Your Survival Guy

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Meet the One Person Every Business in the World Needs

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Happy Memorial Day Weekend. Time for remembrance. Time for summer. Time to get to work. When I was a kid I had three different jobs: a paper route, cutting lawns, and scooping ice-cream. One person I met at all three was, “the customer.” At the first job, the paper-route, I didn’t see the customer every day, but I would if I missed a house, got bit by their dog, was late, or needed to collect money. At the second job, cutting lawns, I’d see them if I missed a spot, got stung by a bee from their bee box or needed to collect money. And at the third-one, scooping ice-cream, there was a never … [Read more...]

Hedge Funds Fail

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This week it was reported that Tudor Investment Corp., one of America’s most expensive hedge funds, will be cutting its very high fees from 2.75% of assets and 27 percent of profits to a still very high 2.25% and 25% respectively. Still much higher than most of the confiscatory fees one will find among hedge funds. After hearing this I recalled what Dick Young wrote in his Intelligence Report a couple months ago, Hedge Funds Fail. Hedge Funds Fail Given the above, it was with some astonishment that I read Tim Martin and Rob Copeland's recent Wall Street Journal exposé "Investors Pull Cash … [Read more...]

Joseph’s Garage Featured in Babson Magazine

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You will love this story about the Joseph brothers featured in Babson Magazine Spring 2016. They run a third-generation business in Norwell, MA started by their grandfather in 1928. It reminded me of a family run gas station in Newport that closed not too long ago. Just like Cheers everybody knew your name, your kids’ names, and always had a dog treat handy. Technology can’t replace everything. The Joseph brothers don’t bother having business meetings. Many times, they can come to a decision without even saying a word to each other. Art and John, both ’84, are the third-generation owners … [Read more...]

Preserving Your Constitutional Right to Carry in D.C.

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U.S. District Judge Richard J. Leon issued an injunction prohibiting D.C. from requiring lawful citizens to show “good reason” before being granted a permit to carry a firearm, reports America’s 1st Freedom. Sticking up for your rights, Judge Leon found that the D.C. law violated the “core right of self-defense”. He quoted the Supreme Court’s decision in D.C. v. Heller: “The enshrinement of constitutional rights necessarily takes certain policy choices off the table.” And he reinforced the right to carry for self-protection, stating that the Second Amendment “Is not limited to the home”. It … [Read more...]

Existing Home Prices Red Hot

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The average prices paid in sales of existing homes is nearing it 2006 high (12 month moving average). Historically low Federal Reserve rates and unprecedented quantitative easing have nearly achieved creating a complete rebound in existing home prices. The 12 month moving average of the sales price measure is only 1% below its all-time high. … [Read more...]

Smart Guns Make U.S. Look Dumb

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The liberal Ninth U.S. Circuit Court of Appeals in San Francisco, is expected to rule soon on whether states can force firearm manufacturers to incorporate safety devices in their products. Here’s why smart guns are a stupid idea from Robert Farago: “Smart guns” will never be foolproof – and you’re the fool I don’t care how much you’ve trained for a defensive gun use. When the excrement hits the rotating air circulation device, you’re an awkward fool. For one thing, a massive adrenaline dump moves blood away from your extremities (a hard-wired reaction to protect you from bleeding). As … [Read more...]

Sorry, The Game is O-V-E-R for these 2 Mutual Funds

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The game is over for the Putnam Capital Spectrum and Equity Spectrum funds. Sorry to be so harsh. But that’s simply the way I see it. Not to pat my own back but I’ve pointed out in the past how Putnam has been guilty of being more of a marketing machine than a Prudent-Man oriented asset management firm. After reading this excellent blog by Jason Zweig in his WSJ Intelligent Investor column, I feel even stronger about Putnam's focus on marketing over Prudent-Man-type asset management. Zweig points out that these funds hold close to three-quarters of their assets under management in their top … [Read more...]

Looking Back at a Random Walk Down Wall Street

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Burton Malkiel has released a new edition of his book A Radom Walk Down Wall Street. In it he recommends substituting a part of a bond portfolio with high-yielding stocks. This is rotten advice and will likely get his followers into some trouble down the road. Yes, bond yields are low, but bonds should always be in your portfolio. I’ve called out Mr. Malkiel in the past on his tendency to offer up poor recommendations while talking up his book. For example when he talks about China: But, a couple of years ago, in late 2010, Malkiel recommended overweighting China. The following year, last … [Read more...]

Pensions in a Load of Trouble, Part II

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The state of Rhode Island has been a big-time investor, through its pensions, in hedge funds. Retired teachers who depend on this money for retirement should not be invested in hedge funds. It’s as simple as that. Unfortunately in the world of public pensions big committees and chest thumping rule the day. Egos and resume building cloud judgement. And performance takes a hit. It’s no surprise that hedge funds are coming under attack. Assets are heading out the door. This could have been avoided. Read more here on Pensions in a Load of Trouble Part I FLASHBACK: RI Pension Agreement … [Read more...]