Monday, June 1, 2015


Meb Faber: 10 Bearish Charts, 1 Bullish Chart (LINK)

Richard Duncan interview with Gordon T. Long of Macro Analytics (video) (LINK) [I was also in touch with Richard over the weekend in regards to the coupon code 'valueinvestingworld' that he generously allows readers of this blog to use for a discount to his Macro Watch newsletter. Previously, that code knocked the first year price from $500 down to $250, and then the recurring (second year and beyond) price went back up to $500. Now going forward, if you use the 'valueinvestingworld' code when signing up, the recurring price will remain at $250 per year for every year that you remain a subscriber. For more on Macro Watch, see my posts HERE and HERE.]

Carl Icahn on Wall Street Week [H/T Linc and ValueWalk] (LINK)

Mutual Fund Observer, June 2015 (LINK)

Nassim Taleb MOOC: The Law Of Large Numbers And Fat Tailed Distributions (video) [H/T ValueWalk] (LINK) [And in case you haven't seen, Taleb and Steven Pinker have been trading barbs lately, relating to Taleb's paper. Pinker replied, and I'm guessing Taleb discusses it more in the MOOC linked to above, though I haven't watched it yet.]

Bank of England finally catches on – mainstream monetary theory is erroneous [H/T @ChrisMayerAgora] (LINK)

Hussman Weekly Market Comment: When Paper Wealth Vanishes (LINK)

There’s not a single market cycle in the historical record where the ratio of market capitalization to corporate gross value added (GVA) did not fall to about half the level that we observe today (or lower). Our view is that the level of the S&P 500 today is currently higher than the level investors will observe a decade from today, but dividends should make up the difference to provide an expected total return of roughly zero. In a zero return world, some may see this hypervaluation as “fair” – and those investors are free to call stocks “fairly valued relative to interest rates.” But the prospective 10-year return on the S&P 500, from current price levels, is still likely to be zero based on the most reliable valuation measures we identify.  
PBS has a new series called First Peoples that premieres June 24th (LINK)
Related book: Sapiens: A Brief History of Humankind  
Related lectures (videos): A Brief History of Humankind
Book of the day [H/T Brad Feld]: Hot Seat: The Startup CEO Guidebook