Tremont’s Rye Investment Management unit had $3.1 billion, virtually all of its assets, invested with Madoff, said the person, who declined to be identified because the information is private. Tremont had another $200 million invested through its fund of funds group, Tremont Capital Management. “We believe Tremont exercised appropriate due diligence in connection with the […]
READ MOREOur financial system is barely working
I received phone calls from two friends this week and I think they illustrate how our banking system and broader financial system is barely working. A friend from the southeast of the U.S. called me on Monday and asked for my advice and help (please excuse my generalities to protect my friends and their exact […]
READ MOREWhat Costco tells us about the Economy
This is a great blog post from Jeff Matthews: Jeff Matthews Costco Post
READ MOREJon Stewart on the Auto Bailouts
This is hilarious: Barack Obama InterviewJohn McCain Interview Sarah Palin VideoFunny Election Video Jon Stewart Auto Bailout talk
READ MOREMauboussin on Strategy
This is a great writeup by a Michael Mauboussin who is a strategist for Legg Mason. I agree with his conclusions and the similarity between the flack Buffett received in 1999 is very similar to the flack he is getting today. Mauboussin on Strategy
READ MORESeparation
I am reading a wonderful new biography about William Wilberforce, the great British anti-slave trade campaigner. As part of the book, the author, William Hague, describes the slave trade, how slaves were kidnapped and transported in the most brutal conditions with no regard to health or humanity. One of the more disgusting stories describes how […]
READ MOREFood prices to rise next year
Here is a bloomberg story quoting Jochen Hitzfeld, an analyst at UniCredit SpA in Munich. “Agricultural commodities will outperform the broad commodity indices in 2009,” Hitzfeld wrote in a research note this week. “If key crop-producing countries then impose export bans again and speculators drive up prices via physical stockpiling and futures contracts, new food […]
READ MORECharities Need Your Help
In the spirit of Thanksgiving, I think everyone should consider that as much as the economy and the stock market may be hurting you, its hurting other people and institutions even more, especially charities and non-profits. Judging just from my ability to give money this year, non-profits are in for a world of hurt. This […]
READ MOREFord’s CEO pay package and the Bailout
In April, Ford reported Mr. Mulally received $2 million in base salary, a $4 million bonus and more than $11 million of stock and options in 2007. His base salary was unchanged over 2006. Mr. Mulally has earned nearly $50 million in compensation since taking the helm of the auto maker. Why exactly are we […]
READ MOREWhy the Big Three Shouldn’t Be Bailed Out
This is an excellent blog post from Mark Perry’s Carpe Diem blog on how Honda is actually expanding in this country: Honda expands
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