“There’s a stereotype of Goldman folks and he’s not really the stereotype. He’s a very good guy.”
- Michael Sabia, CEO, Caisse de depot et placement de Québec, quoted in The Financial Times.
“Sir, Given the outpouring of plaudits for our Mark Carney (with the FT leading the way), might we expect Mr Carney to save money for the British government by walking across the Atlantic ?”
- Letter to the FT from Mr John H. V. Gilbert of Vancouver, BC, Canada.
To Hampshire, and to the rather wonderful Four Seasons Hotel, the setting for Citywire’s ‘Smart Beta’ retreat.. We went specifically to hear from Russell Napier and Dylan Grice. In the event, circumstances precluded Mr Grice’s attendance. But the first keynote speaker, Mr Napier, managed to steal some thunder from SocGen’s notorious ‘Ice Age’ analytical team.
Russell Napier has written the book on bear markets. Specifically, the book is titled ‘Anatomy of the Bear: lessons from Wall Street’s four great bottoms’, and it comes highly recommended. And bear markets are not necessarily to be feared. Provided one can survive them, they bring in their wake opportunities to create significant wealth. But this is not automatically a rapid process. As Marc Faber writes in his introduction to the book,
wisdom has it that great market bottoms, which offer lifetime buying
opportunities, occur quite soon after devastating market crashes. But, as
Russell shows in this book, great bear markets have long life-spans.. at its 1921
low, the Dow Jones Industrial Average was no higher than it had been in 1899 –
22 years earlier – while during that period nominal GDP had increased by 383%
and real GDP by 88% ! Similarly, by August 1982, the Dow was no higher than it
had been in April 1964, and was down by 70% in real, inflation-adjusted
To read more,
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