It’s fascinating to read the commentators in mainstream journals like The Financial Times and The Wall Street Journal all strenuously pretending that “the worst is over” (maybe...we hope...fingers crossed…hail Mary full of grace...et cetera). The cluelessness would be funny if it didn’t involve a world-changing catastrophe. All nations that have ...read more

In the spirit of humility, let’s take a moment to examine whether we’re simply wrong about our main investment thesis: that extraordinary measures adopted by central bankers and government officials will result in tremendous inflation, and thus boost commodities and resource shares. The first strike against the theory is the global ...read more

A Texan customer who came to see me a few months ago told me a story which illustrates the fine mess we’re in. In the 1980s boom his neighborhood boasted not one but two commercial real-estate developers, both of whom were building shopping malls. The one developer was cautious. He’d already built ...read more

“All a man has to do to get rich in America is find out where people are going, get there first and buy land.” — Gen. Douglas MacArthur Bob Hope, the great American comedian and Hollywood star, was actually born in England. He once quipped, “I left England at the age of ...read more