7 Responses

  1. Buzz O'Brien
    Buzz O'Brien June 15, 2017 at 1:46 pm | | Reply

    Thanks Bill, I look at some of these issues differently and as a long term believer in the stimulative effect of tax cuts, I believe much of the anti Brownback commentary is out of context. We do not have a funding shortage in Kansas but lack the will to adjust the other side of the ledger. Funding for schools (many with large untouched reserves basically has gone up every year under SB contrary to KC Star paranoia. Politicians caving to cover their rear ends is a fact of life and writ large. Hope all is well.


  2. Buzz O'Brien
    Buzz O'Brien June 15, 2017 at 1:51 pm | | Reply

    By the way, I agree with you on Stockman. He is trying to hard to be Dr. Doom. His valuation analysis is flawed. My own Armageddon scenario is compelling but has nothing to do with fundamental security analysis. Hope you are well. BZ.

  3. Mark Seelig
    Mark Seelig June 19, 2017 at 3:27 pm | | Reply

    Bill: I thoroughly enjoy reading Kort Sessions and totally agree with your point of view for long term investing. Being negative grabs headlines and has very little downside. If ones negative call is correct, you are a genius calling the market, if you are wrong, everyone is so happy most people forget what you said, unless of course, they sold everything based on your negative reading.

    As far as Kansas goes, we grew up together just a few blocks from the Kansas state line and lived on the Missouri side. I have not lived in KC for many years, but we have family there and I still read about the political atmosphere and subscribe to the KC Star on line.
    I read the book, “What’s the matter with Kansas”. When people ask where I am “from”, I say Kansas City. They always assume I am from Kansas and I have to immediately tell them, no I am from Kansas City, MO. Unfortunately that doesn’t work as well as it used to
    because Missouri is getting nearly as crazy as Kansas.

    When we were growing up, both states were somewhat center right, but progressive in many ways. I don’t know how this change happened. However, I did notice that many of our high school classmates live elsewhere today. Maybe that’s it?


  4. Brad Bredemann
    Brad Bredemann June 22, 2017 at 4:30 am | | Reply

    Bill, I’ve recently discovered your blog and appreciate your experience, perspective, and comments – thanks for putting them out there. Moreover, it takes a Badger to really understand another one. ON, WISCONSIN!

    There are a few items I’d like to add to your latest ‘Horrendous Storm’ and postscript posts.

    First, as you know the news (and now “media”) business has always and everywhere been shocking, negative, and salacious. Like any good business, its success requires ever greater consumption and, ideally, higher pricing. Unfortunately, many of today’s soundbites and headlines are no longer from organizations and people who value reputation because the fragmentation of information delivery allows for infinite re-creation, reducing the cost of error and offense. In other words, David Stockman has more lives than a cat!

    Second, you cite globalization a few times as a headwind for our economy and employment, and open the door for higher wages in emerging economies to moderate this effect. A moderation would be massive. There have always been very few parts of the world that could compete with the American rule of law protecting human rights, enterprise and capital, and I believe we’re entering an extended period where our global competitiveness on other input costs (primarily wages and energy) will also be exceptional.

    Third, your comments about knowing what you own, why you own it, and the perspective of private business owners are invaluable. While I’d like to believe that public equity shares are in firm hands of business owners globally, the current reality is vastly different. Which only raises the value of diligent understanding, and requires a further extension of investment horizon.

    As investors, we should welcome the current environment for news (media), misinformation, confusion, volatility, and fear – they are a perfect recipe for opportunity.


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