A friend of mine, Aram Fuchs runs a fund called FertileMind Capital out of New York. We met online through a mutual interest in examining new media companies and assets from a value investing framework and have since met in-person. He recently sent me a copy of his annual letter to shareholders, his fund returned 21.99% in 2010 (compared to %15.06 on the S&P500 and %11.02 for the DJIA).
Breaking rank with most value investors (there’s a couple of good threads on the “uselessness” of gold over on my favorite value investing forum, here and here – which I disagree with, btw), Aram considers is puzzling that market participants can’t bring themselves to view the one immutable medium of exchange as “money” and can’t find it necessary to question conventional wisdom a.k.a Keynesianism.
The title of the report is “Lucrative Paradox Of 2011“.