Kass: Olympic Sabre Rattling

Given the more serious problems that Europe faces and the depth of its economic woes, why should Europe produce better economic growth in the next three to four years than we have achieved in the U.S.?

It won't, even with these stabilizers, little more than 1% real GDP growth can be expected for the EU. And even if the eurozone succeeds to the degree we have in the U.S., the European economies will be mired in weakness and subject to external shocks for years to come.

Time Travel Waits for No Man

"It only seems like yesterday ... a few Greek blokes were tossing a discus about, wrestling with each other in the sand and the crowd stood around.... No, wait a minute that was Club Med."

-- "Doctor Who," Fear Her (2005)

Then, there is Greece (which can no longer be saved) and the slowing in U.S., China and India economic growth rates, as well as the frightening steepness that the fiscal cliff represents.

As expressed by the investment strategy team at Goldman Sachs, more than ever, we live in a macro world.

The Original Statman

Aristotle compiled the first known comprehensive list of all winners of the Olympic Games. Which means that quite probably he was sat in a bar with Plato, muttering, "Go on then, give me any year you like and I'll tell you who won the four-man bobsleigh."

-- Mark Steel in The Independent (2006)

From my perch, the U.S. stock market is essentially fairly valued now.

At Friday's close, the S&P 500 stood at 1386, within 2% of my fair market value calculation. Unless the domestic economy begins to reaccelerate, my market valuation will have downside risk.

All In? No! All Out!!

On poker not making the Athens Olympics:

After all, the ribbon-waving rhythmic gymnasts are in. The shuttlecock-chasing badminton players are in. Even the ice-sweeping curlers are in. And poker's out? That's like throwing a party for mankind's greatest inventions and forgetting to invite indoor plumbing.

-- Poker.net (2004)