Disclaimer. After nearly 40 years managing money for some of the largest life offices and investment managers in the world, I think I have something to offer. But I can't by law give you advice, and I do make mistakes. Remember: the unexpected sometimes happens. Oddly enough, the expected does too, but all too often it takes longer than you thought it would, or on the other hand happens more quickly than you expected. The Goddess of Markets punishes (eventually) greed, folly, laziness and arrogance. No matter how many years you've served Her. Take care. Be humble. And don't blame me.

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Friday, February 28, 2014

I've said it before ...

... the collapse in Spain/Greece/Italy was as bad as the great depression in the US in the 30s.

This article from The Age talks about the extraordinary level of youth unemployment:

In Spain, nearly half of those under 30 - almost 2 million people - cannot find a job. Suicide rates are up and the young fear they have no future in their own country. Anthony Ham reports from Madrid.

The chart below suggests that unemployment may have peaked, which would be consistent with the (sluggish) European recovery, but unemployment always rises much faster each cycle than it falls in the subsequent recovery.

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