First housekeeping – thanks for all the responses to my request for suggestions to The Idea Farm. In general, people love the service, prefer more emails to less, and like the idea of hedge fund profiles. I’ve hired a great writer to help me out with the profiles, so hopefully we will see 2 per month to start and go from there, with the goal of some fun interviews down the line.
I’m going to raise the price at the end of the year, but don’t worry, you’re grandfathered in forever at your rate. On to the issue.
Did you buy banks in 2009? Why not? They traded at a CAPE in the 3s….amazing looking back on it. Short piece from Rafferty.