Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
On this day in 1980, gold hit a then-record price of $850 per ounce. Gold dealers predicted that the price would hit $1,000 per ounce by July, and U.S. Secretary of the Treasury G. William Miller said, “At the moment, it doesn’t seem an appropriate time to sell our gold.” It was. By 1991 it was below $600 per ounce.
I remember buying a couple one Troy Ounce K-Rands about then at around $800 and selling them several later when gold was nearer to $400. (Paul Volker intervened.) Perhaps the wrong lesson. This time may be different.
Have played in the P/C area to varying degrees most of my 50+ year investing period. Currently have limited exposure (2-3% portfolio weight) inside a broadly diversified real assets fund and a CEF. Couple L/S funds are probably playing in the area as well - but whether long or short don't know.
Not to be overlooked in all this is the success / investor interest in momentum funds which chase whatever is hot. Those did not exist when I began investing in the 70s. These funds tend to run "hot & cold", lagging / outpacing markets, over roughly decade long stretches.
On this day in 2002, Global Crossing filed for bankruptcy. The telecommunications company had spent some $15 billion building fiber-optic networks in 27 countries since it was launched by former Drexel Burnham junk bond trader Gary Winnick in 1997.
On this day in 1886, Karl Benz received German patent DRP No. 37435 for his “motorwagen,” a frail and ungainly vehicle with three wheels and a wooden chassis. It was the world’s first automobile.
On this day in 2000, as the internet bubble neared its peak, 17 dot-com companies each spent $73,000 per second for network television ads during Super Bowl XXXIV. At least three went bankrupt in the following year.
On this day in 1869, in the first warning sign of the year’s coming market panic, a New York newspaper reported an auditor found trustees of several city churches had used millions in ecclesiastical trust funds to speculate in stocks. Several parishes had taken out mortgages on their church buildings to answer margin calls.
Comments: Let us pray that this does not happen again!
On this day in 1994, just as investors were pouring billions of dollars into bonds, the Federal Reserve raised short-term interest rates for the first time in five years, and without warning. By year end, the Fed had hiked short-term rates by 2.5 percentage points. Treasury bonds had their worst return since 1967.
No worry. Bloomberg is quoting Trump today as saying he wouldn't have nominated Warsh if he believed Warsh would raise rates. A bit of a game of words as to whether there was a "pledge". But rest assured - Warsh won't raise rates (unless things get really crazy and he's forced to).
On this day in 1637, “Tulipmania,” one of the first and strangest speculative bubbles, hit its peak in the Netherlands, with the price of the rare Witte Croonen tulip bulb up 2,506% in 33 days.
Comments: A single, prized tulip bulb could fetch the price of a luxurious canal house—analagous to a Fifth Avenue townhome in Manhattan today.
On this day in 1637, “Tulipmania,” one of the first and strangest speculative bubbles, hit its peak in the Netherlands, with the price of the rare Witte Croonen tulip bulb up 2,506% in 33 days.
Comments: A single, prized tulip bulb could fetch the price of a luxurious canal house—analagous to a Fifth Avenue townhome in Manhattan today.
I couldn't find satisfactory data which showed the greatest cumulative returns for Bitcoin. The all-time high for a single bitcoin appears to be within the $126.1K - $126.2K range.
I couldn't find satisfactory data which showed the greatest cumulative returns for Bitcoin. The all-time high for a single bitcoin appears to be within the $126.1K - $126.2K range.
That might get you the broom closet in the basement on 5th Ave. Thanks for looking
Comments
Have played in the P/C area to varying degrees most of my 50+ year investing period. Currently have limited exposure (2-3% portfolio weight) inside a broadly diversified real assets fund and a CEF. Couple L/S funds are probably playing in the area as well - but whether long or short don't know.
Not to be overlooked in all this is the success / investor interest in momentum funds which chase whatever is hot. Those did not exist when I began investing in the 70s. These funds tend to run "hot & cold", lagging / outpacing markets, over roughly decade long stretches.
On this day in 2002, Global Crossing filed for bankruptcy.
The telecommunications company had spent some $15 billion building fiber-optic networks
in 27 countries since it was launched by former Drexel Burnham junk bond trader Gary Winnick in 1997.
On this day in 1886, Karl Benz received German patent DRP No. 37435 for his “motorwagen,”
a frail and ungainly vehicle with three wheels and a wooden chassis. It was the world’s first automobile.
On this day in 2000, as the internet bubble neared its peak, 17 dot-com companies
each spent $73,000 per second for network television ads during Super Bowl XXXIV.
At least three went bankrupt in the following year.
On this day in 1869, in the first warning sign of the year’s coming market panic,
a New York newspaper reported an auditor found trustees of several city churches
had used millions in ecclesiastical trust funds to speculate in stocks.
Several parishes had taken out mortgages on their church buildings to answer margin calls.
Comments: Let us pray that this does not happen again!
On this day in 1994, just as investors were pouring billions of dollars into bonds,
the Federal Reserve raised short-term interest rates for the first time in five years, and without warning.
By year end, the Fed had hiked short-term rates by 2.5 percentage points.
Treasury bonds had their worst return since 1967.
On this day in 1637, “Tulipmania,” one of the first and strangest speculative bubbles,
hit its peak in the Netherlands, with the price of the rare Witte Croonen tulip bulb
up 2,506% in 33 days.
Comments: A single, prized tulip bulb could fetch the price of a luxurious canal house—analagous to
a Fifth Avenue townhome in Manhattan today.
I couldn't find satisfactory data which showed the greatest cumulative returns for Bitcoin.
The all-time high for a single bitcoin appears to be within the $126.1K - $126.2K range.