Substack Library

Glossary

The Journey

“How, how Cordelia? Mend your speech a little,

The Biden Boom

You can read about who I am here. If you like this writing, you will enjoy my books Master, Minion, and Raising a Thief. This is not investment advice. Investing is risky and sometimes painful. Paid subscribers: note the conference call details later on.

The India Question

“Chief among the forces affecting political folly is lust for power, named by Tacitus as ‘the most flagrant of all passions.’ Because it can only be satisfied by power over others, government is its favorite field of exercise. Business offers a kind of power, but only to the very successful at the very top, and without the domino and titles and red carpets and motorcycle escorts of public office.”

Season #5 Podcast Finale

The goal at the outset of our podcast was to answer a fundamental question—what lessons are people accumulating over the course of their life? These lessons differ from the ones we learn in school in that they are more grounded in gritty reality. For instance, exceptionally smart people (like former Defense Secretary Robert McNamara) can do very dumb things. That lesson was from Congressman Jim Himes regarding the US invasions of both Vietnam and Iraq.

Optimism & Fear

I woke up last night at around 1 am worried about an economic report (personal consumption expenditures, or PCE) that was published today at 830 am. Before PCE came out, on the early morning drive down to the rowing dock, I listened to gloom and doom Bloomberg radio chatter about “stubborn” inflation and more Fed tightening. Bill Dudley, the former head of the New York Fed, confidently declared this morning that “the US bond rout is far from over.”

Russia Context

I spent most of last week at the ValueX conference in Vail, hearing stock ideas from a range of thoughtful investment managers. I intended to talk about that and will do so soon, but a number of readers asked me about Russia, so below is the context I don’t think is getting shared in the MSM. The key question is what framework you apply to Russia My answer: a medieval one. There is a King, palace intrigue, and violent feuds, a world that has receded into the past in Europe is alive and well in Moscow.

Hipster Dictators

Earlier this year on my trip to Chile, I was scrolling through any article I could find on Latin America and was disappointed in pretty much everything. It all seemed so…obvious until an essay plopped into my inbox from Francisco Toro. He was writing about Peru, not Chile, but the essay was so good that I immediately wanted more. Rather than bemoan Peru…

Europe’s Search for Civility

If someone forwarded this to you, you can read about who I am here. I was a strategist and equity partner at the biggest hedge fund in the world. Now I make my thoughts available to you and implement them with my own capital. If you like this writing, you will enjoy my books Master, Minion, and Raising a ThiefThis is not investment advice. Investing is risky and sometimes quite painful.

A Soft Landing

If someone forwarded this to you, you can read about who I am here. I was a strategist and equity partner at the biggest hedge fund in the world. Now I make my thoughts available to you and implement them with my own capital. This Substack grows via word-of-mouth, so please forward to friends. If you like this writing, you will enjoy my books Master, Minion, and Raising a Thief. This is not investment advice. Investing is risky and sometimes quite painful.

Administering Amid Rapid Change

If someone forwarded this to you, you can read about who I am here. I was a strategist and equity partner at the biggest hedge fund in the world. Now I make my thoughts available to you and implement them with my own capital. This Substack grows via word-of-mouth, so please forward to friends. If you like this writing, you will enjoy my books Master, Minion, and Raising a Thief. This is not investment advice. Investing is risky and sometimes painful.