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Next up: Hungary, Poland, Latvia. Huge huge huge amounts of foreign (CHF, JPY) denominated residential mortgages.

I hold dozens and dozens of stocks overnight, in leveraged long and short books. There is a tons of price dispersion (=chance to generate alpha) going on between different stocks and sectors, even if we're in a trading range.

Schiff bought his clients emerging market commodity stocks without any exit strategy whatsoever. They blew up like a supernova and came crashing down like a plane noticing it has run out of gasoline. On the way up Peter said "told you so", on the way down "stay the course" as these stocks...

"I've been more confident about a trade" = famous last words.

If the strike price is met at expiry you still lost the premium. You need SPY to close on Feb 20th above 87.xx on the 85s in order to at least break even. Good luck.

What an excellent article. Mish makes some great points. Big difference between talking smart on TV and trading. Two people who called the macro trailspin right: 1. John Paulson - made his clients billions 2. Peter Schiff - lost his clients millions Money management and having a clue...

I love the gold bugs. When gold is going up it's because fiat currencies are going to hell. When gold is going down its media, market and Fed/Treasury manipulation.

I'm not sure at all if crude prices and worldwide GDP growth are at all correlated, even if accounting for a time lag. Anybody read any research on this?

Maybe there is (still) some sentiment out there that banks on the belief that the EUR zone will weather the storm better than the US. Let's see what happens when VW, Mercedes and BMW beg for a government bailout. Or an Eastern European depression drives the EUR zone banking system into a...

1. Yes, Value investors usually don't use long-side leverage on their bets. If their portfolios went down 70% during the 1930s they still "survived". Value investing != absolute returns. Value investing = "buy 1 dollar for 50 cents or less and wait out the distressed times" (buy and pray if you...

I disagree. If anything, value investing is related to "price counter-trend" and "reversion to mean" strategies.

Do yourself a favor. Bookmark and look at this thread again once you blow up that $1000 account of yours. Maybe you'll learn a thing or two.

Just let me get this straight. You're trading a $1000 Forex account and shooting for 80% gains per trade? And you tell me how much superior you approach is to Klarman's? What you're doing is gambling and has nothing to do with trading. Sooner or later you will blow up, like millions of other...

I'm pretty sure both Buffet and Klarman bet 90% of all global professional traders over the last 20 years on a risk adjusted ROI% basis (e.g. Sharpe ratio).

Just wondering, what investment strategy would have made you rich(er) with $1000 20 years ago?

Of course they survive, since Graham and Buffet don't use leverage.

Wow, shocker. Kind of ironic the German secretary of the treasury Steinbruck was running his mouth right after the Lehman collapse (Sept 28, 2008): "The financial market crisis is first and foremost an American problem," Steinbrueck said. Steinbrueck said the German model of lower-risk...

"We shall defend our Pound Sterling and UK economy whatever the cost may be; we can sleep on the beaches, landing grounds, in the fields, we can live in the streets and on the hills. We shall never surrender!"

It's all good. Instead of having to deal with unfriendly Eastern European waiters with no English language skills whatsoever in the Mediterranean, I foresee an increase in boarding school educated British staff as they get fired at home and get hired for 4.50 EUR an hour jobs in Spain, France...

The Brits did to themselves what Hitler's submarines and Luftwaffe couldn't. Good riddance.