This is a recent interview of Seth Klarman by Charlie Rose. It is well worth watching.
Archive for the 'Videos' Category
This is a great interview with Phil Goldstein of Bulldog Investors. Phil is an activist value investor with an excellent track record.
Last night Charlie Rose interviewed a group of three about gold: Jim Grant, John Hathaway of Toqueville Asset Management, and Peter Munk, chairman and founder of Barrick Gold. Rose then did a one-on-one with Einhorn on gold and inflation and other topics.
I think its a good show. Jim Grant’s thoughts and opinions are always interesting. I also enjoyed having the perspective of a miner. And it’s always good to listen to Einhorn.
Rose asked Einhorn what he likes about the investing business. Einhorn likes “solving the puzzles.” If Rose asked me the same question, I would have answered differently. I would have said that I enjoy doing something that is very hard, that few people are good at and where I have the opportunity to be one of the best. However, I do agree that there is a “puzzle solving” aspect to being a good investor.
This funny video has started to make the rounds. If you think about it too much, its actually kind of scary.
Bondsquawk links to a video of Elizabeth Warren, chairwoman of the Congressional Oversight Panel for the TARP, talking about the U.S. banking industry.
Highlights include:
- 101 small banks have not paid their TARP dividend which is sign that’s there’s still a “great deal of instability in the banking system”.
- Three thousand out of eight thousand banks have serious concentration in commercial real estate. 6 out of 19 stress tested banks have commercial real estate that exceeds tier 1 capital.
- Does not look like a problem that’s going to get smaller over the next couple of quarters. It looks like a problem that is going to increase.
Bottom line? Expect more failures in the coming years from the small to medium-sized banks throughout the country.
Big thanks to Coyote Blog and Farnam Street for linking to this video. It’s great!
Thanks to TPC for sharing this great 3-minute video. All eight are good, but I think persistence is last for a reason.
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Bill Nasgovitz shows a chart of the ten year rolling returns of the stock market in this video. He is definitely correct in that it is a very bullish-looking chart and that the next ten years will most likely be better than the last ten years.
However, I am sure that there are different charts out there that show we have not yet hit the point where we have the true beginning of a new bull market. For example, Vitaliy Katsenelson has a chart showing the 10 year trailing P/E ratio of the S&P 500 on slide 18 of this presentation (click image below for larger size):
Katsenelson says the market is now trading at an average valuation, not a below-average valuation, which he argues is the point at which a new bull market begins.
My own personal opinion is that this market is fairly valued or maybe even slightly overvalued.
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