An Old Joke
So an agent for a new over-the-top variety act finally gets a meeting with the biggest producer in the world. I mean, maybe 'the world' is selling it …
Tag: Reader's Choice
AMA? BITFD!
The American Medical Association is not a charitable organization.
The American Medical Association is not an educational organization.
The American…
A New Gilded Age
A Gilded Age isn't an age of prosperity. It is an age of the narrative of prosperity, and narratives of prosperity are always top-down political narra…
Do The Right Thing
Bailout the airlines and their rank-and-file employees? You bet.
Bailout the CEOs? Not a chance.
But that's what we're gonna do.
This is Water
Capitalist productivity has become capitalist financialization.
Wall Street gets something to sell, management gets stock-based comp, and the White H…
Things Fall Apart (Part 3)
The Fed, China and Italy are the Three Horsemen of the Investment Semi-Apocalypse. They're major market risks, but you'll survive.
There's a Fourth …
Too Clever By Half
The inevitable result of financial innovation gone awry, which it ALWAYS does, is that it ALWAYS ends up empowering the State. When too clever by half…
The Three-Body Problem
What if I told you that the dominant strategies for human investing are, without exception, algorithms and derivatives? I don't mean computer-driven i…
Parasite Rex
The most effective alpha-generating strategies are, technically speaking, parasites. I say this with love and admiration.
How Gold Lost Its Luster, How the All-Weather Fund Got Wet, and Other Just-So Stories
In some periods of history gold is money. In other periods of history gold is not. But gold is always something, and that something is defined by the …