The last speaker. A young guy with an uncertain voice but his mind was very certain. The private sector problem led to a public sector bailout which will lead to a public sector crisis. He is long gold and short St. Joe's. (He hates St. Joe's.) There are two possible "tail events," the Fed, which he feels is dominated by academics and extremists who will continue to put money into the system and inflation. Zero rates does not increase risk, it decreases spending. The safe thing to do in the setting of decreasing rates is to sell equities and buy bonds, not to sell bonds and buy equities.
The value is not in the idea, it is in the evaluation of the idea.
He is avoiding emerging markets because of "cultural, social and legal disadvantages."
The short term will be negative. There are some things you must accept.
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