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Comstock Partners, Inc.
Commentary always insightful.
March 09, 2010

I simply want to thank you for providing your frequent commentary on our economic outlook. It is always insightful. I simply look to many resources in trying to determine what lies ahead for our future. Your perspective has been very much appreciated these past several years. My accounts have outperformed the major averages over the past 5 and 10 years because I am always skeptical of Wall Street lemmings drinking the Kool-Aid.

 Keep up the great work. My thesis going forward anticipates we mirror Japan. They have been in a 20 year bear market because their credit bubble burst and they've had to deleverage. Remember in the mid-80's when they bought Pebble Beach for $350 million. That should have been our clue.

 One last thought. Government is really the root of many of our problems. They have not slowed their spending and continue to WASTE money on non-productive projects. In Seattle they built a light rail line from downtown to the airport for...$2.5 BILLION. The anticipated revenues each year are in the neighborhood of $ 4.5 million. Do the math on how long this boondoggle takes to pay off. The project created zero new employment. We'd be better off building factories to stimulate jobs. Crazy.

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