It’s getting weird out there.

I’ve been doing this long enough to see things get silly a couple of times.

Tech stocks
Now commodities

Both on the way up and the way down.

The markets always give you opportunities at the extremes. Problem is, nobody has either the liquidity or the… uh, cojones?... to take advantage of them.

Let’s explore this in further detail.


I am a big detractor of Warren Buffett, but not old Warren Buffett—new Warren Buffett.

The old Warren Buffett did some pretty cool stuff. Several times throughout his career, he has been the buyer of last resort. Most recently when he got those bank preferreds at ridiculous yields.

Guess what: You can’t be the buyer of last resort unless you have… drum roll…


To all readers of The 10th Man: Who here has cash? When I say cash, I mean cash as a significant percentage of your portfolio. 20 to 30% at least.