Friday, February 2, 2018


I haven't been writing as much as usual, because I haven't had much to say. Recently, I've been spending more time on active investing, since this seems to be a unique moment. Interest rates and inflation have been falling since I first began to invest in 1981, and we seem to have reached an inflection point where that pattern will reverse, which will change the investment environment considerably, while also requiring strategic changes. Because of this, I re-subscribed to the Wall Street Journal, which has good coverage of the relevant topics. I had been subscribing to The New York Times, but let that subscription expire. Actually, the two newspapers are not as different as you may think, and their headlines and stories are often very similar, with lots of additional nonsense articles to attract readers' attention. However, in recent months I have come to appreciate the editorials of the New York Times editorial board, and I still read those. You can read the paper online as much as you like without subscribing by deleting their cookies in your browser.

Not long ago, I made the mistake of reading reader comments in the Wall Street Journal and began to comment myself. I soon found that the environment is completely partisan, and if you make any criticism of Donald Trump, you will be viciously attacked by commenters who have no interest in facts and immediately label you in demeaning terms. After a few rounds of this, I decided that some of the attackers may be paid for their work, and that there is no point in attempting to engage them. I am not going to read comments there anymore, and I sent an e-mail to the Wall Street Journal to complain about this state of affairs.

The partisan atmosphere in the U.S. has reached monumental proportions, and the actions taken by Trump and his allies grow increasingly absurd. The lies and cover-ups taking place now are going to make Richard Nixon look like a choirboy. It is becoming harder and harder to imagine any scenario in which Trump was not somehow compromised by previous associations with Russia, and this will all come out eventually. Moreover, many of the people who have been willing to risk their careers to support him do not seem to be competent themselves; rather, he has surrounded himself with marginal political operatives who were unable to find better meal tickets. Trump and his family attract the bottom-feeders. The most disturbing aspect of the Trump era is that there are still Republicans who support him. In previous years they would have yanked him out of office by now for willfully undermining and discrediting the FBI, which has always been a sacred institution to conservatives.

In other news, I've been driving my new car a little. It has very good acceleration, but I can't crank it up yet, since the engine isn't broken in. Some of the features are quite exotic. After you come to a stop facing uphill, when you start up again, it automatically holds the brakes briefly so that the car doesn't roll backwards at all when you release the brake. The car has several external sensors. They identify the centerline of the road, and you are alerted if you begin to leave your lane. They also find suitable parking places for you and can control your steering when you parallel park. I haven't tried that yet, as I very rarely parallel park here. For many years I didn't buy a GTI, because they were expensive, and Volkswagens are unreliable compared to the major Japanese brands. Now that I am retired, I am less concerned about reliability, since I drive so little. Also, because of the diesel engine scandal, Volkswagen is attempting to make amends, and I have a fantastic warranty: six years or 72,000 miles. I'll be nowhere near 72,000 miles in six years.

I like to read charts, and today I found this one rather interesting, in light of some of my posts. Obviously, there is a lot of speculation in it, but the overall thrust is probably accurate:

Perhaps I'll start reading Krasznahorkai soon and return to literature on my next post.

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