1 October 2022
What is value, anyway ?
“Consider a turkey that is fed every day. Every single feeding will firm up the bird's belief that it is the general rule of life to be fed every day by friendly members of the human race 'looking out for its best interests,' as a politician would say. “On the afternoon of the Wednesday before Thanksgiving, something unexpected will happen to the turkey. It will incur a revision of belief.” - Nassim Nicholas Taleb, ‘The Black Swan’ (2007).
24 September 2022
value fund
The Year the Earth Stood Still
“So, first of all, let me assert my firm belief that the only thing we have to fear is.. fear itself — nameless, unreasoning, unjustified terror which paralyzes needed efforts to convert retreat into advance..” - From the first inauguration of Franklin D. Roosevelt as the 32nd President of the United States, Saturday, 4th March, 1933.
17 September 2022
Surviving ‘total war’
“Sweat saves blood.” - Erwin Rommel.
10 September 2022
Damned lies
“Bunny had a talk with Mr. Irving, who told him that it was the Federal Reserve system at work; a device of the big Wall Street banks, a supposed-to-be government board, but really just a committee of bankers, who had the power to create unlimited new paper money in times of crisis. This money was turned over to the big banks, and in turn loaned by them to the big industries whose securities they held and must protect. So, whenever a panic came, the big fellows were saved, while the little fellows went to the wall.” - Upton Sinclair, ‘Oil !’ (1926), cited by Rudy Havenstein.