I’d like to tell you about a study I read recently on investing. It’s a slim little booklet titled One-Way Pockets by Don Guyon (a pen name for a broker). The book, which was first published in 1917, covers some studies he did on the trading behavior of accounts at the time. What he found was timeless.
January 31st, 2012 | Chris Mayer | 3 comments | ContinuedArchive for Chris Mayer
Chris Mayer is a veteran of the banking industry, specifically in the area of corporate lending. A financial writer since 1998, Mr. Mayer's essays have appeared in a wide variety of publications, from the Mises.org Daily Article series to here in The Daily Reckoning. He is the editor of Mayer's Special Situations and Capital and Crisis - formerly the Fleet Street Letter.
The Cinderella Story of China’s Economy
One of the big questions of the year is whether China’s economy blows up or not. Hard landing or soft? When will the clock strike midnight on the Chinese? Things are slowing down, and it feels like it’s getting late.
January 18th, 2012 | Chris Mayer | 0 comments | Continued
My Crystal Ball for the Markets in 2012
There are great opportunities, but also the potential for painful setbacks. The sentiment, of course, applies to all markets – and life in general. Welcome to 2012. What opportunities and surprises can we look for in the year ahead? Some thoughts…
January 17th, 2012 | Chris Mayer | 1 comment | Continued
Operation Dumber
It’s a plan so dumb you have to have to Ph.D. to believe it will do any good. Quantitative easing was dumb. This is dumber. They are calling it Operation Twist. The Federal Reserve will buy $400 billion of long-dated Treasuries, financed by selling bonds with three years to go or less.
September 26th, 2011 | Chris Mayer | 1 comment | Continued
Every Investor in Commodities Should Know China is their Biggest Buyer
Remember the phrase “Buy what China needs to buy”? It was a good thesis for us for years. I dipped the ladle into this idea bowl often. And the stocks of producers of potash, oil, iron ore and other stuff from the earth did well. But the tides of fortune ebb and flow. Will these commodities be good investments from here?
September 7th, 2011 | Chris Mayer | 0 comments | Continued
The Broken Window Fallacy
David Kotok is the chairman and chief investment officer of Cumberland Advisors. He was on the radio with Larry Kudlow, who asked him about the economic impact of Irene. Kudlow noted how Irene tracked over 1/10th of the nation’s economic output.
September 6th, 2011 | Chris Mayer | 2 comments | Continued
You Can’t Make This Stuff Up
In today’s column, I’d like to share with you a few ideas I presented at the recent Agora Financial Investment Symposium in a speech titled You Can’t Make This Stuff Up. I called it that because it’s hard to fathom serious people writing lines like this: The renewed willingness and confidence to spend money we don’t have is vital to the continuing recovery.
August 29th, 2011 | Chris Mayer | 2 comments | Continued
Heirs to A.W. Jones
In 1994, Daniel Och and the Ziff brothers started Och-Ziff Capital Management (NYSE:OZM). They were heirs to the ideas and techniques of A.W. Jones. And they have done him proud. The success of the OZ Master Fund is one of the best in the business.
August 16th, 2011 | Chris Mayer | 0 comments | Continued
Now What?
The U.S. has suffered a credit downgrade and is no longer AAA. So now what? Some will say it isn’t a big deal. But the problems that brought us here aren’t solved, not by a long shot. In fact, they haven’t been addressed at all. That is a big deal.
August 10th, 2011 | Chris Mayer | 0 comments | Continued
Hedge Yourself!
Alfred Winslow Jones’ fund was what many consider the first hedge fund. Actually, he called it a “hedged fund.” The original idea was to hedge against risks, such that the fund suffered less when the market fell. Jones went on to compile the best record of his era.
August 9th, 2011 | Chris Mayer | 0 comments | Continued
What Investors Need to Know About America’s Debt Crisis (Hint: The Ceiling Doesn’t Matter!)
The fact is, even with the President’s and Congress’ agreement to increase the government’s borrowing limit, America is still in deep financial trouble. And this reality will affect investors much more than they expect.
August 3rd, 2011 | Chris Mayer | 0 comments | Continued
Gold Hits $1,600!
Stock markets around the world have been looking pretty ugly lately, but gold has climbed for eleven straight days – reaching a new all-time high of $1,605 an ounce! Prediction: More of the same. The European crisis, coupled with the ills in the US make for a grim picture.
July 20th, 2011 | Chris Mayer | 1 comment | Continued
Buy the Owner-Operators
Owner-operators have a better chance of doing something extraordinary in business than the hired-gun CEO. As Damon Runyon had it, “The race may not always be to the swift nor the victory to the strong, but that’s how you bet.”
July 8th, 2011 | Chris Mayer | 1 comment | Continued
The World, Right Side Up
From the 49 North Resource Conference in Manhattan: Are we in the middle of a Mining Supercycle? How the emerging markets are shaping things and how now they are on par with the West in terms of size. An idea that has important long-term implications for investors.
June 29th, 2011 | Chris Mayer | 2 comments | Continued
Buy Food!
A headline caught my eye last week, beyond all the ink spent on European debt woes. It read, “Hungry China Shops in Argentina.” China already buys most of Argentina’s soybean exports. And now China’s largest farming company is trying to lock down acreage for more soybeans.
June 23rd, 2011 | Chris Mayer | 0 comments | Continued
