PRAGMATIC

CAPITALISM
What Every Investor
Needs to Know about
Money and Finance

By

Cullen Roche

____
____

002

003

Securities and Exchange Commission

2012

1.

2.

002

270

272

3.
4.
5.
6.
7.
8.
9.
10.
11.

007
015
029
045
083
135
161
219
247
255
259

264

265

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10

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1.

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deferred promise
intrinsic value

011

2.

Walmart

012

3.

at money

at

unit of account

013

4.

ATM

014

2.

5.

016

top-down

2008

017

Benjamin Graham

Graham and Dodd

1

Warren Buffett

algorithms
price discrepancy

018

71
69
2

2008 2009

019

Convergence

hyperglobalization3

1900 2
16 1900
1900 70
2.1

National
Intelligence CouncilGlobal Trends
2030
median age 43 2012 38
4

020

2.1

US Census Bureau 2012

http://www.census.gov/population/international/data/idb/worldpopinfo.php

2012 71
2.2 2000 41 1990 27

1900

Gross Domestic Product GDP

GDPGDP per capita

021

2.2

U.C. Berkeley Bradford

De Long GDP 2012 http://delong.typepad.com/
print/20061012_LRWGDP.pdf.

Moores Law

022

500 S & P 500

1990 22 30 1900

22

S & P 500

5060 70
S & P 500

1990 1995
correlation 29
2005 2010
73
5
2014 9 2008
2025
Fortune 500
239 120 2010
85 6

023

Gross
World Product GWP
market capitalization2012
GWP 51
12 7

European
Central Bank

024

2.3 2000
1750 2.4
2.4

025

2.3

GDP 2012
http://delong.typepad.com/print/20061012_LRWGDP.pdf.

Permabulls

026

macro hedge fundBridgewater

Associates Ray Dali
8

GDP

027

GDP

028

3.

italism:
and Finance
Pragmatic Capor Needs to Know about Money

vest
What Every In
n Roche
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