The weekend is here (counting Friday evenings), and here are five items for your review between now and Monday.
- Portfolio holding Capital Southwest (CSWC) has just released its annual report. This is yet another company in my portfolio that is trading at a loss. And I couldn't care less. Unlike some of my blowups, Capital Southwest looks to be a long-term winner and I always enjoy Gary Martin's letters to shareholders. They don't quite have the zing of the late Bill Thomas, not to mention the folksy stuff you-know-who pens every year, but well worth a bit of time nonetheless.
- Bloomberg columnist John Wasik examines some recent comments by historian Niall Ferguson, and mixes in his own views, about what individuals can do to protect themselves financially these days. One bit we can all agree on: "Don’t wait to deleverage. While this may be the age of diminishing expectations during a recession, those with little or no debt and comfortable savings will enjoy greater affluence."
- Speaking of Niall Ferguson, he pens a thought-provoking op-ed in the Financial Times. It's posted on RealClearMarkets.com so it should be free to non-FT.com subscribers. A part: "The policy mistake has already been made – to adopt the fiscal policy of a world war to fight a recession. In the absence of credible commitments to end the chronic US structural deficit, there will be further upward pressure on interest rates, despite the glut of global savings. It was Keynes who noted that “even the most practical man of affairs is usually in the thrall of the ideas of some long-dead economist”. Today the long-dead economist is Keynes, and it is professors of economics, not practical men, who are in thrall to his ideas."
- Aidan Hartley's "Wild Life" pieces in The Spectator never disappoint, and his latest is no exception. It's about a couple in Zimbabwe who bought a farm AFTER Robert Mugabe came to power, and the hell they go through. These types of stories have been flooding out of the former Rhodesia so often over the years that one almost becomes numb to the tragedy of life there.
- Sticking with Africa, readers recalling Controlled Greed's days as an investor in ArmorGroup International know that Nigeria is a mineral-rich country. One that can be very deadly in more ways than one. Africa Confidential details the government's military offensive in the Niger Delta.
Have a great weekend. See you soon.