Warren Buffett

Howard Marks Redux: "There They Go Again" - Why Stock Investors Develop Amnesia

"Contributing to... euphoria... is the extreme brevity of the financial memory... There can be few fields of human endeavor in which history counts for so little as in the world of finance. Past experience, to the extent that it is part of memory at all, is dismissed as the primitive refuge of those who do not have the insight to appreciate the incredible wonders of the present."

New Hedge Fund Fee Structures Reveal Traditional Model On Verge Of Collapse

While it's inevitably a slow process, over the long term, business models that no longer make sense, like paying billions in fees for returns that rarely exceed index returns (which could be accomplished for almost nothing), eventually die off...it looks like hedge funds just entered Phase 3 (a.k.a. "Bargaining") of a 7-step process.

Someone Just Dumped $1.3 Billion Worth Of AAPL Shares

While quad-witching on index-rebal day usually leads to odd sights in the market, there was little confusion about what happened at the open, when as Bloomberg first noted, Apple shares dipped 0.1% lower after a size seller dumped 9.24 million AAPL shares in a single block trade at the Nasdaq open, at a price of $141.00, amounting to just over $1.3 billion worth of AAPL stock.

"The European 'Story' Is Broken"

"I’ll listen to what the bond market is telling me over whatever Goldman Sachs and Morgan Stanley and the rest of our sell-side friends is pitching me. The "buy-Europe!" story that has been pitched by the sell-side ad nauseam for the past six months is broken and stocks are defenseless against the steady stream of anti-Europe political news we are going to endure for the next eight weeks."

The Most Un-Fun Bubble Ever

"...although it might be fashionable to claim equities are in a bubble, be aware this “bubble” is completely different. It is not driven by speculation, but instead might be the most gigantic short squeeze of all time."

Nervous Retailers Launch Ad Slamming Border Adjustment Tax

How do you know America's retailers are nervous? They make an ad. And while usually it is meant pitch a certain product or service, in this case the object of the ad is something every retailer across the US hates with a passion: the Border-Adjustment Tax