- Natural Gas: the marginal cost of production for natural gas is the equivalent to extracting oil at $13-$14 a barrel – 1/5th to 1/6th the cost.
- Harkins Warren Buffet said he’d buy 1 million homes if he could.
- 63% of all bonds are purchased by the Fed; market is manipulated. This is “wildly” unstable. Price signal is distorted. You should buy a home or borrow money.
- Likes homebuilders; notes fleet buying in the car market; retail sales is at a new nominal all time high.
- Manufacturing jobs increasing at fastest pace since 1997, while service jobs are slowing increasing, but at a normal pace.
- Official statisticians are the worst people at understanding what is happening in the economy, dubbing their methods arcane.
- You want to take on debt, and you want to be a user of capital.
- Corporate debt and emerging market debt is “wildly” overpriced.
- People don’t understand a normalized yield curve will make forty percent of their principal disappear.
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