I was at an interesting dinner last, and amongst the very notable things discussed over giant steaks (yes, that is an actual dinner photo), ObamaCare came up.
Some of the attendees thought — like Senator Ted Cruz does — that it is a job killer, the bane of the economy. But that is essentially a political Macro argument, and not a true investing thesis. As we have seen this past year (Curse of the Macro Tourists), building an investment around a big macro theme has not been a particularly successful strategy. There are simply too many moving parts, too many unknowns, and to be blunt, way too much cognitive bias, for this to succeed as a strategy.
Read Full Article »