Been busy recently, so I'm going to have to delay philosophical posts until the weekend.
In the mean time here are some quick thoughts on current events:
Jim Rogers on CNN's American Morning today gave another dismal outlook on the global economy. The man's a genius. One of my favorite investors (along with Marc Faber and Peter Schiff). Reasons he cites are pretty much the universal ones known to non Kool Aid drinkers; inflation, failing European austerity measures, propped up American economy, etc.
However, Rogers makes a key point that I believe was crucial advice to those who believe themselves to be great investors. If you don't know the industry you are investing in, don't bother investing in it. Most people believe themselves to be financial experts because of what they see on CNBC or read on Jim Cramer's blog. Prominent examples would be anyone who bought Pandora stock when it was at $22 or LinkedIn when it was at $122. Rather, Rogers says you are better off saving your money in a bank while accruing negligible interest than losing a lot of money on a stock you did not do your homework on. As Rogers says, "Fast money is a quick way to the poorhouse."
Here's the whole Jim Rogers interview. I highly recommend you watch it:
In other news, Rep. Anthony Weiner resigned today. My thoughts is that it was totally unnecessary and probably against his will. The majority of his constituents said they would still support him throughout all this. Had he told the truth in the first place and not lied, I don't think pressure for him to resign would have existed.
In the markets, there were mixed results from mixed data. Dow Jones and S&P closed in the green while NASDAQ and Global finished in the red. Latest jobless claims report showed a miniscule improvement from the last release. There was some positive, but negligible, data released in respect to the housing industry with construction up 3.5%. Building permits also increased. How much of these improvements can be credited to the notably poor weather devastating areas like North Carolina that caused people to be more vigilant and protective of their property? That remains to be seen.
There is no escaping another tough day on Friday, however. If Greece's Prime Minister fails to form a new government and subdue national protests, you can count on the markets responding very unfavorably.