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Seduction, Corruption and Redemption

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Finding the path to globalization.

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"Lately I've been running on faith. What else can a poor boy do?"
--Eric Clapton


Oscar Wilde once said that skepticism is the beginning of faith. Investors around the world are finding faith as a function of need.

It's easy to be consumed by the shifting social mood as the world turns and Rome burns. Societal acrimony is percolating into the election, geopolitical risks persist and an uneasy feeling abounds that another shoe will soon drop.

We've explored both sides of the market ride as this process of price discovery permeates. The friction between opinions is where true education resides and we must assimilate the spectrum of risk and reward if we're to proactively prepare for the future.

While a multitude of fluid factors will define our forward progress, one dynamic has been a consistent and persistent theme. As global indices swoon, the value of investments decline and standards of living erode, the transference of guilt abounds as people point fingers and place blame.

I recently watched a debate about who is responsible for our current state of hate. Wall Street, Washington, the Middle East and mainstream media were all mentioned as root causes of the financial crisis. I couldn't help sense that the discussion itself was endemic of the mindset that got us into trouble in the first place.

The A.D.D. immediate gratification "zero percent financing" lifestyle that was enjoyed by many and encouraged by most finally came full circle. The unwinding of societal abundance and attendant austerity will come to define this time with the benefit of historical hindsight.
There were certainly predatory lending practices in play from those who abused the system. Those actions were magnified by a grand experiment designed to suspend the business cycle and replace legitimate economic expansion with credit-fueled growth.

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No positions in stocks mentioned.

Todd Harrison is the founder and Chief Executive Officer of Minyanville. Prior to his current role, Mr. Harrison was President and head trader at a $400 million dollar New York-based hedge fund. Todd welcomes your comments and/or feedback at todd@minyanville.com.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

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