Lester Golden
1 min readDec 13, 2021

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Your title is always right. There's always a crash in the market's future. But....

Hussman is a permabear who was bearish even in early 2009.

How did Burry's Tesla short work out?

The shoeshine boy story was from Bernard Baruch, not Joe Kennedy.

Mises Institute are Austrian economics financial curmudgeons; broken clocks that are right 2x/day. Keynes was the best investor of his generation--12% CAR from 1921-46. Who would you bet your money on?

Watch what Grantham and his GMO fund does, not what Grantham says.

What caused the depression: inequality worsened until workers could not buy back what they produced. No plutocrats' plantation is ever sustainable.

Banker bosses: banks want higher rates to raise their NIMs (net interest margins).

The S&P500's earnings yield right now is 4.49%, which = a p/e of 22.

Markets can stay overvalued for a long time.

MIss the ten best days of a bull market and you cut your long term returns in half.

Yes, the market's overvalued. But there are still plenty of cheap stocks worth buying if you're buying a business you know how to analyze.

Swiss and British insurance stocks at 10-20% under book value? Overvalued? Don't think so.

Publicly traded Swedish VC that seed-funded Zalando, Livongo and other unicorns? More than doubled in 3 years. Apt and industrial REITs bought last year right after the COVID crash? All up 30-50%.

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Lester Golden
Lester Golden

Written by Lester Golden

From Latvia & Porto I write to share learning from an academic&business life in 8 languages in 5 countries & seeing fascism die in Portugal&Spain in1974 & 1976.

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