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John Thomas graduated with a bachelor’s degree in biochemistry with honors and a minor in mathematics from the University of California at Los Angeles (U.C.L.A.) in 1974. He moved to Tokyo, Japan where he was employed by a medium-sized Japanese securities house. Thomas became fluent in Japanese... More
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  • I'm throwing in the Towel on Health Care
    I have quit listening to the health care debate because there is so much false information being pumped out there. Over the past month I have been told that if you get a heart attack in England in the middle of the night, you have to wait until 9:00 am the next morning to see a doctor. I have been told that vast numbers of Canadians are flocking to the US for treatment because the lines at home are so long. I have also been told that even vaster numbers of Americans are flocking to Canada to buy cheaper drugs. Having spent 25 years living overseas and been a frequent user of the medical services there, I know from firsthand experience that all of the above are untrue. I never invest in health care anyway because the business models are so unpredictable. Better to be amused from afar. So I’ll just turn off the TV and wait to see what makes it through Congress, and then decide what to do.  My time is better spent elsewhere.
    Jul 29 5:08 PM | Link | Comment!
  • Quote of the Day
    “He who lives upon hope will die fasting,” said Benjamin Franklin.
    Jul 29 5:07 PM | Link | Comment!
  • No One in the Hedge Fund Industry Believes This Rally

    Let me tell you that I, and the rest of the hedge fund industry, are highly suspicious of the global stock market rally that has ensued over the past week. Companies lowered earnings expectations so far they were easy to beat, and could be achieved by laying off a few more workers. The question this raises is how the economy moves forward with skyrocketing unemployment. Now that we have double topped in the S&P 500 at 956, even the bulls are saying we only have another 4% to go. This on a day when we are all wondering if commercial real estate loans will be the stick that breaks the back of the banking industry. Mike Mayo, a banking analyst with Clayon Securities, says that the industry may have to write off a quarter of its $7 trillion loan book over the next three years, levels greater than seen during the Great Depression. While banks are making a lot of money trading, they are losing it even faster in loan losses. It’s like trying to fill a barrel with water that has been perforated with a shotgun blast. If you are playing from the long side here, keep one foot in the exit, and a finger right on your mouse.

    Tags: SPY
    Jul 23 12:26 AM | Link | 3 Comments
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