Author: Tim Price

Tim Price is a London-based wealth manager. While most of the investing herd crowds into dangerous, overpriced stocks, Tim Price lives and breathes value investing 24/7 as he searches for great investments all over the world for his clients.

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Where the puck will be

[Editor’s note: Tim Price, London-based wealth manager, is filling in for Simon today.] “My interest is in the future because I am going to spend the rest of my life there.” – Charles Kettering. Perhaps the most extraordinary and important presentation you will ever see can be found on YouTube, here. Dr Albert

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Everything changes at zero

[Editor’s note: Tim Price, London-based wealth manager, is filling in for Simon today.] For the benefit of non-subscribers, there are two versions of the Financial Times newspaper. One of them is the hard copy edition, still printed on pink paper, an exact digital replica of which is available on the paper’s website to

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Your do-it-yourself front page financial Armageddon story

[Editor’s note: Tim Price, London-based wealth manager, is filling in for Simon today.] “The media select, they interpret, they emotionalize and they create facts.. The media not only reduce reality by lowering information density. They focus reality by accumulating information where “actually” none exists.. A typical stock market report looks like this: Stock

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Inside the battle for control of the Federal Reserve

[Editor’s note: Tim Price, London-based wealth manager, is filling in for Simon today.] A Shandong 5000 electroglide flatbed currency printing machine named ‘Ted’ has edged ahead in a fiercely competitive fight for the chairmanship of the US Federal Reserve, narrowly in front of its major rival, the Heidelberger Druckmaschinen high speed sheet fed

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Sage investment advice from Mike Tyson

[Editor’s note: Tim Price, London-based wealth manager, is filling in for Simon today.] In a crisis, it helps to have good counsel. Consider the following sage advice from investment strategist Mike Tyson: “Everyone has a plan ‘til they get punched in the mouth.” Or as German military strategist Helmuth von Moltke the Elder

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What’s the last dollar they can print before financial crisis?

[Editor’s note: Tim Price, London-based wealth manager, is filling in for Simon today.] In the field of mathematics, chaos theory studies the behavior of systems that are highly sensitive to initial conditions. The idea in chaos is that, like life itself, where you start today has tremendous influence on what happens next. In

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History repeats

“The proper behaviour all through the holiday season is to be drunk. This drunkenness culminates on New Year’s Eve, when you get so drunk you kiss the person you’re married to.” – P.J. O’Rourke. On May 29th 1969, Warren Buffett wrote to his partners at the Buffett Partnership, informing them of his intention

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The hike before Christmas

“Christmas at my house is always at least six or seven times more pleasant than anywhere else. We start drinking early. And while everyone else is seeing only one Santa Claus, we’ll be seeing six or seven.’ – W.C. Fields. ‘Twas the hike before Christmas, and all over the shop Short end traders

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Clearly we lack the intellect to question our central bank overlords

[Editor’s note: This letter was penned by Tim Price, London-based wealth manager and frequent Sovereign Man contributor.] Leon Walras, one of the original economists and idiots who adapted most of his theories from the world of physics, once posited the fancy-sounding General Equilibrium Theory to explain market behavior. Investor George Soros advocates an

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Here’s how to trigger a bank run

[Editor’s Note: This letter was written by Tim Price, London-based wealth manager and frequent Sovereign Man contributor.] On August 6, 1979, Paul Volcker as the new Chairman of the Federal Reserve was determined to eliminate the terribly high inflation that had taken hold of the system. And he succeeded. The Fed’s primary interest

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The most undervalued investment markets in Asia

[Editor’s note: This letter was penned by Tim Price, London-based wealth manager and frequent Sovereign Man contributor.] Seven years on from the collapse of Lehman Brothers, everything has changed, and yet nothing has changed. There is no longer a perception of panic. $14 trillion of central bank stimulus has seen to that. But

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Forty centuries of wage and price controls

[Editor’s Note: This letter was written by Tim Price, London-based wealth manager and frequent Sovereign Man contributor.] Léon Walras is the patron saint of modern economics. In other words, he was a clueless failure who hijacked immutable principles from the world of physics and misapplied them to the economic realm. The result, predictably

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The Courage to Print Money

[Editor’s Note: This letter was written by Tim Price, London-based wealth manager and frequent Sovereign Man contributor.] If you’ve seen the movie The Usual Suspects, you know that wonderful line “The greatest trick the Devil ever pulled was convincing the world he didn’t exist.” We believe the greatest trick central bankers ever pulled

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Lunch with the Man who Saved the Universe

[Editor’s note: What follows is Tim Price’s hilarious, satirical take on a recent Financial Times fawning article on “Lunch with Ben Bernanke” by associate editor Martin Wolf.] — After literally saving the universe while at the helm of the US Federal Reserve, its former chairman is now quietly pursuing lucrative speaking engagements and

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“Doubt may be uncomfortable, but certainty is absurd.”

[Editor’s note: Tim Price, London-based wealth manager, is filling in for Simon today.] As investors we are all suckers for narrative. The current narrative appears to be: China is slowing down, so the sky is falling in. Everybody in the West used to be concerned that China was taking over the world. Now

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Don’t tell my mother I’m in finance– she thinks I work in a brothel

[Editor’s note: This letter was written by Tim Price, London-based wealth manager and editor of Price Value International.] Those whom the gods wish to destroy they first pay too much. How else to account for the astonishing $200 million lawsuit filed last week by billionaire bond investor Bill Gross against his former employers,

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It’s time to do absolutely nothing.

August 25, 2015 Spoleto, Italy [Editor’s note: This letter was written by Tim Price, frequent contributor to Sovereign Man’s Notes from the Field, and editor of Price Value International.] Hundreds of thousands of years ago, our early ancestors had a unique way of dealing with volatility. If something was truly threatening, our instincts

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China takes advice from Mario Draghi. Failure ensues.

July 13, 2015 London, England [Editor’s note: This letter comes from Tim Price, London-based wealth manager and frequent Sovereign Man contributor.] “Nobody knows anything.” That was famed Hollywood producer William Goldman’s sardonic assessment of the movie business in his classic memoir ‘Adventures in the screen trade’. In finance, things are subtly different. “Nobody

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An American biologist sums up financial markets

June 22, 2015 London, England [Editor’s note: This letter was written by Tim Price, London-based wealth manager and frequent Sovereign Man contributor.] The great biologist E.O. Wilson once observed: “The real problem of humanity is the following: we have paleolithic emotions; medieval institutions; and god-like technology. And it is terrifically dangerous, and it

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News from the richest country on earth

June 15, 2015 London, England [Editor’s note: This letter was written by Tim Price, London-based wealth manager and frequent Sovereign Man contributor.] Today marks the end of the most notorious example of fiscal insanity in modern times. The Reserve Bank of Zimbabwe today begins a process to “demonetise” its now irrelevant currency, the

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When Jamie Dimon highlights risks in the market, it’s time to get out.

April 20, 2015 London, England [Editor’s note: This letter was penned by Tim Price, Director of Investment at PFP Wealth Management in the UK.] In Lewis Carroll’s Through the Looking-Glass, the Queen would sometimes believe as many as six impossible things before breakfast. She is probably working in the bond markets now. The

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What do you do when none of the clocks have any hands?

February 23, 2015 London, England [Editor’s note: This letter was written by Tim Price, London-based wealth manager.] “We are all at a wonderful ball where the champagne sparkles in every glass and soft laughter falls upon the summer air. We know, by the rules, that at some moment the Black Horsemen will come

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Bubble? Meet the $25 million grilled cheese truck

February 9, 2015 London, England  [Editor’s note: Tim Price, London-based wealth manager, is filling in for Simon today.] There are some time-honoured signs of an impending market top. One of them is that margin debt has peaked. Another is that interest rates are going through the floor. Another is that the velocity of

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Voltaire Candide Freedom

Voltaire would certainly be in his element

January 12, 2015 London, England [Editor’s note: Tim Price, London-based wealth manager, is filling in for Simon today.] On All Saint’s Day, 1st November 1755, an earthquake measuring roughly 9 on the Richter scale struck the Portuguese capital, Lisbon. At least 30,000 people are estimated to have perished. A little over half an

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Investing

How to invest when the pursuit of certainty is absurd

January 5, 2015 London, England [Editor’s note: Tim Price, London-based wealth manager, is filling in for Simon today.] The start of the New Year is traditionally a time for issuing financial forecasts. But there seems little point in doing so given the impact of widespread financial repression on the price mechanism itself. Are

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Gold

We seem to have miscalculated

December 8, 2014 London, England [Editor’s note: Tim Price, London-based wealth manager, is filling in for Simon today.] You can be for gold, or you can be for paper, but you cannot possibly be for both. It may soon be time to take a stand. The arguments in favour of gold are well

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“I am a hard working taxpayer who is getting pretty fed up. . .”

December 1, 2014 London, England [Editor’s note: Tim Price, London-based wealth manager, is filling in for Simon today.] So the Swiss have decided not to force their central bank into underpinning its reserves with harder assets than increasingly worthless euros. At least they had the chance to vote. But in the bigger picture,

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Avoid this accident waiting to happen in investment markets

November 10, 2014 London, England [Editor’s note: This letter was written by Tim Price, London-based wealth manager and editor of Price Value International.] In 1975, Charles Ellis, the founder of Greenwich Associates, wrote one of the most powerful and memorable metaphors in the history of finance. His essay is titled ‘The loser’s game’,

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