Francis Chou's Annual Letter

Focused on investing, but the macro commentary is well worth reading.

choufunds.com/pdf/AR09.pdf

Go to page 6 for the table he’s talking about.

I never realised that many industrialised countries have defaulted so often, yet it’s remarkable that the possibility for the likes of Greece or Spain defaulting is almost treated like a Black-Swan event.

Yep, Reinhart and Rogoff did a study of sovereign debt over the last two centuries (I think that was the timeframe) and the norm is default. Not the exception, the norm.

Good old Norm.

https://home.online.no/~espenas/cheers/images/Norm.gif

Woody - Can I pour you a Beer Mr Petersen?
Norm - Its a little early isnt it, Woody?
Woody - For Beer?
Norm - No, for stupid questions.

Now to be found in book form…

amazon.com/This-Time-Different-Centuries-Financial/dp/0691142165

…and a good read, I might add.