Outside the Box

The World Ain’t What It Used To Be

John Mauldin

August 1, 2005

Once again we take a look at some comments from the HCM Market Letter written by Michael Lewitt of Harch Capital in Florida. This is a private letter for his clients and we are excited to have permission to share it with you. Michael is one smart guy with a deep understanding of the markets, especially the credit markets, and how they work. The firm manages domestic and offshore debt and equity hedge funds and separate accounts.

I really look forward each month to getting Michael's insights. Michael recently traveled to Europe and Israel and offers some insights on global economic conditions. In classic economics the markets should be falling and interest rates spreads widening, but we currently see the opposite. Michael examines some of the market reactions and interest rate trends taking pace and that is why it was picked for this week's Outside the Box.

John Mauldin, Editor
Outside the Box

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The World Ain't What It Used To Be
HCM Market Letter

By Michael Lewitt

The World Ain't What It Used To Be
"The great upheavals which precede changes of civilization, such as the fall of the Roman Empire and the foundation of the Arabian Empire, seem at first sight determined more especially by politically transformations, foreign invasion, or the overthrow of dynasties.…

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