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All of the hedge fund (and some of the VC fund) statements I’ve been receiving the past few weeks have long essays in them. I categorize most of them as either (a) marketing, e.g. "look how smart we are – we know what’s going on" or (b) rationalization, e.g. "our numbers totally suck, but here’s why you should be optimistic about our future performance." However, at least one of them was really interesting, well thought out, and gave me plenty to think about.
It appears Fred Wilson received at least one that he put in the same category. He did us all a favor by summarizing it in his post Hedge Funds: The Third Quarter Report and giving his thoughts about what he had read. He also makes the strong statement that every investor needs to consider all the time – are you a buyer or a seller at this price. As Fred eloquently and succinctly states, "If you don’t want to buy more, that tells you something."
If you are inclined to read Fred’s post, do yourself a favor and wander over to the WSJ and read Art Laffer’s op-ed The Age of Prosperity Is Over.