Recent quotes:
Jeremy Grantham Discusses Recession Call, Fed Policy, Market Bubbles - Bloomberg
I started writing quarterly letters in 1998. And 1998 to 1999 of course was a glorious bubble. And it just went up, and up, and up, and up. And we fought the bubble all the way. So we were horrifically too early. In early 1998, the P/E went to 22 times. And the highest in history had been 1929, when it peaked at 21. So we were relatively patient. We didn’t take a position against the market until it was the highest P/E in the history of the US stock market in early 1998. And then we watched it go to 35 times earnings. And that is not a modest increase from 21. That was a brutal two years. And the earnings were rising as well. So the market made a magnificent move from its all-time high in early 1998. It went straight up until March of 2000. And our clients did not approve of us being early and, to a very considerable degree, fired us. And they were very upset. Missing out on making money when your golfing partner at the neighboring pension fund is making a fortune is very irritating.Jeremy Grantham Discusses Recession Call, Fed Policy, Market Bubbles - Bloomberg
The Fed’s record on these things is wonderful. It’s almost guaranteed to be wrong. They have never called a recession, and particularly not the ones following the great bubbles. They prided themselves in stimulating the bubbles. They took credit for the beneficial effect of higher asset prices on the economy. They have never claimed credit for the deflationary effect of asset prices breaking. And they always do.Barstool Sports’ Dave Portnoy Is Leading an Army of Day Traders
Scott Nazareth, a 29-year-old day trader from Toronto, said he’s a fan of Portnoy’s videos and believes older investors such as Buffett are missing opportunities in technology and airline stocks. “I kind of make fun of some of these investors,” Nazareth said of Buffett. “They just have a hard time understanding the new normal, the new business models.”Alternate realities
In the old days, a liberal and a conservative (a “dove” and a “hawk,” say) got their data from one of three nightly news programs, a local paper, and a handful of national magazines, and were thus starting with the same basic facts (even if those facts were questionable, limited, or erroneous). Now each of us constructs a custom informational universe, wittingly (we choose to go to the sources that uphold our existing beliefs and thus flatter us) or unwittingly (our app algorithms do the driving for us). The data we get this way, pre-imprinted with spin and mythos, are intensely one-dimensional. (As a proud knight of LeftLand, I was interested to find that, in RightLand, Vince Foster has still been murdered, Dick Morris is a reliable source, kids are brainwashed “way to the left” by going to college, and Obama may yet be Muslim. I expect that my interviewees found some of my core beliefs equally jaw-dropping.)First-Year Law School Enrollment in U.S. at 40-Year Low
Total enrollment at the 204 law schools approved by the association fell 7 percent from a year ago and 18 percent from the 2010 high, the ABA said. The number of total students is the lowest since 1982, when there were 169 approved schools. Almost two-thirds of the schools reported drops in first-year enrollees, and about 20 percent of those saw declines of more than 20 percent, the ABA said.
Cynk Technology Corp. plans to be a social network that is also based on showing
the types of people you are connected with and are associated. However, it's
also based on the idea that people should, and will pay to get in touch with
people you know. Furthermore, money or donations act as a convenient reason to
get in touch with people who can benefit your career or enhance one's life.
We believe that people will pay for introductions that are meaningful since it
can save or create significant value to someone's life such as to find the right
executive, nanny, software developer - or even the right squash player. Instead
of paying for a lunch that neither party wants to eat, parties can get down to
business knowing that their time has been valued.