Markets & Mercati 2023-05-19
A very positive week for equities, ‘risk assets’ as some like to call them, and a correspondingly negative one for bonds (‘safe assets’). In the midst of many important events, the developing story around the raising of the government debt limit in the US is perhaps the most dangerous, and not because of the possible default: Americans are in a civil war, with 40% of the electorate trying to overpower the majority on, among other things, civil rights, voting rights, abortion and respect for reality. Even Harry and Megan are milking this last point: a two-hour car chase in the middle of Manhattan? with all those potholes? No one would have survived.
For those still interested in the subject, I suggest a very good piece on inflation by Alessandro Fugnoli of Kairos Group (in Italian, here).
This morning a WSJ article reminded me of how important it is to be lucky. Sometime around 2006/7 I wanted to read Klarman’s book ‘Margin of Safety.’ I ask around and a colleague at work sent me a copy in PDF. Then in 2009, moving from London to Zürich, I find my own real copy, bought for $25 on April 25 1992 (pictured above). As the article says, it is now worth about $2000. I own way too many books.
[Cover: author’s picture]
For those still interested in the subject, I suggest a very good piece on inflation by Alessandro Fugnoli of Kairos Group (in Italian, here).
This morning a WSJ article reminded me of how important it is to be lucky. Sometime around 2006/7 I wanted to read Klarman’s book ‘Margin of Safety.’ I ask around and a colleague at work sent me a copy in PDF. Then in 2009, moving from London to Zürich, I find my own real copy, bought for $25 on April 25 1992 (pictured above). As the article says, it is now worth about $2000. I own way too many books.
[Cover: author’s picture]
