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In 1986, Peter Munk bought a gold mine in northeastern Nevada for $62 million. The mine was only producing 40,000 ounces of gold a year back then (around $16 million annually) … and the sellers believed the land held 600,000 ounces easily minable gold. But those estimates were woefully short.
This weekend, British billionaire Richard Branson hosted a concert on the Colombian side of the Colombian-Venezuelan border. Branson was trying to raise $100 million to help the living conditions of the millions of Venezuelans affected by the dictatorship of its president, Nicolas Maduro. Gross economic mismanagement has led the country
Bill Gates and I don’t agree on taxes. He says that he should pay more. And I consider it my moral duty to pay as little tax as possible. I don’t want to fund the government’s destruction, corruption and waste. But in an interview with Fareed Zakaria, Bill Gates did
Howard Marks is one of the smartest, wealthiest investors in the world. As founder of Oaktree Capital, Marks manages around $120 billion. And his track record ranks him among the greatest investors in history. So it’s probably no surprise that Marks is deeply concerned about “the rising tide of anti-capitalism,”
In 1965, the tiny, fledgling country of Singapore seemed like it was on the verge disaster. It had only just split off from Malaysia due to severe racial tensions between them, and just two years had passed since independence from the United Kingdom. Singapore started its nationhood with no natural
On October 31, 1517, an obscure German theology professor put the finishing touches on a paper he had written about the current state of the Catholic Church, and sent it off to Archbishop Albert of Brandenberg for review. The professor’s letter was polite and professional, with a formal tone that
“Sometimes [two and two are four], Winston. Sometimes they are five. Sometimes they are three. Sometimes they are all of them at once. You must try harder. It is not easy to become sane.” One of the key themes from George Orwell’s dystopic novel 1984 is that the Party can
Amazon made big headlines yesterday when it announced it was walking away from its plan to build a new headquarters in New York City. The company was under intense pressure from the media and politicians who were angered that New York City’s local government was giving away too many tax
Last month, Chicago hedge fund billionaire Ken Griffin spent $238 million on a condo in New York City. It was the most expensive home ever sold in the US (but only one piece of Griffin’s massive, luxury real estate portfolio). Good for Ken… he’s incredibly wealthy and can spend his
She wants to nationalize healthcare. Raise your taxes to 70%. Legislate her way to ending poverty and saving the environment. And if she had her way, probably cleanse the English language of offensive words like gender pronouns. Yes, this former bartender turned national sensation (due to the sole fact that
And just like that, it seems we’re headed back to quantitative easing… After cutting interest rates to nearly zero following the 2008 crisis, the Federal Reserve starting raising rates near the end of 2015 (from 0.25% to 2.5% today). Following the most recent hike in December 2018, Chairman Powell seemed
Things keep getting worse for pensions… If you’ve read Notes recently, you know the pension fund crisis is one of our major themes. Simply put, these giant pools of capital responsible for paying out retirement benefits to workers are BROKE. According to the World Economic Forum, pension funds around the
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