TPN Podcasts for Week 38, 2019

In this episode Tony explains how he think about structuring a portfolio taking into consideration your appetite for risk and volatility. We also answer some listener questions about the process of buying shares, how to work out the most undervalued Top 10 stock, and the NEFF ration. Oh yeah, and I sing Tony a song.

WWII had created a strong US economy, mostly for military spending coming out of the public treasury.
Lots of industrialists made a fortune during that period.
And it was going away after the war.
In the aftermath of World War II, US armed forces had not merely been reduced – they had been allowed to crumble to the brink of collapse.
Truman’s new Defense Secretary, Louis Johnson, had cut the military to the bone.
It makes sense that they needed to find a way to keep the country on a war footing in the absence of a real war.
Korea – and NSC-68 – provided exactly that.

Today we begin a series about the man without whom our podcasts would not exist because there would be no books.
And you know we get all of our knowledge from books. The man who invented movable type and the printing press (or did he?).
Johannes Gutenberg

We talk about America’s history of using tariffs as a weapon—why it outsourced its manufacturing to China and how that forced China to become America’s largest banker while U.S. manufacturing employment has steadily declined—how the US went from controlling 80% of the world’s gold reserves at the end of WWII to having the largest external debt in the world—and how being the world’s reserve currency since 1945 has given it an exorbitant privilege.

TPN Podcasts for Week 37, 2019

Based on an email from one of our QAV Club members, this week Tony shares his views on the various investing tax structures. We also talk about how we’re managing the dummy portfolio. And in our QAV Club analysis section this week, we’re looking at IFN.

Americans were told that the invasion by North Korea was a total surprise. It was positioned as another Pearl Harbour. But this isn’t exactly true. They must have known it was coming and when it was coming. They just chose to ignore it. Why? Who stood to benefit from the invasion?

The death of Agrippina came soon after that of her son. There are more majestas trials, trouble with the Parthians, and, despite the assurance from his favourite astrologer that he had many years left, Tiberius addresses his own mortality. With Drusus dead, the only remaining heirs to the throne were Gemellus, son of Drusus, and Gaius, son of Germanicus – aka Caligula.

After Mao died in the mid 70s, Deng Xiaoping argued that a country can’t jump straight from feudalism to socialism, and he started to reform the economy, by setting up experiments which involved loosening the controls on the market.

TPN Podcasts for Week 36, 2019

It’s reporting season and Tony is EXCITED. On this week’s show we talk about the cause of CRN’s sudden decline, and analyse two companies – BHP and QAN. We are also adding quite a few additional stocks to our dummy portfolio based on Tony’s private analysis.

Born 1401 as Tommaso di Ser Giovanni di Simone, “Masaccio” (his nickname) was regarded as the first great Italian painter of the Quattrocento period of the Italian Renaissance. According to Vasari, he was the best painter of his generation. The first painter in the Renaissance who really understood linear perspective. He died age only 26, in 1428. “Masaccio,” said Leonardo da Vinci, “showed by perfect works that those who are led by any guide except Nature, the supreme mistress, are consumed in sterile toil.”

Tiberius runs amok. Usury runs rampant. Drusus chews the stuffing.

There’s been lots of talk in the media about Trump’s trade war with China. One aspect about it that I find interesting is that I never see any talk, in this context, about the fact that China is a Communist country – a Communist country that seems to be a major economic threat to the USA, the world’s leading Capitalist country. Didn’t the West win the Cold War? So over the next few episodes we’re going to be trying to understand what’s going on with China’s economy. Are they Communists? Capitalist? Or something different entirely?