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It’s one of the best sectors in the world for explosive gains… Deeply cyclical industries such as shipping, oil & gas, mining, and the service industries that supply them are one of the few areas of the market where you can actually make 5 to 10 times your money… and
US stock markets hit another all-time high on Friday. The S&P 500 is nearing 2,600 and the Dow is over 23,300. In fact, US stocks have only been more expensive two times since 1881. According to Yale economist Robert Shiller’s Cyclically Adjusted Price to Earnings (CAPE) ratio – which is
With the nearly daily moves to record highs among the hundreds of cryptocurrencies that currently exist, talking about ‘regular’ currencies seems about as out-of-fashion as that hideous shoulder pad trend from the 1980s. [Millennial readers: see here if you’re confused.] But there are actually a few currencies out there worth
In 1906, American entrepreneur William T. Grant opened his very first “W.T. Grant Co 25 cent store” in a small town outside of Boston. The store became popular and fairly profitable. So Grant opened another. And another. Three decades later, Grant’s retail empire was generating $100 million in sales (an
Something pretty miraculous happened recently. It appears that Jamie Dimon, CEO of JP Morgan Chase, went nearly TWO WEEKS without bashing Bitcoin. This must be a record for Mr. Dimon, who seems to have barely been able to last an hour without calling out Bitcoin as a “fraud”, or a
The Great Financial Crisis happened because Wall Street was financing homes for people who couldn’t afford them. Leading up to the GFC, there was a voracious appetite from investors for “AAA”-rated mortgage debt. So lenders would make lots of loans to subprime borrowers and sell them to Wall Street. Wall
In the late 1500s, an Englishman named William Lee invented a revolutionary knitting machine that could efficiently do the work of dozens of men. Given how important the garment industry was at the time in English, Lee’s invention was truly disruptive. But Queen Elizabeth wasn’t so excited. When Lee came
On April 30, 1934, under pressure from Italian-American lobby groups, the United States Congress passed a law enshrining Columbus Day as a national holiday. President Franklin Roosevelt quickly signed the bill into law, and the very first Columbus Day was celebrated in October of that year. Undoubtedly people had a
There was a time, centuries ago, that France was the dominant superpower in the world. They had it all. Overseas colonies. An enormous military. Social welfare programs like public hospitals and beautiful monuments. Most of it was financed by debt. France, like most superpowers before (and after), felt entitled to
Angelina Umansky, a 39-year-old spa owner from San Francisco, was visiting a friend in Miami two weeks ago when she heard about a new condo development downtown. Hoping to find a vacation home, but worried that others were interested, too, Ms. Umansky arrived at the sales office at 8 a.m.
The last several days in Venezuela have been absolutely mind-blowing. Pretty much all the stories you’ve heard are true– countless people eating out of garbage cans, the appalling shortages of basic staples like food, medicine, and even soap… and the lines. Oh boy, the lines. The longest lines I saw,
The gunfire on the streets near my hotel started around 9pm last night. The sound is unmistakable, especially at night on an otherwise quiet city street. I had recently returned to the hotel after a few evening meetings. And coming back after dark it was as if they had rolled
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