Great Oysters, a Bad Bistro and Market Crashes
Back from Paris last night. I apologize for not having submitted any entries last week – I was too engrossed in quaffing fine wines and eating French bread sandwiches… In truth, I was there for a very nice wedding. The church ceremony took place at a beautiful church near the Pantheon and the reception/ dinner was at the Chateau de Lafite, just outside Paris. It was the first time I saw foie gras and an oyster bar at a wedding reception – what an original (and delicious) idea…
As far as restaurants go, I can only make a negative recommendation. You should avoid Chez Géraud in the 16th arrondissement. A choice of dishes worthy of a children’s menu, ordinary cooking at extraordinary prices make it my pan of the year – unlike the Pudlowski guide, which chose it as bistro of the year. The reviewer must have been eating in a different restaurant!
As far as markets go, I recommend a quasi-historical piece [login required] from this weekend’s Barron’s on the 20th anniversary of the crash of ’87 (such pieces should be common this week, as we ring in the anniversary date this Friday). My last entry prior to my vacation was on the utility of imagination in investing – particularly as it may relate to thinking about downside risk. The Barron’s piece analyzes some of the differences and similarities between the current environment and the one that welcomed in the largest one-day percentage drop in the DJIA (22.6%). Interestingly, although Barron’s appears to conclude that the risks of a crash are smaller at this time, the most important contributing risk they highlight is political risk; in particular, the possibility of conflict with Iraq. This may seem absurd at this time, but I think it’s worth pondering, at the very least.
Total: 294 words
Time: 10 minutes
*** The above text was written in ten minutes. As a result, some of it may not stand up to rational scrutiny. I apologize preemptively for any errors, omissions and misrepresentations. ***