Outside the Box, November 2005


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Is indexing the answer?

November 28, 2005

Investment managers around the world have become closet indexers, suggest my friends at GaveKal, which is messing around with the normal forces of the capitalistic marketplace. Today's Outside the Box is a Chapter from GaveKal's important new book, Our Brave New World. You can get a copy at www.gavekal.com or now from Amazon at www.amazon.com. It is a definite must read for any serious investor. (The book is the work of Charles and Louis-Vincent Gave and Anatole Kaletsky.)


Deteriorating Global Liquidity

November 21, 2005

Regular readers will know that I have mentioned my London partners, Absolute Return Partners, in the past. They have a monthly letter called The Absolute Return Letter. This week we will look at some recent comments by my very good friend Niels Jensen, the president of ARP. I was just in London last week for a few days, and the topic of this week's OTB was discussed at length over dinner. Niels seems to have a gift for great restaurants and even better wines, as well as strong and...

Scepticism is rare, or, Descartes vs. Spinoza

November 14, 2005

This week's letter is from one of my favorite analysts and behavioral finance thinkers, James Montier of Dresdner Kleinwort Wasserstein in London. James wrote a chapter for my new book, Just One Thing, and this article is very representative of the insightful work he puts out.

This report by James explores why it is that humans tend to believe something that is not true. What he finds is that the more distractions or noise, the more likely a person is to believe something that...

The Arab Street Erupts: Why Paris and Why Now?

November 7, 2005

This week's essay is from my good friend Louis Gave. He writes about the current situation in France, offering a very different perspective than we have been seeing in the Western papers. I have long been uneasy with the demographic problems in Europe. My book, Bull's Eye Investing, high-lighted some of the very problems we are watching unfold now. Sometimes to understand the world of investing, you have to have a grasp of the world of politics and society. These are part of the...