The Newport Daily News had a wonderful feature on Middletown, RI resident, Pete Babcock, whose 42-year career in the NBA culminated in a championship with the Cleveland Cavaliers. Babcock got his start when he dropped out of law school. “I always was enamored with the NBA, and the Phoenix Suns were a relatively new team,” […]
Help Isn’t Coming!
“Help Isn’t Coming!” heads the introduction to The Ultimate Situational Survival Guide. “It may sound harsh, but the reality of most crisis situations is that you’re going to have to be your own first responder.” And that in a nutshell is how I want you to think about your money and your investments. As your […]
Puerto Rico Bond Default?
Puerto Rico’s potential bond default could be an owner’s manual for overburdened U.S. states. Two days before a potential historical default, Puerto Rico Governor Alejandro Garcia Padilla made it clear that the commonwealth won’t pay bondholders even as Congress votes on a bill allowing the island to restructure its $70 billion in debt. “On July […]
Infographic: Let there be Water
Computers Beat Hedge Funds in Rout of Risk Takers
Hedge funders and traders made big mistakes around the Brexit (more on this here) referendum because they bet on the outcome they preferred, not the reality of the vote. Computer based trading strategies did quite well however, because they tuned out the emotion of vote and focused on actual market trends. The Wall Street Journal […]
Hedge Funds, Pensions and their Union Handler
Hedge Fund managers are under pressure from Randi Weingarten, president of the American Federation of Teachers (AFT), for supporting charters schools and pension reform. Some pension funds have withdrawn money from hedge-fund managers criticized by the teachers union. And some hedge-fund managers stopped making donations to advocacy groups targeted by Ms. Weingarten. Hedge funds, reluctant […]
A Love Story about Private Wealth
You’ll be hard-pressed to find a better love story than this courtesy of Seth Siegel at the WSJ: How does one overcome almost unimaginable horror and trauma? For Holocaust survivors Howard and Lottie Marcus, the healing came, in part, from the hope that they could help to provide refuge for other Jews who might find […]
Mafia Impresario Meyer Lansky: The Riviera Story
My friend Jack Colhoun wrote the book on Cuba. It’s called Gangsterismo: The United States, Cuba and The Mafia, 1933 to 1966. In his Op-ed, recently published on the History News Network, he writes, “The heirs of Meyer Lansky, the impresario of the North American Mafia gambling colony in Cuba (1933-1958) are betting on a […]
Hedge Funds on Wrong Side of Brexit
What will be the bigger loss for hedge funds, the money lost on their exclusive exit polls, or bets that are no longer in the money? The 2 and 20 crowd— they take a 2% fee per year on your portfolio and 20% of your gains—has got to be on the wrong side of this […]
The First RAGE Gauge Reading Signals High Risk
For June 2016, my RAGE Gauge signals: High Risk Tension is high on the social and economic fronts. FBI Background checks continue to trend higher, dissatisfaction with the direction of the country is trending high, and the underemployment rate (U6) isn’t real encouraging in this sluggish economy. But it’s a sluggish economy with inflation. You […]
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