Blog Archives

Stanley Druckenmiller is still bullish on the market

January 17, 2020


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Janet Yellen Short Circuits on Political Conflict of Interest

October 12, 2016








Janet Yellen receives tough questions on Lael Brainard, and Fed conflict of interest, from New Jersey congressman, Scott Garrett.

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Michael Pettis on China Slowdown

September 19, 2015
  • Michael Pettis has been writing about China for years. Looking for a sustained slowdown.
  • Sees little correlation between the stock market and real economy.
  • GDP growth target needs to fall below 7%. Lowering the growth target actually suggests confidence in economic transition.
  • Privatization steps crucial.

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David Woo on China Devaluation

September 4, 2015

David Woo presents some insightful views on why China must devalue. Woo is one of the more market-savvy Street pundits.

  • 7-day REPO rates remain elevated
  • China selling US Treasuries
  • Selling USD to defend Yuan
  • Ultimately, China must let the currency go to stimulate and engage in China-QE


David Woo China Video


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Will Crimea saddle Russia for years? – A different investment persepective

March 26, 2014
  • The near-term focus has been on the short-term impact of Crimea annexation.
  • Longer-term, Russia is likely to be saddled with burdens.
  • After an inevitable economic collapse, longer-term, Ukraine may be more united, will better attract western capital, and may be better off.





















A great contrarian take from Foreign Affairs:


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Bankia’s Needs & Spanish Banking Crisis

May 30, 2012
  • Amount of capital needed continues to grow
  • Pressure mounts of Germany/Spain bond spreads
  • Uncertainty with other European financials grows
  • Euro continues to sell-off now sub 1.25 to the USD.

My beautiful picture



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Cambodian Stock Market Opens with Phnom Penh Water Surging on First Day

April 23, 2012

Le Ballet Royal du Cambodge


Cambodia is a country with 14 million people nestled between Vietnam, Thailand and Laos. Cambodia’s history has been difficult with the brutal Khmer Rouge dictatorship through the 1970’s. It has been estimated that over 3 million Cambodians were killed. Cambodia has been quietly emerging and is now considered a frontier market for investing. The economy has been growing and gaining share of global manufacturing and corporations have been building a presence. On April 18th, the Cambodian stock market opened with Phnom Penh Water Supply (PWSA KH) surging 48% on the first day of trading. The company raised $21M from investors through its IPO. Frontier markets have the ability to decouple from global macro as there are a number of idiosyncratic changes taking place in markets like Vietnam, Cambodia, Laos, Mongolia and Bangladesh. Worth keeping an eye on.



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Warren Buffett Interviewed by Charlie Rose and Lara Logan

March 31, 2012

Warren is out in the media more and more these days.

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An Oldie But Goodie – The Europe Collapse Video

February 28, 2012


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Caesars (CZR) IPO at $9 – Company Returns to the Public Markets

February 8, 2012

Caesars PalaceCaesars will launch their IPO under the ticker CZR. The company is offering 1,811,313 shares to the public priced at $9. Credit Suisse and Citigroup are the joint-book runners. Caesars operates under the Caesars, Harrah’s, and Horseshoe brand names. Caesars also owns the World Series of Poker and London Clubs. When the stock commences trading at $9 the market cap will be $1.1 billion and the enterprise value will be $22 billion as the company will still have a heavy debt load. Caesars valuation is down sharply from peak valuations in 2007. John Paulson has been one of the private investors.

Caesars comes public in a period of low interest costs where Vegas is starting to slowly recover. There is an old adage among Las Vegas gamblers: “don’t game where they don’t own the house”. It will be interesting to see if Caesars will maintain their levels of customer service in a period where expenses will be more scrutinized in the light of the public markets.

Casino Market Capitalizations:

Las Vegas Sands:              $42B
Wynn Resorts:                 $14B
MGM Resorts:                 $7B
Caesars:                         $1.1B

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