Been more of a hectic week than busy one for yours truly. No big surprise there -- I've found over the years that the weeks before and after a holiday can be that way. Nothing can be done about that, we just work through it and work through it until normalcy returns. Sort of like working through a bear market. In the meantime, here are five items you might wish to check out.
- Big news is that Warren Buffett thinks we might need a second stimulus. I bow to no person in my admiration for Buffett. His "Superinvestors of Graham and Doddsville" hit me like a load of bricks when I read it in 1986. I've benefited from his wisdom, think he's the greatest investor of the post-WWII era, and believe he's a great CEO. Yet, as you've read me say before, I would much rather be ruled by the late Howard Buffett than his sainted son.
- Regular Controlled Greed readers know I've long admired the investment approach taken by Jonathan of the Cheap Stocks blog. He digs for companies with hidden assets -- usually real estate but sometimes other types of "stuff." This week he announced buying a net-net, one that's a play on its stash of diamonds. You know, the things many say are a girl's best friend.
- Paul Ingrassia has written some great columns about Detroit in general and GM in particular in The Wall Street Journal. Here's his latest: "I'd like to be optimistic that General Motors will survive and thrive -- not with anything approaching its dominance of yore, but with a new effectiveness that the company has lacked for about 30 years. In truth, whether GM will last is hard to say. We're in uncharted territory. But its survival is up to the company and all its employees, including UAW members. Let's hope they make the most of their second chance." NOTE: This is on RealClearMarkets.com so it should be available even if you don't subscribe to WSJ.com.
- John Malone said this week that media companies must find a way to charge for their content on the internet. He made news by saying it may be too late for some outfits. Regular readers know I hold the three Liberty Media tracking stocks, as well as DirecTV Group (DTV) that Malone effectively controls. He's an interesting guy.
- This is an excellent -- and very long, so you might want to bookmark it -- article by Bloomberg about the death of Thailand's King Bhumibol and potential ramifications of his passing. It even has some interesting bits about Marc Faber, who lives in Thailand: "Even at 8 p.m. on a Saturday, the bar girls far outnumber customers at Bar Linda, Faber’s favored watering hole. 'A few months ago, this place would have been packed by now,' he says, gesturing down the row of near-empty bars." Great read.
Have a great weekend!
Looks like Howard Buffett came to mind again for us both on that one. And I'm sure he'd have been the first to point out that true Americans should not be "ruled" or "led" by anyone, even the most "hands off" political representative. :)
Wonder why Bloomberg didn't tweet that Thailand article? Will have to take a look at that as well. Good stuff, as always, John.
Posted by: David | July 12, 2009 at 10:36 PM
@David: Good point about being ruled. That's why I wouldn't mind being ruled by Howard Buffett -- he'd have no desire to rule over me or anyone else! ;-)
Posted by: John | July 13, 2009 at 06:18 PM
You said it.
One of the great things about Ron Paul reaching a wider audience last year, was that he'd show up to give a talk somewhere and (while elaborating on a certain issue) would tell the audience, "I have no interest in running your life!". And you know what, I believe (and the record seems to show) he actually meant it.
Okay, sorry to get off on a political thing here :)
Posted by: David | July 13, 2009 at 10:12 PM
@David: No problem, my friend. I get off onto various things on this blog. Why? Because value investing is like watching cement dry. Just takes a good long while for the stocks to reach value -- even when we're not fighting for our lives in bear markets! LOL
Posted by: John | July 13, 2009 at 10:56 PM