Author: David Merkel

Operating vs Financial Cash Flows

Operating vs Financial Cash Flows

I was at a CFA Baltimore board meeting, and we were talking before the meeting.  Most of us work for value investors, or, growth-at-a-reasonable-price investors.  One fellow who has a business model somewhat like mine, commented that all the money […]

The Permanent Portfolio – Pros And Cons

The Permanent Portfolio – Pros And Cons

I will admit, when I first read about the Permanent Portfolio in the late-80s, I was somewhat skeptical, but not totally dismissive.  Here is the classic Permanent Portfolio, equal proportions of: S&P 500 stocks The longest Treasury Bonds Spot Gold […]

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On the Pursuit of Economic Growth

I wrote this to summarize my thoughts from a chat session that I was able to participate in at Thompson Reuters Global Markets Forum yesterday.  It was wider ranging than this, but was a very enjoyable time.  Thanks to Manoj […]