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Whether the transformation in monetary worldview from Martin’s generation to our own is a good thing or a bad thing is for the bondholders to judge.
“The bull market in everything” – stocks, bonds, Picassos, bitcoin, real estate – is over. Actually, not every bull market is kaput, contended David Rosenberg, leadoff speaker at the April 10 Grant’s Conference.
“A discount that you can actually do something about, that is objective and that, while you sit there is not dead money.”
“Big” and “asset-light” are the reigning ideas in the restaurant franchise business. “I’m here to tell you this Shangri-La doesn’t go on forever.”
Howard Marks reflected on the asset class which he wouldn’t go near—hasn’t touched, in fact, in 40 years.
When a company’s stock falls out of bed while the same company’s debt remains securely under the covers, someone is going to make money.
“Two assets: Both go up, and yet they are strongly negatively correlated day-to-day. Nirvana.”
This biggest risk in holding gold bullion? “Career risk,” came the answer. They’ll fire you for taking leave of your senses.
The blockchain is, “a crappy technology and a useless technology,” our speaker matter-of-factly informed the Grant’s audience.
“The biggest mistake is actually the trades you didn’t do and the reasons for why you didn’t do those trades,” said the hedge-fund titan John Burbank.
In which Grant’s erred: U.S. investors may not, in fact, receive capital-gains tax treatment on bonds purchased at a discount to face value and held to maturity.
The Fed’s program of balance-sheet reduction brings to mind the punchline of the old trader’s joke: “Sell to whom?”