Say we were to offer you a value-investing approach to rare coins—a little fundamental analysis of the 1933 gold double eagle, say, or some exegesis on why the 1913 buffalo nickel is still trading under tangible book. Is that something you’d be interested in?
Because if it is, we have a guy you should meet.
A press release from the SEC occasioned a trip on the Wayback Machine yesterday, to see if anything turned up on one Arnett L. Waters, president and CEO of A.L. Waters Capital, a Braintree, Mass. firm that allegedly solicited investments in an array of funds, then used the assets to pay for the manager’s personal expenses.
Indeed, we found an interesting nugget. After sketching out his career in sales at a string of brokerages, including Merrill Lynch, Shearson Lehman and DLJ—details that appear to be borne out by a FINRA broker check—Mr. Waters’ claims to have made the observation that launched his career running money:
“The dramatic increase in rare coins in the 1970s and 1980s convinced Mr. Waters that a value-investing approach existed in the growing marketplace. Therefore, in 1990, he founded Windsor Park Ltd., an international purveyor of high mint state United States gold and silver coins.”
England’s Sun reports that chef Jamie Oliver’s new Manchester restaurant got an unlikely infusion of capital when construction uncovered gold and “master tapes by bands Joy Division and New Order.” The site was apparently formerly occupied by a bank–though now it is the Mancunian outpost of Jamie’s Italian. “There was all sorts in Read More
Things People Love To Hate
MIDAS TOUCH? Not so much. Gold—that seemingly invincible investment and go-to inflation hedge of many a hedge fund, survivalists, Glenn Beck, and hedge fund managers who sound like survivalist friends of Glenn Beck—took a deep dive this morning. The reaction to it has a pretty excitable ring to it, one that sounds awfully familiar: that of people taking an inordinate amount of pleasure with the fall of gold. Kind of like schadenfreude (a regular occurrence in finance, usually for no other reason than having some skin on the other side of a bet) except with gold, it’s different. People love—or at least: seem to truly enjoy and indulge in—the hating of gold bugs. Why?
Back in early June I wrote a piece for the Art Newspaper in which I predicted that bad news would drive the price of gold, then at $1,500 an ounce, substantially higher.
Well, the bad news came, with the Standard & Poor’s rating agency’s downgrading our U.S. government debt, precipitating massive fear of a double-dip Read More
IN 2008, I was on the losing end of a gold trade—swindled, really.
By my dad.
I had just been laid off after the literary agent I worked for was poached, but was lucky enough to find a job and not have to file for unemployment only days later. In the interim between paychecks, however, I’d be broke.
“Well, you’ve got those coins lying around,” he suggested.
Each week, The Observer looks at commodities, stocks, currencies, and economic data points that are making big moves and setting new records. This week’s extreme action takes place everywhere from the trenches of the U.S. employment market to the pristine beaches where the Thai Bhat trades hands. For the most hard-core, eye-popping economic action this Read More
Pardon my French, but !@#$ gold! Jeez! I am so frustrated right now that I broke a five-day winning streak all because investors are starting to get freaked out. Just because the Federal Reserve hinted that it’s worried about deflation, people stop putting money in stocks and start clamoring for the shiny Read More