Thursday, July 3, 2008

Bear Market Reflections

Nothing makes people reflect on life, government, politics and the global financial system like a good old fashioned Bear Market. What is a Bear Market you ask? Wikipedia defines it here. The working definition here will be about a 20% decline in the stock market. We're just about there. Here are three article I really liked and that I would recommend you print out and read over the long weekend.

The Post American World - post by VC Fred Wilson summing up Fareed Zakaria's new book. Lot's of great quotes and things that make you go hmmm.

Dear President Obama - a note from the world's largest bond manager, Bill Gross, to presumptive president Obama. Don't miss this one. One quick caveat, I agree with most of what Bill Gross says, except for the need to bailout housing speculators. As the world's largest bond manager, there is no doubt that Bill Gross owns a huge amount of mortgage debt so you must be careful to separate out advice from him talking his book. Still, he's a super smart guy who I think wants the best thing for the country.

The Confidence Man - great profile from New York Magazine on Hedge Fund investor David Einhorn. He was one of the first big guys to realize something sketchy was going on with the banks in the U.S. He sounded the alarm bell, made a ton of money and is getting nothing but heat for telling the truth.
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