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	<title>Dean LeBaron Video Casts</title>
	<link>http://www.deanlebaron.com/</link>
	<description>Adventure Capitalist</description>
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		<title>What&#8217;s Wrong With Gold?  Some Speculations&#8230;</title>
		<link>http://www.deanlebaron.com/video-cast/whats-wrong-with-gold-some-speculations/</link>
		<comments>http://www.deanlebaron.com/video-cast/whats-wrong-with-gold-some-speculations/#comments</comments>
		<pubDate>Fri, 12 Apr 2013 12:59:48 +0000</pubDate>
		<dc:creator>admin</dc:creator>
		<guid isPermaLink="false">http://www.deanlebaron.com/?post_type=video-casts&amp;p=321</guid>
		<description><![CDATA[Gold has been the poorest performing industry group for the past two quarters, down approximately 20%. It is possible this decline is normal after a huge run and during a Konfratieff winter when anything can happen, often without meaning. Or the increase in the discount between GLD and the metal could imply market imbalances. And [...]]]></description>
		<content:encoded><![CDATA[Gold has been the poorest performing industry group for the past two quarters, down approximately 20%.  It is possible this decline is normal after a huge run and during a Konfratieff winter when anything can happen, often without meaning.  Or the increase in the discount between GLD and the metal could imply market imbalances.  And it is possible the rumored over-supply of paper to metal leads to liquidation of the paper before the imbalance is widely recognized.

I have no idea what among the choices we can imagine... and others.   But I suspect that there is a story to come that the gold market is less than perfect and until that is absorbed we may see some moves that seem inexplicable.  Note: GLD and AU are both down about 3.6% as this video is being posted.



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		<title>The Perverse Lesson of Bitcoin for Other Currencies</title>
		<link>http://www.deanlebaron.com/video-cast/the-perverse-lesson-of-bitcoin-for-other-currencies/</link>
		<comments>http://www.deanlebaron.com/video-cast/the-perverse-lesson-of-bitcoin-for-other-currencies/#comments</comments>
		<pubDate>Sat, 30 Mar 2013 08:29:41 +0000</pubDate>
		<dc:creator>admin</dc:creator>
		<guid isPermaLink="false">http://www.deanlebaron.com/?post_type=video-casts&amp;p=320</guid>
		<description><![CDATA[A reminder that currency is the value of promises carried by the paper on which it is printed, in the form of Bitcoin, which makes no pretense to have any promise whatsoever except what the market attributes to it. Bitcoin has appreciated sixfold in terms of one of the other promise-backed currencies while dollars ??? [...]]]></description>
		<content:encoded><![CDATA[A reminder that currency is the value of promises carried by the paper on which it is printed, in the form of Bitcoin, which makes no pretense to have any promise whatsoever except what the market attributes to it.  Bitcoin has appreciated sixfold in terms of one of the other promise-backed currencies while dollars  ??? in terms of what... gold perhaps and, if so, dollar promises went up compared to those promises elsewhere that went down.  A conundrum.
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		<title>Jeremy Grantham Meets Charlie Rose</title>
		<link>http://www.deanlebaron.com/video-cast/jeremy-grantham-meets-charlie-rose/</link>
		<comments>http://www.deanlebaron.com/video-cast/jeremy-grantham-meets-charlie-rose/#comments</comments>
		<pubDate>Sun, 17 Mar 2013 14:17:59 +0000</pubDate>
		<dc:creator>admin</dc:creator>
		<guid isPermaLink="false">http://www.deanlebaron.com/?post_type=video-casts&amp;p=319</guid>
		<description><![CDATA[A virtuoso conversation by Jeremy on market bubbles, central bank debasing currencies, food and water shortages, attractiveness of forest and agriculture investments and the appeal of paper vs. real investments. His firm, GMO, is a $100 Billion global firm although he was introduced as a British investor. Do I have a hint of a prospective [...]]]></description>
		<content:encoded><![CDATA[A virtuoso conversation by Jeremy on market bubbles, central bank debasing currencies, food and water shortages, attractiveness of forest and agriculture investments and the appeal of paper vs. real investments.  His firm, GMO, is a $100 Billion global firm although he was introduced as a British investor.  Do I have a hint of a prospective knighthood?
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		<title>Ode to Jim</title>
		<link>http://www.deanlebaron.com/video-cast/ode-to-jim/</link>
		<comments>http://www.deanlebaron.com/video-cast/ode-to-jim/#comments</comments>
		<pubDate>Mon, 11 Feb 2013 20:14:24 +0000</pubDate>
		<dc:creator>admin</dc:creator>
		<guid isPermaLink="false">http://www.deanlebaron.com/?post_type=video-casts&amp;p=316</guid>
		<description><![CDATA[My long time friend, James Fraser, leader of the Contrary Opinion Forum and many other things connected with independent thinking died this week. This is my video Ode to Jim. Here is an abbreviated transcript: Ode to Jim Hey, Jim. You are getting ahead of me again&#8230; ever the leader as you have been in [...]]]></description>
		<content:encoded><![CDATA[My long time friend, James Fraser, leader of the Contrary Opinion Forum and many other things connected with independent thinking died this week. This is my video Ode to Jim.

Here is an abbreviated transcript:

Ode to Jim

Hey, Jim.  You are getting ahead of me again... ever the leader as you have been in intellectual thought, ethical standards. promotion of important financial thinkers.  Now that you are in the place where we will both be staying, save a place for me.  And bring along your top hat, your horn (Abraham will play a duet with you) and your often questionable jokes.  I have no doubt that there will be a Contrary Opinion segment in heaven and perhaps you are forming it now.

You are the model independent thinker.  You reminded me that contrary thought was not about being against everyone else but to ask the questions no one ever asked.  It is the white space on an Oriental painting that connects with the message in our minds.

You would remember the time when I introduced my mother to you.  You complimented me by saying, "Dean is a good contrarian."  To which my mother, horrified, replied "Oh no, Jim, he could not be a contrarian. He was a good baby."  To her contrary was synonymous with misbehavior.  That exchange you had with Irene LeBaron, who is up there with you now, defined for me what it meant to be a contrarian... and what it did not mean.

Your interests will continue through others in publishing, investment management and stimulating thought.  You implanted much of yourself in others so that you will have eternal life on earth through them while you organize a new one upstairs.

And more that anything else Jim, you and Vicki have demonstrated to me the power of love for each other. I am sure you would have made this journey well before now had you not wanted to stay here  with Vicki and she did not want to let you go.  You gave life to each other and shared that vision as an inspiration with me.  I'll never forget the look in your eye, when that was all you could be seen to do, as you followed her in your vision.  And she with you.  A love story for the ages.

Jim, you will be in demand where you are going.  Humphrey will ask if you have finished the work he left for you.  Peter will ask how many books you have published.  Mr. Johnson, still as Mr., will wonder how many investment strategies you have inspired?  Your reply to all can be: I am my own man and completed my assignment and am ready to rest for a while before starting again here.

Jim... please save that seat for me.

- Dean LeBaron
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		<item>
		<title>Take/Give</title>
		<link>http://www.deanlebaron.com/video-cast/takegive/</link>
		<comments>http://www.deanlebaron.com/video-cast/takegive/#comments</comments>
		<pubDate>Fri, 08 Feb 2013 08:31:50 +0000</pubDate>
		<dc:creator>admin</dc:creator>
		<guid isPermaLink="false">http://www.deanlebaron.com/?post_type=video-casts&amp;p=315</guid>
		<description><![CDATA[When you get to the &#8220;distribution phase of one&#8217;s life&#8221;, it is far more important to concentrate on the quality of intellectual and ethical advice, how finances are to be divided, and one&#8217;s legacy of behavior rather than other acquisitive factors.]]></description>
		<content:encoded><![CDATA[When you get to the "distribution phase of one's life", it is far more important to concentrate on the quality of intellectual and ethical advice, how finances are to be divided, and one's legacy of behavior rather than other acquisitive factors.
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		<title>Liquidity is King</title>
		<link>http://www.deanlebaron.com/video-cast/liquidity-is-king/</link>
		<comments>http://www.deanlebaron.com/video-cast/liquidity-is-king/#comments</comments>
		<pubDate>Fri, 08 Feb 2013 08:29:59 +0000</pubDate>
		<dc:creator>admin</dc:creator>
		<guid isPermaLink="false">http://www.deanlebaron.com/?post_type=video-casts&amp;p=314</guid>
		<description><![CDATA[Markets all over the world, in nearly any asset class, display a preference for liquidity over quality, location and return. To bet against this tsunami is dangerous to market surfers.]]></description>
		<content:encoded><![CDATA[Markets all over the world, in nearly any asset class, display a preference for liquidity over quality, location and return.  To bet against this tsunami is dangerous to market surfers.
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		<wfw:commentRss>http://www.deanlebaron.com/video-cast/liquidity-is-king/feed/</wfw:commentRss>
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		<title>World Disease&#8230; For All of Us: Weakness</title>
		<link>http://www.deanlebaron.com/video-cast/world-disease-for-all-of-us-weakness/</link>
		<comments>http://www.deanlebaron.com/video-cast/world-disease-for-all-of-us-weakness/#comments</comments>
		<pubDate>Fri, 14 Sep 2012 13:20:23 +0000</pubDate>
		<dc:creator>admin</dc:creator>
		<guid isPermaLink="false">http://www.deanlebaron.com/?post_type=video-casts&amp;p=310</guid>
		<description><![CDATA[Every country, every power structure is weaker now than in the past, say, a few decades. This development can be seen as a normal vetting in the Kondratieff winter&#8230; a transition from whatever economic and political compacts were in the previous two generations to something else. We do not yet know how to describe the [...]]]></description>
		<content:encoded><![CDATA[Every country, every power structure is weaker now than in the past, say, a few decades.  This development can be seen as a normal vetting in the Kondratieff winter... a transition from whatever economic and political compacts were in the previous two generations to something else.  We do not yet know how to describe the "something else" but we are on the lookout.  Meanwhile the old structures are being destroyed... destruction is a normal, healthy process in the adjustment but very painful when most of us are being involuntarily destroyed or modified drastically.

What is the right course?  1. To listen to new media in an attempt to learn from the "street"; 2. To be flexible.  To the degree each of us as individuals or institutions were part of the old elite order, we are more likely to feel increased pain; 3. Remake ourselves.

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		<title>A Plea&#8230; A Prayer for Free Markets Now</title>
		<link>http://www.deanlebaron.com/video-cast/a-plea-a-prayer-for-free-markets-now/</link>
		<comments>http://www.deanlebaron.com/video-cast/a-plea-a-prayer-for-free-markets-now/#comments</comments>
		<pubDate>Wed, 05 Sep 2012 11:52:48 +0000</pubDate>
		<dc:creator>admin</dc:creator>
		<guid isPermaLink="false">http://www.deanlebaron.com/?post_type=video-casts&amp;p=309</guid>
		<description><![CDATA[There is a Keynesian justification for moving away from free markets for sovereign debt for temporary conditions so long as corrective action is promised and taken. If not, the dislocation becomes debilitating and eventually remove an ability to function. We are on the way now with nearly permanent zero rates in the US and Europe [...]]]></description>
		<content:encoded><![CDATA[There is a Keynesian justification for moving away from free markets for sovereign debt for temporary conditions so long as corrective action is promised and taken.  If not, the dislocation becomes debilitating and eventually remove an ability to function.  We are on the way now with nearly permanent zero rates in the US and Europe amid deteriorating business conditions and lockjaw politics.

The purpose of free markets is price discovery, a match of risk and return.  Once we warp that relationship we can not manage the way back.  Yet we in these financial centers are sinking deeper into a pit of our own making without an exit strategy or timing.  The outcomes will be a horror and not far away.
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		<title>Tale of Two Cities (Markets)</title>
		<link>http://www.deanlebaron.com/video-cast/tale-of-two-cities-markets/</link>
		<comments>http://www.deanlebaron.com/video-cast/tale-of-two-cities-markets/#comments</comments>
		<pubDate>Sat, 25 Aug 2012 07:21:44 +0000</pubDate>
		<dc:creator>admin</dc:creator>
		<guid isPermaLink="false">http://www.deanlebaron.com/?post_type=video-casts&amp;p=308</guid>
		<description><![CDATA[Charles Dickens pointed to the difference between two cities in the 1890s. And he could have been thinking about a confluence of the retail and institutional markets today.]]></description>
		<content:encoded><![CDATA[Charles Dickens pointed to the difference between two cities in the 1890s.  And he could have been thinking about a confluence of the retail and institutional markets today.
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		<title>Shoulder Update</title>
		<link>http://www.deanlebaron.com/video-cast/shoulder-update/</link>
		<comments>http://www.deanlebaron.com/video-cast/shoulder-update/#comments</comments>
		<pubDate>Sun, 15 Jul 2012 09:15:35 +0000</pubDate>
		<dc:creator>admin</dc:creator>
		<guid isPermaLink="false">http://www.deanlebaron.com/?post_type=video-casts&amp;p=306</guid>
		<description><![CDATA[Update on Dean&#8217;s shoulder progress&#8230;]]></description>
		<content:encoded><![CDATA[Update on Dean's shoulder progress...
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