FAQ
How did you choose the name?
“Stock Market” + “Blog” + “Logic “ = MarketBlogic.
Also, all of the really good names were taken.
What is the blog about?
The blog is about markets and finance from the mostly logical perspective of a former Wall Street portfolio manager.
Importantly, in 2008 the historic landscape of capital markets and financial institutions was demolished by a tidal wave of bad debt and fiduciary recklessness. As historian Niall Ferguson wrote in the February 6, 2009 issue of the Los Angeles Times:
There is something desperate about the way economists are clinging to their dogeared copies of Keynes' "General Theory." Uneasily aware that their discipline almost entirely failed to anticipate the current crisis, they seem to be regressing to macroeconomic childhood, clutching the Keynesian "multiplier effect" -- which holds that a dollar spent by the government begets more than a dollar's worth of additional economic output -- like an old teddy bear.
They need to grow up and face the harsh reality: The Western world is suffering a crisis of excessive indebtedness . . . . . The delusion that a crisis of excess debt can be solved by creating more debt is at the heart of the Great Repression. Yet that is precisely what most governments propose to do.
Financial conditions have changed more substantially in the past year than in the 30 years before, and the simplistic totems such as:
GDP = C + I + G+ netX
have proven woefully inadequate as descriptors of a business world dominated by a violent deterioration in the highly leveraged stock of wealth. In this strange new era, the selective use of quirky economic ideas from outside the mainstream should prove helpful. Inquiring minds who aren’t yet familiar with him would do well to check out the work of Dr. Steve Keen of the University of Western Sydney, for example.
Why are you blogging?
As mentioned in the answer to FAQ #2 above, “My perspective is that of a former Wall Street portfolio manager”. That’s a congenial way of reporting that MarketBlogic is currently “between jobs”.
Writing from experience, blogging offers a number of advantages to the unemployed portfolio manager: it’s practically free, commuting is not required, professional clothing is optional and best of all, it provides a relatively healthy outlet for those insane macho urges to attack the $800 flat screen TV whenever some talking head prattles on about yet another “perfect storm” or some other inane interpretation of events.
It’s possible that over time blogging will compare unfavorably with the most obvious alternative of doing absolutely nothing. Until then, however, we’ll go with Charlie Munger’s typical assent to Warren Buffett’s arbitrage commitments: “. . . at least it will keep you us out of bars.”
Is this a good time to buy stocks?
Well, this is surely a better time to buy stocks than the internet-bubble peak in March 2000, and it’s probably not as good a time to buy stocks as the manic low in December 1974. Outside of that, your guess is as good as ours, and probably better . . . .
Seriously, folks, as noted under the “Disclaimer” tab, all content on this site is provided solely for informational purposes. There is no investment advice of any kind on MarketBlogic and nothing posted here should ever be considered a recommendation to buy, sell or hold any security.
What are the rules for comments?
Like the Chinese Downhill in the unforgettably cheesy skiing epic, “Hot Dog: The Movie”, there are no rules. If a need for formal rules develops, this blog will follow the example of former Treasury Secretary Paulson and make them up on entirely frivolous grounds as we go. Appeals will not be tolerated and all rulings are final, unless changed at a later date at the whim of blog management.
What would MarketBlogic like from its readers?
The really good finance and econ blogs such as Calculated Risk, Naked Capitalism and Infectious Greed have all developed loyal readerships that can be remarkably insightful and occasionally offer expert opinions on almost any topic. Visitors to MarketBlogic are encouraged to submit their viewpoints, expertise and constructive feedback as frequently as possible. Flattery is of course encouraged, but is not required for readmission to the site.
In truth, what we’d really like is a job is for a Venture Capitalist with an overwhelming excess of liquidity (a.k.a. “the null set”) to surf by and be so impressed with our intelligence and foresight that they give us a great big bag of money to start up a new business. Absent that, we’ll happily settle for a pat on the back and a heartfelt, “Attaboy”!