Recent Posts

Early Daze: My Big Break

By Derek On March 18, 2012

As a young man, I went to Taiwan and Japan for several years to study and meet chicks. However, the misadventures of those times are beyond the scope of this story. At the end of it I finally escaped to Alaska in 1992. I satisfied my dream of becoming a commercial fisherman and worked on a salmon seiner for a season on Kodiak Island. For adventure, this was a good move. For money, it was not. Someone had alerted the fish to my plan of cleaning up in the industry and they mostly avoided the boat I was working on. Alas, it was time to try my hand at something else.

Easy Riding Down to Costa Rica

Since I had arrived on my motorcycle, a Suzuki 650 DR, I departed the same way heading south with the birds to leave Alaska to the real Alaskans

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Parting Shots

By Derek On March 15, 2012

From: Derek Hillen
Sent: Thursday, March 15, 2012 11:47 AM

“GS Elevator Gossip:

#1: Some chick asked me what I would do with 10 million bucks. I told her I’d wonder where the rest of my money went.”

The Academy Award for Best Picture this year went to the silent film, “The Artist.” Market turnover in Hong Kong and the US has been equally quiet during the strange bull run in equities we have seen this quarter with the lowest turnover of the year for US markets occurring on Tuesday. Net outflows from US equity mutual funds continue apace with almost $5.5 bn draining away ytd. On top of that, corporate insiders have been selling in size with the sell to buy ratio hitting 13:1. Finally, IPO and M&A markets have also not seen enough activity to bolster confidence either. Such confidence, or hope, was easily

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My Buddy Russell Napier

By Derek On March 1, 2012

It is one of the blessings of old friends that you can afford to be stupid with them.”                    Ralph Waldo Emerson


I ran into an old friend today, Russell Napier, famed big picture macro strategist whose award winning book, “Anatomy of the Bear” makes him an expert at identifying market tops and bottoms. A financial historian at heart, Russell often looks for historical patterns to decipher the barrage of confusing and often conflicting data that assaults the senses today. After trading pleasantries and each of us lying about how good the other looked, I asked him, “Right. Russell, tell me. Are you bearish or bullish?” “Bearish,” came the immediate response. I too have been skeptical of the recent rally in equity markets and asked him for his reasons. Here is the conversation we had in front of the elevators this morning where he

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