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Tradecraft by Jonathan Hoenig (Author Archive)
Some of the Best Ideas and Trades of 2007
Year of the Pig
According to the Chinese Zodiac, 2007 was the Year of the Pig, my firm's proud namesake and whose culinary contributions to global cuisine, namely bacon, sausage and pork rinds, simply cannot be underemphasized. Indeed, although I grew up keeping kosher, I've since discovered how to observe a religious tradition without keeping it religiously.One affordable way to honor the splendid swine is with a position in silver pigs as minted by Australia's Perth Mint. Legal tender under the Australian Currency Act of 1965, these sharp-looking coins are available through most bullion dealers, including Richard Smith's Only Gold, at premium to the ever-changing spot price of silver. Only 500,000 of the half-ounce and 300,000 of the one-ounce coins were produced, giving them a numismatic worth beyond their silver content.
Half-Ounce Silver Pig | ||
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Photo courtesy The Perth Mint |
And while silver prices have outpaced the S&P 500 in 2007, these coins, like all physical bullion holdings, should be seen as long-term investments and not short-term trades.
Thinking in Principles
This year saw the presidential race get underway, once again with no clear advocates for capitalism and individual rights. When the supposed "Libertarian" candidate is staunchly pro-life you know the pickings are slim.The fact that you're reading SmartMoney.com now and not Socialist Party USA would lead one to believe you have interest in money. Millions of successful businesspeople, including names like Mark Cuban and Monroe Trout, have been inspired by the work of Ayn Rand, whose philosophy of Objectivism explains the morality of capitalism.
So at a time in which bankers such as Countrywide's (CFC) Angelo Mozilo or investment firms like Goldman Sachs (GS) are increasingly vilified for creating wealth, you'll certainly enjoy picking up a copy of The Objective Standard, a quarterly journal that relates Rand's philosophy to current events. Although technically launched a year earlier, TOS's lively and thought-provoking content was the best I read in 2007 as well.
On My Screen
As traders, we spend our time analyzing information, much of it presented on a computer screen tailored to our precise specifications. Yet it's easy to forget that until the introduction of the Apple (AAPL) Macintosh in 1984, "font" was simply not part of the popular vernacular.Type Casting | ||
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A still from the film "Helvetica" (Photograph courtesy www.helveticafilm.com) |
The best movie of 2007 was "Helvetica", a feature-length documentary film about typography and visual culture that celebrates the now ubiquitous font that's literally everywhere. American Airlines (AMR), American Apparel (APP), Toyota (TM), Microsoft (MSFT) and Panasonic are among the well-known companies that use Helvetica as their signature cue. Now available on DVD, this is a lively and well-scored treat for any child of the computer age.
Single Page
Fresh writer, great article. Ho, ho, Hoenig! I appreciate your political incorrectness and williness to call it like it is. Good luck with your video blog and keep up the good work.
'The fact that you're reading SmartMoney.com now and not Socialist Party USA would lead one to believe you have interest in money. '
As a member of the Socialist Party USA I have to object to this comment. We have a very strong 'interest in money.' We are interested in how money is appropriated from working people, how much money is accumulating at the top of the class structure (according to the Federal Reserve Bank of Chicago 1% of the population controls 33% of the wealth), and how much money is wasted on wars to subsidize greedy oil companies. So, in fact, our political work is all about the money - supporting ideas and programs which will re-distribute wealth from rich individuals to increase the well being of society. Consequently, I read the Wall Street Journal online each and every day - it is like having access to the playbook of our class enemies.
If we lived in a 'free market' society as Adam Smith envisioned Microsoft would not exist. We live in an oligopoly and guys like Hoenig have no real interest in free markets. That's why they always talk about investing in 'wide moat' companies. So-called wide-moat companies like Microsoft are really monopolies not subject to the whims of a free market that never really existed and never will exist. Moinopolies like Microsoft are the most undemocratic institutions oin earth. They don't apply the one-man one vote rule of democracy. They apply the one-share, one vote rule. And guess who owns the most shares. Yippee for Bill Gates--our benevolent dictator!
Ayn Rand changed her name because she was ashamed of her own Judaism and turned her back on her people when they were being slaughtered right and left.
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I used to like your writing better before you learned how to regurgitate Ayn Rand minutia at every turn.
But, of course, you probably think, 'Hey, if you don't like. Get lost.'
I believe I will.