Bill Gross: "The cult of equities may be dying" (2012)

The cult of equities may be dying, but the cult of inflation may only have just begun.

~ Bill Gross, July 31, 2012

Lee Iacocca on business

There's no mystery to satisfying your customers.  Build them a quality product and treat them with respect.  It's that simple.

~ Lee Iacocca

Jim Grant on central bankers

The Ph.D. standard is the regime of discretionary monetary management by former tenured economics faculty. Not much is new under the sun in finance, except for this regime of improvisation by college professors trying stuff because it looks good on a blackboard. What it means for investors is thrills and chills.

~ Jim Grant, "Jim Grant Is Bullish on Gold, Bearish on Kraft," Barron's, August 1, 2016

Jim Grant on negative interest rates

We are living in a unique time. Negative rates aren’t a naturally occurring phenomenon in finance but a creation of our ingenious central bankers. Furthermore, they seem to defy common sense. Interest rates exist because we want things now rather than later. That’s the nature of human desire. Negative interest rates turn that on its head. So they are a sign not of constructive policy making, but of trouble.

~ Jim Grant, "Jim Grant Is Bullish on Gold, Bearish on Kraft," Barron's, August 1, 2016

Jim Grant on fiat currencies

We’re on the long, winding road to confetti—to the discrediting of fiat currencies. That is the end game. Adam Smith cautioned against being excessively bearish. One shouldn’t be dogmatic about when things will happen. But we’re on the road to an important perception that central bankers don’t have the answers and are in fact in the process of discrediting the very money they are meant to protect. I would be short the Ph.D. standard, long the periodic table.

~ Jim Grant, "Jim Grant Is Bullish on Gold, Bearish on Kraft," Barron's, August 1, 2016

Jim Grant on the 35-year bond bull market

You are talking to a guy who lived through all but three months of the bond bear market of 1946 to 1981. In the spring of 1946, a long bond yielded about 2.25%, and it ended in 1981 at 15%. Everyone was looking backward to the credit experience of the 1930s and the early ’40s, not anticipating they were about to be treated to a generation-length bear market in interest rates. That was 35 years in the making. And almost 35 years ago, the great bond bull market began that may, or may not, be ending right now. Since the 19th century, the cycles in interest rates are very long-lived. They have ranged from 20-odd years in this country to 85 years in 19th century Britain. So you can’t dogmatize on the timing. At Grant’s, we are very bearish on bonds.

~ Jim Grant, "Jim Grant Is Bullish on Gold, Bearish on Kraft," Barron's, August 1, 2016

Mark Cuban endorses Hillary Clinton for president

I am ready to vote for the American Dream. I am ready to tell the world that I am here to endorse Hillary Clinton.

~ Mark Cuban, "Mark Cuban Drops an Endorsement on Hillary — But the Name He Drops on Trump is Making Headlines," Independent Journal, July 31, 2016