Monday, April 23, 2007

Searching for Value

Inventive investment managers find fields that are not congested by existing investors and in markets that may suffer from mispricing. Uncovering that mispricing may require specialised knowledge that few investors possess, creating profitable barriers to entry. What are these investments? Old stuff. Zionist parafernalia like old harrrows and tractors. Old cars. Old motocycles. Old anything collectable. Rare minerals. Fishing rights. Hunting rights. Passports. Visas. Chinese antiquities and famous paintings and editions. All kind of old trash. Eastern European judaica from goy peasants of former shtettl. Russian Tzarist bonds. Old shares that may give rights. All kind of old rights and privileges that in special conditions may be sold, like a knighthood, or the right to a road. Medals or the right to give medals and trophies. Think.

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