Chou Funds Semi-Annual Letter
This letter from Francis Chou is well worth reading. In particular he included a great allegory about the European crisis:
Another element that cannot be denied is the cultural diversity of Eurozone nations and their unique attitudes about the role of government and taxation. Whenever I think of the Euro crisis, it reminds me of two strangers traveling on a long distance train in Europe. A Greek man and a German woman who never met before, find themselves on the upper and lower berth of a long distance train.
At 2 am, the Greek man leans over saying, “Madam, sorry to bother you. Would you be kind enough to give me a second blanket from the side table? It’s awfully cold.”
“I have a better idea,” she replied. “Just for tonight, why don’t we pretend that we are married?” “Great idea Madam,” he replied with excitement.
“Good,” she says. “THEN GET UP AND GET IT YOURSELF.”
At the end of the day, each country, whether it’s in or out of the Eurozone, has to solve its own problems.