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[Editor’s note: This letter was written by Tim Price, frequent Sovereign Man contributor and manager of the VT Price Value Portfolio.] If you have been voting for politicians who promise to give you goodies at someone else’s expense, then you have no right to complain when they take your money and give it
[Editor’s note: This letter was written with Tim Price, London-based wealth manager and co-founder of Price Value Partners.] It was just over two years ago that “The Grilled Cheese Truck, Inc.” began trading in the US stock market under ticker symbol GRLD. GRLD was exactly what it sounds like– a truck that sells
[Editor’s note: This letter was written by Tim Price, manager of the VT Price Value Fund and frequent Sovereign Man contributor.] It was at the height of the dot-com bubble in 1999 that The Onion famously satirized the epically irrational stock market: “Anabaena, a photosynthesizing, nitrogen-fixing algae with 1999 revenues estimated at $0
On March 30, 1999, the Wall Street Journal’s front page headline blasted the good news across the world: “Dow Industrials Top 10,000” The day before, the all-important US stock index, the Dow Jones Industrial Average, closed above 10,000 for the first time in history. It was a major milestone, and investors cheered. A
[Editor’s note: Tim Price, London-based wealth manager and co-manager of the VT Price Value Portfolio, is filling in for Simon today.] Here’s some food for thought. There’s been so much discussion over the past few years, and 2016 in particular, about the roaring US economy and stellar performance of US companies. As an
There are problems, and there are solutions. Problems first. 1. Banks. That a bank as big as RBS could crash spectacularly, twice, says something about the immutability of human nature. This is not to single out the Scots. Citibank, one of North America’s largest banking organisations, has also gone bankrupt at least twice.
[Editor’s note: Tim Price, London-based wealth manager, is filling in for Simon today.] After the fall of France in 1940, Great Britain, under Churchill, fought on against the Nazis, virtually alone. Although she would ultimately be joined by the overwhelming military and economic might of the United States, for a period she fought
[Editor’s note: Tim Price, London-based wealth manager, is filling in for Simon today.] The consumption of financial media can be dangerous. Mixed with overpriced global brands, it can be deadly. In August 2000, Fortune Magazine published an article entitled ‘Ten stocks to last the decade’. As befits something written during the latter stages
Back in the 1970s, the BBC started broadcasting a children’s show called ‘Why Don’t You?’ Its full title: ‘Why Don’t You Just Switch Off Your Television Set And Go Out And Do Something Less Boring Instead?’ Out of the mouths of babes. Rolf Dobelli, the best-selling author of ‘The Art of Thinking Clearly’
This is getting to be a habit. Previous late summer holidays by this correspondent coincided with the run on Northern Rock, and subsequently with the failure of Lehman Brothers. So the final crawl towards the probable nationalisation of Deutsche Bank came as no particular surprise this year, but it is tiresome to relate
[Editor’s note: Tim Price, London-based wealth manager, is filling in for Simon today.] “There is no simple, painless solution. The world has to reduce debt, shrink the financial part of the economy, and change the destructive incentive structures in finance. Individuals in developed countries have to save more and spend less. Companies have
[Editor’s note: Tim Price, London-based wealth manager and frequent Sovereign Man contributor, is filling in while Simon travels to Puerto Rico today.] As Mark Twain is purported to have once said, “Predictions are hard, especially about the future.” And with this principle in mind, libertarian Harry Browne advocated a four-factor portfolio to protect
[Editor’s note: Tim Price, London-based wealth manager, is filling in for Simon today.] The scenic mountain resort of Jackson Hole in Wyoming played snowy host this weekend to the world’s major central bankers, meeting in conclave to discuss their latest victories over the world economy. Thronged by adoring savers, the so-called Ja’ss Holes
[Editor’s note: Tim Price, London-based wealth manager, is filling in for Simon today.] “Negative interest rates are not the fault of central banks” – Martin Wolf column for the Financial Times of 12 April, 2016. From ‘Human Action’ by Ludwig von Mises: “But then finally the masses wake up. They become suddenly aware
[Editor’s note: Tim Price, London-based wealth manager, is filling in for Simon today.] For those that already have, Mark Carney is the gift that keeps on giving. Borrowed imprudently and struggling to make those interest payments ? Worry not; the Bank of England has your back. For those that don’t have, the Bank
