Across the Curve is gone. Accrued Interest is gone. I’m still here, but bonds aren’t my sole focus. Long time readers know that I have a wide variety of interests in investing. I sometimes think my following is smaller,...
Read MoreAlea posted a paper, and The Big Picture a slideshow on sovereign debts, by the same author. We have had a blessed period post-WWII, where there have been no defaults of major nations. But that is not normal. Nations default...
Read MoreTIPS Treasuries and Inflation Model 3 Personally, I don’t think it is a big deal that the Fed raised the discount rate. The discount rate plays a small role in monetary policy. I do think that the record steep yield curve is...
Read MoreThis is a book that gives a feeling for being in hedge fund management, rather than a dry description of what needs to be done if you are in the rare position of being asked to manage a hedge fund. The author was an ambitious...
Read MoreGood cultures balance short and long-term goals. Focusing too much on the long-term can lead to overinvestment, and problems like Japan still faces. Focusing on the short-run can lead governments and companies to focus on...
Read MoreI’ve said this before in different ways, but I will say it once more, “Governments are smaller than markets; markets are smaller than cultures.” The reasoning is simple: Governments can only control a fraction of what an...
Read MoreDebt levels in an economy matter. They matter a lot. An economy that is financed primarily by debt can be like a chain of dominoes. If one fixed claim fails, and it is large enough, many other fixed claims that rely on the...
Read MoreI know I have written about ideas like this before, but I cannot remember where. Let me start with a story. I was at a Society of Actuaries conference in 2001 when I bumped into an actuary who was well-known to most before a...
Read MoreSorry I haven’t written much recently. The recent snowstorms have tossed me around, as I care for my family, and those around me. It is amusing in a backwards way, to see Washington, DC frozen at a time when there is so much...
Read MoreThe place that got the most snow during the recent storm was Howard County, Maryland. Elkridge had 38″, Columbia 34″, and at Aleph Blog Global HQ we got a measly 30″. Here are some photos: looking out the front of the house...
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