Good Reading

July 3, 2015



"Economic and company fundamentals in the U.S. are fine today, and asset prices -- while full -- don't seem to be at bubble levels. But when undemanding capital markets and a low level of risk aversion combine to encourage investors to engage in risky practices,...

August 15, 2014

Facts and Figures


  • 76% of American adults lack confidence that their children's generation will have a better life than they do. (Source: WSJ/NBC poll)

    • For a counterpoint, see "What Today's Economic Gloomsayer's Are Missing" (also below)




  • "B...

June 28, 2014

Facts and Figures


  • China has used more cement in the last three years than the U.S. used in the entire 20th century. (Source:Vaclav Smil via Bill Gates; the book from which this figure is taken also looks very interesting.)

  • There are more 23 year-olds in Americ...

November 5, 2013

Facts and Figures

  • U.S.-listed ETFs went from 113 in 2002 to 1,194 in 2012 

  • U.S.-listed stocks went from 5,685 in 2002 to 4,102 in 2012 

    • Sources: ICI, World Bank, Horizon Kinetics

  • After-tax corporate profits hit 10.9% of GDP for the 12 mon...

August 3, 2012

Facts and Figures

  • The 100 largest U.S. corporate pensions have an aggregate funding deficit of $486bn, an increase of $186bn in the quarter ended June 30, 2012. And discount rates are still too high... (Source: Milliman Inc.). 

    • Ford's pension plan has 80% of...

November 18, 2011


"I think the future of equities will be roughly the same as their past; in particular, common-stock purchases will prove satisfactory when made at appropriate price levels. It may be objected that it is far too cursory and superficial a conclusion; that it fail...

August 5, 2011


Facts and Figures


  1. The first half of 2011 (ended June 30) was an eventful, costly and tragic one for those affected by natural disasters. Due largely to the Japanese earthquake and tsunami in March, the ~$265b in economic losses is already well ahead of the previou...

June 30, 2011

A shortened edition -- easy coasting on summer vacation for the "too much homework" crowd, but lots of links and book reviews/recommendations for anyone looking for some good summer reading. Happy 4th of July (a few days early). 

- Phil

Facts and Figures

  1. The U.S....

July 30, 2010

Welcome to the Education/Bill Gates/Buffett Succession Edition...



Buffett Succession

Following up on the speculation in the last email, it has been confirmed by Charlie Munger that Li Lu is indeed a likely Buffett successor as CIO at Berkshire. (Link here; full story a...

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About "Good Reading"


This is a collection of books, articles and other "good reading" I've found. Most of it relates to investing but there is plenty of general interest stuff too. For broken or missing links and attachments please email me. 


Nothing here should be construed as an endorsement of any kind and this is not a solicitation to buy or sell securities. Please see the full disclaimer


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