How many Old Masters for a seven-foot, $25 million Popeye? How many Esteban Murillos for a 21st century Oscar? Shedding bright new light on the cycles of taste and value in art and central banking alike.
"My No.1 rule of investing," Arjun Divecha told the Grant's Conference-comers, "is you make more money when things go from truly awful to merely bad than when they go from good to great. And I'm going to show you some examples of truly awful." He was as good as his word.
Some contend that markets are generally efficient. Others--perhaps better acquainted with the nut they call Mr. Market--deny it. Cliff Asness, money-maker and scholar, settled the argument.
The editor of Grant's gently interrogated Jonathan Gray, global head of real estate at the Blackstone Group, on house prices, Indian real estate, the Blackstone Mortgage Trust, office buildings and other timely topics.
Surveying the bond market, Jeffrey Gundlach, CEO of DoubleLine, declared that Treasurys are historically cheap. That is, compared to Treasurys, nearly every other kind of debt security is historically rich. Wait till the bears have to cover.
Is 2,000 times earnings the right valuation for companies that, nine times out of 10, strike out? Joe Lawler weighed the evidence.
The junk-bond market suffered a disastrous 2009, all right, allowed Marty Fridson. But, he cheerfully added, just wait till 2016.
As China decelerates and the Federal Reserve ruminates, what's an investor to do? Invest in Africa, proposed Francis Daniels.
Story stocks are seasonal plantings; they flower in bull markets. Never-never stocks, explained Andy Redleaf, founder and CEO of Whitebox Advisors, are perennials; they bear fruit in all seasons--for the insiders.
The consumer price index rose by 1.5% in March, measured year-over-year, the Bureau of Labor Statistics announced on Tuesday. Shoulders must have sagged in the Eccles Building.