Hometown Headlines
Here’s what the good people in Palo Alto are waking up to this morning (even though the editors seem principally concerned with the net worth of our town’s favorite son):
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Smear One
A Sloper asked me a few days ago if it bothered me to have to wake up so early (I got up at 4:45 this morning). After all, the markets open at 6:30 a.m. My response was basically – – are you kidding me? I love my time zone! I get to be totally by myself for a few hours – just me and my dogs – and then my official work day is done at 1 in the afternoon!
So, greetings from pitch-dark Palo Alto where I’ll toss off a quick post about this honey, which I’ve mentioned countless times here, particularly recently: (more…)
Steady Progress
Since early last week, it has been heartening to see bonds resume their downward trek. Not only has the progress lower been steady, but the “lower highs” are getting weaker each time, not even mustering a tag of their resistance trendline anymore. My TLT and XLU puts are counting on a long-term erosion. I also continue to hold the view that rising interest rates will sink real estate prices (Palo Alto notwithstanding).
My Own Private Bubble
As a young man, I bought my house for the same reasons most people do: I was married and wanted to raise a family there. I wanted a nice big yard so I could have dogs. I wanted room to expand. I wanted to live in a safe, quiet neighborhood. So, in 1991, I was able to do all those things. It was a stretch, but we bought a small, run-down home on a large lot in a nice neighborhood in Palo Alto.
I didn’t buy it to make money. I didn’t buy it as a speculative investment. I just wanted a place to live. And yet……….
