Thoughts From the Frontline, March 2003

Boneheads, Iraq and the Artificial Dollar

March 28, 2003

The past two weeks I have had so many people email me an article by one Geoffrey Heard of Melbourne, Australia that I am going to comment on his nonsense. Because it is so wrong and yet his arguments seem so seductive, it offers an excellent opportunity for us to learn how world currency transactions really affect the price of gold and oil and other commodities. Warning: I am taking off my gloves in this letter. This is one of the more boneheaded pieces of conspiratorial economic garbage that...

The Real Old Europe

March 21, 2003

This week, it is hard to sit down and think about anything other than Iraq, especially given the circumstances in which our troops and those of our allies and the citizens of Iraq find themselves. Our prayers are for all those and their families involved. Last week, I wrote that it was likely that the war would have begun before the next weekly letter. I hope that next week's letter finds the war is over.

Unintended Consequences:  Iraq, Pensions and Index Funds

March 15, 2003

Each week, I typically sit down at noon on Friday to write this letter. Quite often I stare at a blank screen pondering what to write about. Last week, and this week, my task has been to decide what NOT to write about. There is just so much that is worthy of our attention: pensions, indexing, Iraq, the drop in gold and the rise in stocks, international turmoil, the misleading headlines in the investment media and more. I have to leave the office without fail at 5:30 (kids come first), so...

Deflating Europe, Housing Bubbles and Greenspan’s Amnesia

March 7, 2003

I am writing this week's e-letter early, as tomorrow I travel to speak at an investment conference in Florida. As I review the articles and reports of the last few weeks, I am struck by the number of very interesting topics which deserve their own letter. There is truly a lot happening, so like the billiards player trying to make a difficult four bank shot, we will go from one side of the table to another and hope we end up making the shot, or at least making a point or two.