My train reading this evening:

• Inequality, leverage and crises (VOX)
• 95% Cancer, 5% Alpha? (World Beta)
• EU ban on ‘naked’ CDS to become permanent (
• French credit review threatens euro zone rescues (Yahoo Finance)
• No Financial Armageddon (Daily Beast)
• The Tax Reform Act of 1986: Should We Do It Again? (Economix)
• The Never-Ending Primary? (TPM)
• How David Beats Goliath (New Yorker)
• Apple’s Core Question: Whither Its Cash? (WSJ)
• Another View of Patents From James Dyson (NYT)

What are you reading?

Category: Financial Press

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

13 Responses to “10 Tuesday PM Reads”

  1. machinehead says:

    ‘FOFs face a huge hurdle because of the high fees.’ — Mebane Faber

    In a low-yield world, it is mathematically impossible for the average hedge fund to deliver a return which compensates for its parasitic fee drag.

    Most investors would be better off just holding a few low management fee ETFs, diversified among asset classes.

    If you’re in a fund-of-funds poker game and don’t know who the sucker is … IT’S YOU!

  2. ‘The Pentagon hopes to sniff out who has fallen prey to dangerous ideas’
    October 18th, 2011

    Via: Wired:

    Mark Twain once tried to distinguish between the storyteller’s art and tales that a machine could generate. He observed that stringing “incongruities and absurdities together in a wandering and sometimes purposeless way, and seem innocently unaware that they are absurdities,” was the province of the American storyteller. A machine might imitate simple formulas behind yarns, but never quite master them.

    The Pentagon’s freewheeling research arm is hoping to prove Twain wrong. Darpa is asking scientists to “take narratives and make them quantitatively analyzable in a rigorous, transparent and repeatable fashion.” The idea is to detect terrorists who have been indoctrinated by propaganda. Then, the Pentagon can respond with some messages of its own.

    The program is called “Narrative Networks.” By understanding how stories have shaped your mind, the Pentagon hopes to sniff out who has fallen prey to dangerous ideas, a neuroscience researcher involved in the project tells Danger Room. With this knowledge, the military can also target groups vulnerable to terrorists’ recruiting tactics with its own counter-messaging.

    “Stories are important in security contexts,” Darpa said in an Oct. 7 solicitation for research proposals. Stories “change the course of insurgencies, frame negotiations, play a role in political radicalization, influence the methods and goals of violent social movements.” The desire to study narratives has been simmering for a while in the Defense Department. A Darpa workshop in April to discuss the “neurobiology of narratives” added momentum to this project….”
    Organic Farming vs. Conventional Farming: Results of a 30 Year Study
    October 17th, 2011

    Via: Rodale Institute:

    Organic yields match conventional yields.

    Organic outperforms conventional in years of drought.

    Organic farming systems build rather than deplete soil organic matter, making it a more sustainable system.

    Organic farming uses 45% less energy and is more efficient.

    Conventional systems produce 40% more greenhouse gases.

    Organic farming systems are more profitable than conventional.

    The hallmark of a truly sustainable system is its ability to regenerate itself. When it comes to farming, the key to sustainable agriculture is healthy soil, since this is the foundation for present and future growth.

    Organic farming is far superior to conventional systems when it comes to building, maintaining and replenishing the health of the soil. For soil health alone, organic agriculture is more sustainable than conventional. When one also considers yields, economic viability, energy usage, and human health, it’s clear that organic farming is sustainable, while current conventional practices are not…”

    peep are so quick to ‘rue’ the loss of Jobs, they should wonder why they haven’t a Clue as to “Who?” Robert Rodale is…

    sucks for Us, but, Maria is no ‘Robert’..

  3. wunsacon says:

    MEH, you’ll love this:

  4. wmallon says:

    I posted this on another reading list, but I would just like to ask again

    Could you please explain this in English?

    Thanks Mr. Ritholtz

  5. wunsa-,

    What did you think those ‘Practice Fields’ (Af-raq-istan) were for (other than R&D)?

    Here, below, it ‘gets better’ ..

    U.S. Troops Will Soon Get Tiny Kamikaze Drone
    October 18th, 2011

    Via: Wired:

    AeroVironment calls its teeny-tiny killer drone the Switchblade. Essentially a guided missile small enough to fit in a backback and fire at a single foe…

  6. wunsacon says:

    I’ve been re-imagining the “Terminator” movies as class warfare. What John Conners never explains about the machines is that they ultimately take their orders from oligarchs who are just trying to defend their property rights.

    Right now, the battles take place in Islamistan. But, why would an inhumane system refrain from dishing out some tough love on the local populace?

  7. markk213 says:

    I’m reading the lyrics to Bob Dylan’s Everything is Broken. A good song for the times. And maybe a good slogan for the OWS movement. Wouldn’t it be sweet to have him at the center of two social revolutions in this country?

  8. Robespierre says:

    Funny that the candidate that looks craziest of them all is the only one with a reasonable military reduction plan (Ron). Once again looks are so deceiving.

  9. JerseyCynic says:

    OCCUPY TOGETHER TAKES SHAPE: Prosecute the Wall Street Mafia! Bill Black, Dylan Ratigan & David DeGraw on the Destruction of the Rule of Law

    “Must Watch! — The mainstream media won’t say this, or acknowledge it, but OWS is evolving a serious list of demands. Good ones; demands that will give answers and explanations and will lead to conclusions. Dave DeGraw and Bill Black are brilliant and eloquent. This is a demand that will scare the shit out of TPTB. And that’s exactly what every demand finally arrived at by the Occupy movement must do. This is war… An honorable war at last. Major props to Dylan Ratigan. I quoted him extensively on 9-11 insider trading in “Crossing the Rubicon”. He’s always had real big ones. Now, if he’d just surrender on infinite growth then I’d be happy to see him and John Crudele of the NY Post in charge of journalism ethics. He may be coming around.

    Sit back and watch. The Occupy Together movement is so much more than most can yet appreciate. I’m loving this. It’s about freaking time! — MCR

  10. number2son says:

    This article from Bloomberg tells the tale of inequality:

    Storm the ramparts.

  11. econimonium says:

    OMG I hope those Republican debates never end! They are hilarious!!! Every single one of them is totally, and utterly, batshit crazy! Bachmann with her fence, Paul with his 19th century economics, Perry “God told me to run”, Santorum (just Google the name! Hilarious!!!), Newt (need we really say anything?), Cain (bought and paid for by big money and honestly how he even made it so far on so little intellect is an essay in itself) and finally Mitt!! Savior of the party in his magic underwear we’re not supposed to talk about because it’s not right to make fun of anyone’s religion (on the R side at least because the rest of us don’t for a moment think that wearing magic underwear is anything but hilarious).

    That’s what we have to pick from if we’re R’s. Which is why this R will vote for the President this time. Flawed as he is, at least he’s sane. Or sane in comparison to any of this mess.