Michael Harkins is full of wit and wisdom, which we can see at times on Pimm Fox's Bloomberg show. He's also been mentioned by Jim Grant, and I think has appeared at Grant conferences in the past.
His firm's 2nd quarter letter to shareholders is up on the firm's website. A part:
His firm's 2nd quarter letter to shareholders is up on the firm's website. A part:
In America, the Obama government is not helping matters. The President alternates between language sharply critical of business one day, to outright vitriol the next. The people who create jobs grow frightened when they are vilified, and so a President venting about a part of the population he’s never liked does none of us any good. Longing for more jobs and despising the people who create them is a logical absurdity and a common position in the Democratic party. Republicans offer the policy of “no”, but after that, what? So far, a doleful silence.And another:
Uncertainty has made stocks cheap, and that is the best thing you can ever say about an investment. Indeed, the pessimism bubble has grown so large that last week the New York Times took to disparaging the cash on hand at a number of technology companies, saying maybe their cash should be discounted from their valuation, or even ignored entirely. Here’s a question for the Timesman, “If you don’t like cash, and the rapid accumulation of more of it, what is it you do like about business?” What an about-face in ten years time. A decade ago many and many a technology firm had multibillion dollar market valuations and not a penny to their names. That ended very badly. This moment sees companies like EMC and Qualcomm and Google with cash hoards that are a quarter to a third of their stock prices, and growing rapidly. We will take that any day. Indeed we lust after it.
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