Heard You Missed Me, Well I’m Back

Inasmuch as we are part of nature we are also perfect; it is our humanity that is imperfect. And, ironically, because of our capacity for imperfection and error we are free beings - a freedom that no stone or animal can enjoy. Without the possibility of error and real indeterminacy implied by the quantum theory, human liberty is meaningless.
The God that plays dice has set us free.

-Heinz R. Pagels

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It has been a while since I have written. I have so much to tell. So many stories. Some have been written, some are being written, and some will be written.

There are a couple of articles that I find interesting to read:

Malcolm Gladwell’s expose of Sidney Weinberg is an excellent read. Remember, there is no greater gift in the universe than adversity. We have all had our share. Adversity is a guest in my life. I am able to embrace it because I know that the only one that can beat me is me. I feel blessed at the adversity that I have been gifted. It has helped me go places and see things that many have not.

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Michael Lewis is one of my favorite writers. His piece, The End, hits the nail on the head. As I stated in my post from September 22nd, Investment Banking as we know it is over. Lights out. Game over.

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As an update to my positions, I have bearish bets on many commercial REIT names. My favorite shorts are Alexandria Real Estate Equities Inc. (ARE) and HCP, Inc. (HCP). Both are houses of cards, just like Prologis (PLD). The cluelessness of everyone involved in these names is amazing and so beautifully opportunistic. NO ONE seems to have a clue as to what is happening in this sector. No one except myself and my collaborator at The Tinker Factory.

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Where am I bullish? Gold.

In a conversation with some of my collaborators last night, I heard the most prescient comment:
In hard times, people want to own dollars. In harder times people need to own gold. I am very very very bullish on the yellow metal (GLD), and I continue to build my bullish position.

Peace

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