By Grey Owl Capital:
“The art of being wise is the art of knowing what to overlook.”
- William James
Despite the recent shenanigans in Washington concerning funding the government and raising the debt ceiling, as well as the constant news coverage of the quantitative easing “taper” that the Federal Reserve may or may not begin, we are going to spare (at least for this quarter) both you and us another long discussion of these very real issues. Refer to any of our more recent quarterly letters for a longer review of these topics. However, please do not be mistaken. Our position has not changed. The overall national debt level, the ongoing federal deficits, and the extreme monetary intervention will eventually prove disastrous. We remain worried about the consequences for securities markets and thus continue to maintain a conservative investment posture.
Rather than furthering our argument of why it is risky to centrally