Last weekend, I said that risk assets were getting frothy, and showed that speculation was rampant in several financial sectors. I also pointed out that essentially the entirety of the total return to investors for several years, and perhaps for several decades, might be able to be explained by the appreciation in price (decline in [...]
How’s the California housing recovery?
I’ll begin with what I observe locally. Here in Santa Barbara, I do not see upward price pressure on housing. The 19-home community in which I am renting this season has at least six renters. It appears that investors (a married couple, both attorneys) now comprise at least 1/3 of the owners [...]
Today’s market action (Wednesday, 3/28) showed strong tech stocks up (AAPL, GOOG, IBM) while commodities were hit hard. The commodity fall has now almost become a clearly-failed rally for all the precious metals off of last fall’s base. I take this along with China’s stock markets’ 2-4% falls yesterday (now open about 1% down tonight [...]
Has gravity been repealed for the One Stock That Matters these days?
And do AAPL’s ascent, and the even more meteoric rise of Facebook, say anything special to people interested in economic trends and Austrian economic theory?
My answers to the above are: to the first question: No; to the second question: See below.
In the news today are two enterprises whose fortunes have diverged so dramatically over the past decade that I wish to comment. I think that the Austrian economists Schumpeter and von Mises would also have been impressed.
On the one side is an ancient people whose government borrowed hundreds of billions of euros over about [...]
Bloomberg.com is out with a brief article on the newly-released FBI file on Steve Jobs related to service on the President’s Export Council during the tenure of G H W Bush. It contains a quote from an interviewee that has quite the LOL-inducing punch line:
Even those who disagreed with Jobs recommended him to the [...]
In Apple’s conference call yesterday, CEO Tim Cook disclosed that the company made a bet at the beginning of the quarter that the new iPhone 4s would be a big success and so it placed extra production orders – betting on the upside- and nonetheless found itself short of inventory as sales exceeded the company’s [...]
With the latest commodities sell-off today, the prices of both cocoa and sugar are about 1/3 off their recent highs. Look for that bar of the dark sweet stuff to bulk up a bit. Silver, platinum, copper, etc. are in confirmed bear trends, and since all are more than 20% below their highs, one might [...]
Fifty-six is a short time on the planet these days but Steve Jobs changed the world in his time.
The thing I really admired about him was that he succeeded and then he failed. And then he came back. This is what drives capitalism—the entrepreneur. It wasn’t a committee or a board or bureau that gave [...]
I hope he gets well soon.
All that can be said about Steve Jobs has been said in all the stories I read this morning about his resignation as CEO of Apple. Undaunted by that, I have several observations.
Until I got an iPhone I will admit to being disdainful of Apple products. I never understood their products’ charisma. They were [...]