Japan, there is a great deal that remains uncertain about the short-term and long-term future of the world economy. Ray Dalio,...
- Robert G. Wilmers' 2011 Letter To Shareholders
Thanks to Lincoln for pointing this out. Warren Buffett often recommends Wilmers’ letters (as well as Jamie Dimon’s). The letter is on pages 7-23 of the PDF linked to below, or there is an abridged version HERE. As relatively good a year 2011 was...
- Bruce Berkowitz Interview With Advisor Perspectives
In last year’s interview, you said that one should never play Russian roulette no matter how good the odds, but given the dependence of the financial system now on government support both here and abroad, aren't you playing Russian roulette with...
- The Centre Cannot Hold - By Michael Lewitt
Years of misguided fiscal and monetary policies led to the 2008 financial crisis. Now a refusal to shed these discredited policies and embrace creative and politically bold solutions is keeping our economy mired in high levels of structural unemployment...
- First Eagle Funds Conference Call - May 6, 2008
Jean-Marie Eveillard: Now, let me move to an update to the current investment scene as we see it. I think investing is a matter of trying to balance what I would call circumstances and prices. In terms of circumstances, we have been, for a while, in a...