February 8, 2012

Contemplations Over a Cup of 2 a.m. Tea

Wegmans Fruit Tart

It is just past 2 a.m. and I finished brewing a cup of Darjeeling tea.  I'm sitting here enjoying the fragrance of the leaves in the cup and it made me remember something ... During college, Aaron and I did our grocery shopping at the Wegmans on Route 1 in New Jersey.  Of course, living in the dorms for most of those years before we got an apartment off campus meant grocery shopping was more like picking up cereal, milk, coffee and snacks to eat at night or between meals in the dining … [Read more...]

Cherry Cream Cupcakes

Cherry Cream Cupcakes

At my sister's wedding, I fell in love with the cherry cream cupcakes, which had fresh cherries in a cream flavored, pink cupcake batter.  They, along with the almond ones, were just fantastic. These cupcakes were so good, in fact, that I want the recipe because they would be great with a cup of hot Palm Court Terrace blend tea from Harney & Sons (the blend that was served at the Plaza Hotel forever) with sugar and milk.  Of course, it is a lot of sweetness to take in one sitting so it … [Read more...]

How to Solve the Trade Deficit – Part IV

I Want My Country Back

This is part of my special on How to Solve the Trade Deficit. You can read Part I, Part II, or Part III if you missed them. The Increased Competition for Jobs Is Domestic, As Well You mention that standards of living have fallen, despite gains in things like iPods with 25,000 songs and the ability to connect instantly through the Internet.  The thing is: In many respects, it isn't true - standards of living haven't fallen - unless you fit one specific demographic, which we'll talk about in a … [Read more...]

The Hindenburg Omen and the Stock Market

The stock market is all lit up talking about the dreaded Hindenburg Omen, which sometimes (though not always) predicts a major stock market crash. Listen to me: All of this trash is nonsense.  Things like the Hindenberg Omen and other market forecasts are merely attempts to look at symptoms rather than causes.  It would be like if doctors panicked every time a patient had a fever and immediately concluded the patient had not a head cold but full-blow AIDs with an unrelated case of … [Read more...]

Strawberry Jam on Toast with Hot Spiced Tea

Strawberry Jam on Toast with Hot Spiced Tea

It's 2:30 a.m., I am up eating strawberry jam on toast with a cup of hot spiced tea and reading.  Perhaps I stepped out of a British nursery rhyme and am still quite asleep in my bed ... The only thing that would make this better is if it were Christmas, snowing outside, the fireplace were crackling, and I was reviewing the profits from the operating company in my Brooks Brothers bathrobe with red velvet slippers. Maybe I really was a 19th century British financier that got … [Read more...]

Working on the New Finance Book Tonight

Sweet Grapes and Bananas

Last night, I cleaned up roughly forty pages of my new book. Tonight, I am hoping to get at least the bulk of the remaining "hard math" section done, which focuses on the formulas and equations (stuff like, "If I put $10,000 into an account seven years ago and now it is worth $32,150, what was my compound annual rate of return?). This is always the part I enjoy least because it is very technical and I prefer talking about businesses, investments, and the philosophy of money. Still, the most … [Read more...]

Some Interesting Surprises Hidden In Your Insurance Policy

It's that time of year again ... I'm reading through all of the insurance policies covering our businesses, houses, etc.  There are some interesting surprises, as always, and I'm guessing a lot of the provisions apply to most of your reading this, as well.  We utilize several different insurance companies, each for a different purpose. When it comes to homeowner insurance, just look at these surprising facts: Did you know that if a nuclear weapon is accidentally discharged and your home … [Read more...]

What “Take Our Country Back” Really Means

From a purely sociological and psychological perspective, I would have to agree with the recent assertions by Frank Rich in The New York Times regarding the true meaning of "take our country back", which has been the battle cry of the Tea Party Movement.  In fact, I believe, after much reflection and study, that most of the anger (which seems to be originating almost entirely from the southern, poor, white, non-educated regions of the country) has to do with what Charlie Munger calls … [Read more...]

On Tonight’s Menu: The Julia Child Beef Bourguignon Recipe

Julia Child Beef Bourguignon Recipe

Two of our best friends are visiting from Ohio this weekend and so we decided to try the now-famous Julia Child beef bourguignon recipe from Mastering the Art of French Cooking.  After seeing the movie Julie & Julia last Sunday with my mom, everyone thought it would be fun to give it a go. We found that the Julia Child beef bourguignon recipe was being given away for free by the publisher of her magnum opus, so I thought I'd share them with you here.  It sounds magnificent and, given … [Read more...]

The Psychology of Human Misjudgment by Charlie Munger

Charles Munger, Vice Chairman of Berkshire Hathaway

By Charlie Munger (Warren Buffett’s partner at Berkshire Hathaway) Speech at Harvard Law School (1995) Transcription of The Psychology of Human Misjudgment, comments [in brackets] by Whitney Tilson.  Note from Joshua Kennon: I've written a lot about Charlie Munger over the years, especially the influence he has had on my life and how we run my companies by using our own mental models.  This is one of the best speeches Munger ever gave ... which may be why my family owns about a dozen … [Read more...]