Since we have been discussing human foibles lately, why not go to Jeremy Grantham’s monthly piece, titled Pavlovs Bulls.
I particularly like this:
>
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.
"Dollar depreciation leads to higher inflation and ultimately forces foreign creditors to question their rationale and indeed their sanity for continuing purchases of U.S. Treasuries." -Bill Gross
Initial Jobless Claims for the week ended Feb 18th totaled 351k, 4k less than expected but the prior week was revised up by 3k to 351k. The 4 week average did fall to 359k from 366k, the lowest since Mar '08. Continuing Claims fell by 52k to the lowest since Aug '08. Also, Extended Benefits fell a net 69k. Bottom line, the data still points to a labor market that continues to improve however lumpy the process feels for many. ...
read more »
Tweet
Facebook
Reddit
Digg this!
January 26th, 2011 at 1:14 pm
JG council’s that Keyne’s told Wall Streeters “…never, ever be wrong on your own…”
Corollary One: “…Use your client’s information against them…” thereby inoculating yourself from risk.
Merrill ponies up $10M to settle ‘clearly inappropriate’ actions
http://www.investmentnews.com/article/20110125/FREE/110129966
Corollary Two: If you forget Keyne’s rule. Blame it on …someone your client hates …the liberals, even if your client missed the rally from March ’09, because you’ve got their emotions on your side (emotions that have been pounded into their heads by decades of GOP marketing. )
January 26th, 2011 at 7:31 pm
As Grantham notes, the clients don’t always want their risk managed.