» Posted by Martin Weil on August 03, 2010

It's a wise man who lives with money in the bank; it's a fool who dies that way.

French proverb

I rather like that. From The Big Picture.

» Posted by Martin Weil on April 07, 2010

May Wall Street re-learn the doctrine of profit-motivated stewardship, and dis-learn the false god of speculation-driven avarice.

PIMCO's Chief Economist Paul McCulley in a March speech to the Money Marketeers Club.

"Amen" is all that I can add, Brother McCulley.

» Posted by Martin Weil on April 01, 2010

Salaries for the 10 highest-earning hedge fund managers last year.

1.David Tepper, Appaloosa Management
Est. 2009 personal earnings: $4 billion

2. George Soros, Soros Fund Management
Est. 2009 personal earnings: $3.3 billion

3. James Simons, Renaissance Technologies
Est. 2009 personal earnings: $2.5 billion

4: John Paulson, Paulson & Company
Est. 2009 personal earnings: $2.3 billion

5: Steve Cohen, SAC Capital Advisors
Est. 2009 personal earnings: $1.4 billion

6. (tie): Carl Icahn, Icahn Capital
Est. 2009 personal earnings: $1.3 billion

6. (tie): Edward Lampert, ESL Investments
Est. 2009 personal earnings: $1.3 billion

8. (tie): Kenneth Griffin, Citadel Investment Group
Est. 2009 personal earnings: $900 million

8. (tie): John Arnold, Centaurus Advisors
Est. 2009 personal earnings: $900 million

10. Philip Falcone, Harbinger Capital Partners
Est. 2009 personal earnings: $825 million

From The Big Picture

» Posted by Martin Weil on January 07, 2010

we have descended in the clutches of corporate and other special interests to a second world state defined by K Street instead of Independence Square. Our government doesn't work anymore, or perhaps more accurately, when it does, it works for special interests and not the American people.

No not Arianna Huffington, but Bill Gross, Chief Investment Officer of PIMCO (Newport Beach, CA.), the US' largest fixed income manager. Gross continues in his January "Investment" Outlook":

What amazes me most of all is that politicians can be bought so cheaply. Public records show that combined labor, insurance, big pharma and related corporate interests spent just under $500 million last year on healthcare lobbying for what is likely to be a $50-100 billion annual return. The fact is that American citizens have never been as divorced from their representatives - and if that description fits the Democratic Congress now in control - then it applies to Republicans as well - past and present. So you watch Fox, or is it MSNBC? O'Reilly or Olbermann? It doesn't matter. You're just being conned into rooting for a team that basically runs the same plays called by lookalike coaches on different sidelines. A "ballot box" pox on all their houses - Senators, Representatives and Presidents alike. There has been no change, there will be no change, until we the American people decide to publicly finance all national and local elections and ban the writing of even a $1 check for our favorite candidates.

Add Gross to the angry chorus of voices from financial professionals of all description regarding the stranglehold on DC politics by the largest industry players. Should be interesting to see where this leads.

» Posted by Martin Weil on December 22, 2009

The Healdsburg Plaza, Winter, c. 1905

» Posted by Martin Weil on December 17, 2009

I've known many people in the financial business who said I'm really proud because I did it all myself. ... the first thing I say is, 'Isn't that wonderful. You did it all yourself. I think that's terrific. I don't know many people that have done that. But tell me, how did you arrange to be born in the United States of America.'

Our birthright has created enormous wealth and stability of property and for us to think that we don't want to pay our fair share of the costs running this nation when our young citizens, let us not forget, are dying in wars out there trying to protect democracy and the nation we built up, it seems to be quite outrageous.

John Bogle, founder of Vanguard, quoted in a WSJ's Wealth Report posting on the issue of the inheritance tax

» Posted by Martin Weil on October 18, 2009

Harrods Gold Bullion
Sign of the times? Or sign of a top?

» Posted by Martin Weil on October 09, 2009

Charlie Brooker vents in the Guardian (UK). Very funny.

As a joined-at-the-hip-from-birth-to-Microsoft kinda guy, I will confess to similar occasional feelings of unrestrained hatred of everything Apple. The Stockholm Syndrome it appears.

» Posted by Martin Weil on October 01, 2009

» Posted by Martin Weil on May 19, 2009

Wherein UCLA social policy prof Mark Kleiman makes some sense:

Once the measures fail, the only hope is that Barack Obama will come in and play the role of the IMF: "Here's a bunch of Federal dollars you can have if and only if you change the two-thirds rule and eliminate the Prop. 13 rip-off for business." It might even work.