If you like your glass half full then don’t watch this video. If you’re long equities, Japan or Europe then do watch it.

For those who prefer the written word here is a good summary of the interview Kyle Bass: Betting on bonds not stocks

What did Madoff and Stanford teach us…you can keep a ridiculous Ponzi going for a long time as long as you have one thing…new money coming in.
Japan is spending more than twice what they bring in.  They are already at the Keynesian endpoint.
The Japanese government bond is one …

I know there at least a few readers who are business owners, so this great TED presentation by Simon Sinek goes out to them. But hey, even if you’re not a business owner this is a great video to watch and think about. Yes it’s an oldie, but it is a goodie.
Simon Sinek has a simple but powerful model for inspirational leadership all starting with a golden circle and the question “Why?”

For a few years now I’ve been perplexed by how intelligent people can believe in the efficient market hypothesis and the capital asset pricing model. My ideas are still percolating, though I believe focus is one of the main dividers in our beliefs. I spend my days looking at individual trees, looking for market inefficiencies and focusing on them. While believers of EMH and CAPM spend their days looking at the forest. They don’t see the individual trees and market inefficiencies as the forest obscures the mis-pricing.
Whose right and whose wrong? Come on, you know I don’t buy …

Let’s take a look at some of the clichés Roger Montgomery doesn’t like, as I beg to differ with his bald assertion that they are “useless and information-free”.

“The main struggle I’ve had my entire investment life is with the preposterous belief that all information is embedded so quickly and efficiently into stock prices that asset class bubbles cannot possibly occur. But to be honest, I’ve also been pretty irritated by Graham-and-Doddites because they have managed to deduce from a great book of 75 years ago, Security Analysis, that somehow bubbles and busts can be ignored.” Grantham

Taking 3% bets on your best ideas gets you no where. Concentrate to accumulate.

What have David Rosenberg and Seth Klarman got in common? Diddly squat as far as I know, except they wrote the best two things I’ve read in the last few days.

This excellent article exemplifies a style of fusion investing, the fusion of business momentum and value.

Flexibility in the Market is the secret to market timing.

And Now for Something Completely Different
I’ve been inspired to discuss my future views by Pazzomundo’s post on the evolution of media. By the way if you’re interested in big picture economics, commodities and trading then pazzomundo is worth adding to your reading list. I’m not hugely interested in those topics, but I do like to know what people investing from that perspective are thinking.
OK lets dive in. Make sure you place any drinks, bowls of cereal or the like out of harms way. I’d hate you to splatter your screen due to either …