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Bearish Websites
www.PrudentBear.com
David Tice's excellent bear case featuring the
not-so-positive news as well as
potent commentaries from some of the world's most prescient writers.
Especially enlightening is Doug Noland's weekly Credit Bubble Bulletin.
www.DailyReckoning.com
Bill Bonner's (co-author with Addison Wiggin of Empire
of Debt and Financial
Reckoning Day) flagship complete with his daily comments plus guest editorials and market
reportage.
A better name for the website might be "The Emperor's Newest
Clothes" thanks to their
irreverent send-up of everything taken seriously in our investing world today.
As they say,
"The only thing we take seriously is our own humility." If
they can't poke
holes in it, they make fun of it. A very entertaining and educational look at
the daily goings on.
A recent example of Mr. Bonner's wit follows:
" 'Capital growth' is really just another of the many frauds and
poppycocks
of modern life. There is no reason for a stock to become more
valuable
over time - unless it earns more money. Just the opposite. Things
degrade
over time - patents, inventions, products, brands, technology, sales
teams,
and marketing messages. It takes constant inputs of energy - usually
in the form of capital - in order to earn more money. And even when
a
company does earn more, it's of no value to an investor unless he
participates in those earnings. Everything else is hype and humbug.
Many
investors think that stocks "always go up in the long
run."
They don't. They go up...and then they go down - in cycles that
generally
last about 30-36 years. The investor can only count on earnings -
some of them distributed, some retained by the company, and some
frittered away by management. Over the long pull, the indexes rise -
but most of that can be explained by inflation, retained earnings...and
the
fact that failing companies are removed! In the end, all public
companies
go out of business. In the end, every stock goes to zero...and every
stockholder turns to dust. All he can hope for is to earn enough
money
while his heart still pumps to be able to buy a nice vase to put his ashes
in."
- The Daily Reckoning, January 18, 2005
Or try this:
"And thank God! We are humbled again...and
happily. Humility is our only
virtue, after all, and even about that we are insincere. The more humble
we become,
the more certain we are that humility is the greatest virtue of all...and
that the
most humble people are, in fact, the most superior. Only those who have
been
humbled by the market can be expected to have a clear opinion of
their
own competence...and a decisive edge in the competitive marketplace."
- The Daily Reckoning, February 3, 2005
And finally, in a little more serious vein:
"Things that are overpriced
and overbought:
Stocks - Junk Bonds - U.S. Residential Real Estate - Modern and
contemporary art -
Terrorism - Republicans & Democrats - Television - Electronic gadgets
- Automobiles -
Shorts - Casual meals - The Da Vinci Code - Baseball caps - Debt -
Newspapers -
Suburbs - Employment - Higher education - Shopping - Retirement - Health
insurance -
Movies - Running shoes - Comfortable clothes
Underpriced
or undervalued things include:
Gold - German real estate - Good manners - Privacy - Mothers and Fathers
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Crispy duck - Gardens - Wood heat - The Daily Reckoning - Savings - Thrift
-
Elegance - Walking - Leisure - Europe - Private businesses - Old people
-
Extended families - Long skirts - Dresses - Hats, especially berets"
- The Daily Reckoning, July 19, 2005
www.Fleckensteincapital.com
Bill Fleckenstein, whose timely rants have been part of Silicon Investor,
Real Money,
Grant's Interest Rate Observer, and MSN/Money, now has his own website.
Anything by Stephen Roach (www.Morganstanley.com)
Gold Websites
(Gold websites are frequently synonymous with
bearish websites.)
www.Gold-Eagle.com
Vronsky and Westerman's huge compendium of gold/silver writing.
www.321gold.com
The brainchild of Bob and Barb Moriarty, containing numerous
articles relating to the metals and the bearish stock market case.
www.Goldenbar.com
Excellent Additional References
www.frontlinethoughts.com
John Mauldin's
superbly enlightening and entertaining Weekly Letter
www.Grantspub.com
Grant's Interest Rate Observer
www.Chaostan.com
Richard Maybury's Early Warning Report
www.Gloomboomdoom.com
Mark Farber
www.Safehaven.com
www.Fiendbear.com
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