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« Mortgage Availability and Personal Consumption: Round Three | Main | Painting the Tape »

March 26, 2007


Marlyn Trades

Another excellent post - also an excellent answer to a rude question - anyone who reads you long enough should know that you are apolitical in your posting.

I will simply say thank you for your continuing efforts to educate us in different ways of "seeing the economy".


Hi Ray,

Thanks for stopping by with your provocative comments and questions.

It led to some laughter here in Naperville, because you could not be more wrong.

Let me start by saying that investment management should not be political. Anyone who has political blinders will lose opportunity.

It is also not good for an investment manager to talk politics (or religion or any polarizing topic) so I do not do it. Most of my investors know that I am a registered Democrat in Illinois, but choose particular votes on an individual basis.

It is quite possible for one to recognize the economic progress of the last few years, believe in treating dividends and capital gains equally, and still think that the Democrats might do as well or better on the economy.

In short, I respect Malpass for his arguments, insight, and consistently accurate predictions. I think his training and experience is excellent. I read his work directly from Bear. Where it gets published outside is not my province.

I did not predict a recession in 2001. I just followed our models and my fundamental valuation methods. Both led us and our investors to safety in good time. The recession itself was rather mild -- not the cause of the major stock market decline. That was due to excessive valuation.

Thanks again for a good question that others probably also had but did not raise. I respect you for asking it, and it deserved an honest answer.

Thanks again,



is because you are a republican that you thought there would be a recession in 01 (you claim) and not one now? before you answer yes or no, please let it be known if you tend to vote republican or donkey. i for one am guessin that you're partial to republicans...(the tip off is all your citations of National Review contributor Malpass).

also why don't you pick on rutledge for intellectual integrity?

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