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MISCELLANEOUS MENTATION ON 100-BAGGERS 135<br />
I know I get bored, but in a different way. For example, it’s incredible<br />
to me that people spend so much time talking about the Federal Reserve.<br />
My newsletter peers, people in the media—they all do it. It’s unbelievable.<br />
Don’t these people get bored? Or do they do this because they’re bored?<br />
I’m so bored with the Federal Reserve. Boring. And, thankfully, it is<br />
largely irrelevant to you as an investor. Warren Buffett himself once said,<br />
“If Fed Chairman Alan Greenspan were to whisper to me what his monetary<br />
policy was going to be over the next two years, it wouldn’t change<br />
one thing I do.”<br />
I read every day somebody, somewhere writing about QE or interest<br />
rates or the dollar. They are mostly rehashing the same old narrative:<br />
“When QE stops, stocks will fall.” “The dollar is going to collapse!” “When<br />
interest rates go up, stocks will fall.” I mean, for crying out loud, how<br />
much more can you read about this stuff? And for how many years on end?<br />
It’s just the same old pot of beans, heated up and re-served again and<br />
again and again.<br />
This is part of the reason why I travel. That way I don’t have to write<br />
about what the Fed said this week, or go over some garbled macro scenario<br />
I drew up in my head. Instead I can write about what I see—in<br />
Greece, hopefully overlooking stunning cliffs and deep blue water. Or in<br />
Germany, sitting at a long wooden table under oak trees drinking beer at<br />
a thousand-year-old brewery. Not boring!<br />
But seriously, at least it actually has something to do with the real<br />
world. As an investment writer, I’m almost desperate to find something<br />
new, something different, something interesting to write about. You don’t<br />
need me to repeat what is in the newspapers. You don’t need me to add to<br />
the cacophony of noise you already hear.<br />
In fact, taking advantage of the noise is a simple arbitrage. Sometimes<br />
you’ll hear (smart) people talk about “time arbitrage.” The idea is<br />
just that most investors have a hard time looking out even just a year or<br />
two. They focus on now. And so, the idea goes, all you have to do is think<br />
out a year and you can pick up stocks that are cheap today because others<br />
can’t look beyond the current quarter or two or three.
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