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Irrational exuberance down under
Topic Started: 22 Sep 2014, 05:16 PM (1,847 Views)
John Frum
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Lef-tee
28 Sep 2014, 07:13 AM
I guess that depends on the timing. When everything is going swimmingly, no one cares. When the shit hits the fan people suddenly sit up and take notice.

Not that I'm saying I'd agree with everything in the book - I haven't read it.
Would also be interested to know if anyone's read the book, and whether this johnny-come-lately has anything to add to the current bear chorus - Llewellin, Xie, Dent, etc.

I've read some of his blog/twitter feed and I can't discern any fresh ideas. He comes across as a bit haughty too which is off-putting, and the cynic in me sees just another preacher with a book to sell that the MSM can wheel out when they want to generate some doomsday clickbait cash.
Edited by John Frum, 28 Sep 2014, 08:52 AM.
"It were not best that we should all think alike; it is difference of opinion that makes horse races." - Mark Twain on why he avoids discussing house prices over at MacroBusiness.
"Buy land, they're not making any more of it." - Georgist Land Tax proponent Mark Twain laughing in his grave at humourless idiots like skamy that continually use this quip to justify housing bubbles.
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Foxy
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Zero is coming...

Drgonzo
22 Sep 2014, 08:22 PM
It's different here!

Besides, what's wrong with an economy entirely reliant upon the appreciation in value of a non productive asset.
Anyone want to swap to gumnuts??

Peter

I have a very rare gum nut, not another one like it. :D
http://www.afr.com/content/dam/images/g/n/2/1/u/8/image.imgtype.afrArticleInline.620x0.png/1456285515560.png
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bundy
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John Frum
28 Sep 2014, 08:51 AM
Would also be interested to know if anyone's read the book, and whether this johnny-come-lately has anything to add to the current bear chorus - Llewellin, Xie, Dent, etc.

I've read some of his blog/twitter feed and I can't discern any fresh ideas. He comes across as a bit haughty too which is off-putting, and the cynic in me sees just another preacher with a book to sell that the MSM can wheel out when they want to generate some doomsday clickbait cash.
I personally found the book to be useful.
Whether or not you will, I don't know.

He's only a "johnny-come-lately" because he has been living and working in Europe for 9 years and just recently returned to Australia.
I think this may have given him the ability to analyse Australia's current situation even more objectively than if he had lived here over that 9 year period.

There's lots of interesting stuff in the book, most of which I already knew.
One thing that was new to me was just how highly leveraged the Australian banks are.
This really is a topic worthy of it's own discussion/thread.

I doubt the Australian MSM will ever promote this book.
So far, they've basically acted like it doesn't exist.

As far as haughtiness, it's not there (in the book).
Edited by bundy, 28 Sep 2014, 06:05 PM.
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ThePauk
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Diamond Member
Bundy
How much attention in the book was placed on the MSM?
What were the possible conculsions?
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bundy
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ThePauk
28 Sep 2014, 06:14 PM
Bundy
How much attention in the book was placed on the MSM?
What were the possible conculsions?
He does talk about misinformation within the MSM, particularly in the reporting of real estate results.

It's been a couple of months since I read it, so I have forgotten all of the small details.
If people really want, I could re-read it and post an outline, but it's only 200 pages so you can read it for yourself in a few hours.

I can't recommend this book highly enough.
It's possible that it just resonated with me personally for some reason, so hopefully more people who have read it can chime in with their opinions too.
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ThePauk
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bundy
28 Sep 2014, 06:37 PM
He does talk about misinformation within the MSM, particularly in the reporting of real estate results.

It's been a couple of months since I read it, so I have forgotten all of the small details.
If people really want, I could re-read it and post an outline, but it's only 200 pages so you can read it for yourself in a few hours.

I can't recommend this book highly enough.
It's possible that it just resonated with me personally for some reason, so hopefully more people who have read it can chime in with their opinions too.
Ok, thanks, will get the book.
The misinformation is sometimes not the fault of the journalist. I recently contacted a journo where the headline for the story was "Owner makes $500k" when it was obvious that the owner did not make $500K at all from a $1.8m purchase and $2.3 sell. Comms, taxes, stamps, holding charges were all excluded from the story. The jouno reported that basically she agreed with me, however she did not write the headline.
Edited by ThePauk, 28 Sep 2014, 06:42 PM.
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