Introducing the CVI - Punch Card Portfolio Newsletter

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Thursday, March 27, 2014

Bill Miller - Housing Will Beat The Market From Here

Apache CEO Discusses The Permian Basin Boom

Jeremy Grantham Sees 7 Years Of Lean

Legendary investor Jeremy Grantham says the US Federal Reserve is killing the recovery of the world's biggest economy and the ''next bust will be unlike any other''.

Mr Grantham – the cofounder and chief investment strategist at the $US112 billion ($123 billion) Boston-based fund manager GMO –said he wouldn't invest his clients' money in US stocks for at least the next seven years because of the Fed's ''misguided policies''.

Mr Grantham has an impeccable track record, having called both the internet bubble and then the US housing bubble. In November he said he believed the US sharemarket could rise another 30 per cent, although he believed it was overvalued, before crashing again.

Saturday, March 15, 2014

Jeremy Grantham - Bonds Are Nerve-rackingly Overpriced

What about bonds?

They look absolutely, nerve-rackingly overpriced, and in a crisis, who knows what will happen to those securities? They could make stocks look like a safe haven if the next bust occurs at the federal levels of the large countries. Bonds, including government bonds, are a lot more dangerous than people imagine.

Tuesday, March 11, 2014

Chevron Raises Oil Price Outlook To $110

Chevron, the US oil group, has raised sharply its expectation of future oil prices and cut its target for production growth, as it highlighted the steep rise in costs in the industry.
John Watson, the chief executive, told analysts at a meeting in New York that the company was “bullish on oil” because of output declines at mature fields, political constraints on production in many parts of the world, and the rising cost of finding and developing new oilfields.

Tuesday, February 11, 2014

Another Canadian Junior Bites The Dust - Renegade At a 65% Premium

Pursuant to the Arrangement Agreement, Alexander has agreed to acquire all of the issued and outstanding common shares of Renegade (the "Renegade Shares") on the basis of holders of Renegade Shares ("Renegade Shareholders") receiving 2.25 common shares (0.5625 of a common share post-completion of the Alexander 4:1 share consolidation) of Alexander (the "Alexander Shares") for each Renegade Share held. Based on Alexander's five day weighted average trading price of $0.69, the implied price per Renegade Share is $1.55, representing a 65% premium to the five day weighted average trading price of the Renegade Shares of $0.94.

Profile Of Overstock's Patrick Byrne - Bitcoin Messiah, Scourge Of Wall Street

Patrick Byrne says the zombie apocalypse is coming, and there’s one thing that can save us: bitcoin.
He tells me this during a phone call from his car, a black Tesla Model S that’s winding its way through the mountains above Salt Lake City, on its way to Byrne’s home in the Utah ski country. Byrne is the CEO and chairman of Salt Lake’s, one of the world’s largest online retailers with more than $1.3 billion a year in sales, and he’s about to place an enormous bet on bitcoin, the digital currency that exists only on the internet.
In the estimation of many leading economists, bitcoin is a fatally flawed idea shaped by people who don’t really understand how money works. But Byrne is an unorthodox thinker, a three-time cancer survivor with a PhD in philosophy who’s never been afraid to fight for what the rest of the world sees as complete madness. Though he runs a company that’s publicly traded on Wall Street, he spent much of the last decade accusing Wall Street’s biggest brokers of widespread corruption — not to mention Wall Street hedge funds, analysts, reporters, and government regulators — arguing in the most grandiloquent terms that their greed would eventually bring the country crashing down. It’s no surprise that his maverick career would collide with the equally iconoclastic bitcoin. It’s as if his whole life has been leading to this.

Thursday, February 6, 2014

Man To Jump Off The Top Of Mount Everest

And here I thought climbing Mount Everest was risky enough....

Daredevil Joby Ogwyn's bid to become the first person to jump off the summit of Mount Everest wearing nothing but a 'wingsuit' is to be filmed live.
Discovery Channel bosses, who picked up Nik Wallenda's tightrope walk across the Grand Canyon last year, will screen jumper Ogwyn's record-breaking attempt in May.
Announcing the news on Wednesday, Discovery president Eileen O'Neill said: "This is history in the making. Discovery Channel continues to bring live broadcast events unlike anything you'll see on television - from Felix Baumgartner's world record for the highest space jump to Nik Wallenda's incredible tightrope walk across the Grand Canyon."

Tuesday, February 4, 2014