G’morning from Anguilla; I’ll get some photos posted later this weekend. But for now, some morning reads:

• Corporate Outlooks Hint At More Pain Ahead (WSJ) but see S&P 500 Gets 9% Cheaper as Profit Restores $3.2 Trillion (Bloomberg)
• Uh-Oh: Ray Dalio just rang a bell at the top — sells $250M of Bridgewater to Texas Teachers’ Pensions (Barron’s)
• Buffett’s Berkshire Battle (WSJ)
• How Banks Submarined the Volcker Rule:
…..-The Volcker Rule, Made Bloated and Weak (DealBook)
…..-Banks Lobbied to Widen Volcker Rule Before Inciting Foreigners Against Law (Bloomberg)
• Oil price climbs on fear Iran may stop more oil (Energy Writer)
• Windows on the iPad, and Speedy (NYT)
• The Enigma of Martin Armstrong (revisited) (Cassandra Does Tokyo)
• Almost 400 former House staffers registered to lobby in last two years (Sunlight Foundation)
• How to stop fishermen from overfishing (Economist)
• Top five regrets of the dying (Guardian)

What are you reading?

>
Is Edward Lampert the Worst Retailer EVER ?

Source: WSJ; see also DealBook

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.

23 Responses to “10 Friday AM Reads”

  1. Jim67545 says:

    Anguilla. Really jealous. If you’re not at Shoal Bay you might want to check it out. I think it’s the best of the many beaches on Anguilla. Decent food there too. Good snorkeling short distance off shore (get in at the point.) All of East Shoal and most of West Shoal Bay is a marine sanctuary. Opposite side from St. Martin. Enjoy.

  2. tippet523 says:

    BR You are in Anguilla and you are updating your BLOG? Go have a cocktail and just let us know when you get back.

    Enjoy and snowing to beat the band in Chicago

  3. Marcus says:

    Sears has four and a half billion in debt, and is selling profitable stores to get $500M – $800M maybe. Sears is losing $3.50 a share, and if you have visited one of their stores lately, most major appliances are priced far higher than big box stores, not counting the gouge costs (disposal of the old appliance, deliver, set up, etc.).

    And the stock is up 50% this year, 20 % yesterday. Is the world mad? If fundamentals mean anything this is the put of the year.

  4. MorticiaA says:

    The article I resisted the most is the Guardian’s top 5 regrets of the dying – I didn’t want to face that maybe I’m doing the same things. So I read it first… gotta do the hard things in life.

    It turned out only I’ve been guilty of most of the 5 in the past but have made great strides to change. I LOVE being 50.

  5. streeteye says:

    “They charge us for due diligence but they don’t do it.” Chinese company sold stock in US after being stripped of its principal asset. Had even helpfully made regulatory filings about it, which auditors and underwriters didn’t look up.

    http://www.nytimes.com/2012/02/24/business/sec-charges-reveal-fraud-in-chinese-company.html

  6. ashpelham2 says:

    Found that article in the Guardian fascinating.

    I love money, but I love being the dad to my kids that my dad wasn’t to me. My dad was a great guy, provided for us more than we needed, and worked his self to death. I’d rather have him here today, and he’d be 62 in May had he lived.

    So when my company that I work for us asking me to spend a guaranteed 1 more week per month living in a hotel, I know I’m doing the right thing by turning it down. And when I was told that I might not have a “choice”, I politely said, “oh, I’ll have a choice”.

  7. thomas hudson says:

    http://www.noiseaddicts.com/2008/11/beatles-hard-days-night-mystery-chord-solved/

    mathematician solves the provenance of opening chord to hard day’s night.

  8. VennData says:

    Chris Christie to Warren Buffett: Just ‘shut up’

    “I’m so tired of talking about Warren Buffett,” Christie said. “What are you going to bring up next, his secretary?”

    http://money.cnn.com/2012/02/21/news/economy/chris_christie_warren_buffett/

    This is the “savior” of the GOP?! What a logician! His analysis of the super low marginal tax rates on the rich is positively Aristotelian.

    Now if Obama told say… Fred Smith of Fed Ex, or Mortimer Zuckerman, or Sam Zell …to “Shut up” the GOP would have replaced that with their current coordinated marketing spiel ‘gas prices” with Obama with another Obama is anti business meme… yeah the guy that wants to cut corporate taxes is anti-business… the guy that wants to relieve corporations of much of the wasteful tax machinations of and get them to a flat rate is a Socialist.. .riiight…

    http://articles.latimes.com/2012/feb/22/business/la-fi-obama-corporate-tax-20120223

    I can just see Christie in a debate with Biden (or Hillary) telling them to shut up every time they destroy his GOP talking point. Good luck new Jersey. Good luck GOP you’re going to need it.

  9. Molesworth says:

    Guardian article prompts:

    “Twenty years from now you will be more disappointed by the things you didn’t do, than by the things you did. So throw off the bowlines, sail away from the safe harbor. Catch the trade winds in your sails. Explore…Dream…Discover.”
    ~ Mark Twain

    “I have learned this by my experiment: that if one advances confidently in the direction of his dreams and endeavors to live the life he has imagined, he will meet with success unexpected in common hours.”
    ~ Henry David Thoreau

  10. johnnywalker says:

    re overfishing (as an example of the Tragedy of the Commons)

    Somewhere the ghost of Garrett Hardin is quietly whispering “I told you so.” Seems to happen a lot lately.

  11. VennData says:

    “We don’t need someone to think,” says Grover Norquist.

    “We’re not auditioning for someone to tell us what to do,” he declared. “We know what to do. We just need a president who can sign the legislation that the Republican House and Senate pass. … We don’t need someone to think. … We need someone who knows how to hold a pen.

    http://www.salon.com/2012/02/13/we_dont_need_someone_to_think/

    I’d like to know if he’s a Santorum guy, or a Romney guy …or both. you already gave us eight years of one of those guys… and in the 80′s you gave us eight years of Reagan too…. haven’t you had enough GOP voter?

    This is your GOP, folks. Keep on pulling the lever. Suckers.

  12. willid3 says:

    mortgage ‘fix’ just an example of tbtf?
    and that we can’t fix it?
    http://www.project-syndicate.org/commentary/johnson29/English

  13. willid3 says:

    An anodyne seeming article at VoxEU, which I reproduce in full below, makes a straightforward seeming case for policies that bolster family ties in the face of a nasty combination of aging populations and high unemployment among the young.

    It isn’t hard to see that this line of thinking is the policy equivalent of getting in front of a mob and trying to call it a parade. We can already see that in bad economic times, many people turn to relatives for help. Kids leave home later, and my impression is having parents help with buying a home is far more common than when I was young. It was unheard of for someone middle aged to move in with his parents; now that sort of story is a human interest staple. I suspect that we will see a partial reversion to the living arrangements of 50 to 100 years ago, when it was more common for multiple generations to live together (which will increase average household sizes and might make better use of McMansions at the expense of new home construction).

    And even the wealthy worry about their ability to take care of their kids. I saw someone today whose joked that his wife’s car was in a list published last weekend of the 100 most expensive cars in Connecticut. He said that even though his kids were smart and would probably go to good schools, he was not sure they’d be able to get jobs. Normally, if push came to shove, he’d be able to get them quietly hired by a friend if the employment market was terrible when they got out of college or grad school, but many of his colleagues were retiring or downsizing their businesses. And even though they’d never starve, he thought it was very important that they work so as not to become trust fund wastrels, or worse, druggies.
    and
    Yet economists are deeply weeded to the idea of isolated individuals acting in markets, and it also suits politicians. Napoleon remarked that he was keen on promoting individualism, since it made people easier to control.

    http://www.nakedcapitalism.com/2012/02/spinning-necessity-as-a-virtue-families-to-stand-in-for-fragmenting-social-safety-nets.html

  14. VennData says:

    Male. Man. Macho… Muy Macho in Mexico… Muy Macho Mormons. NOT weaselly little shits, but men, real men, from the Man Party.

    http://www.reuters.com/article/2012/02/24/us-mexico-mormons-idUSTRE81N1AJ20120224

  15. farmera1 says:

    Those darned derivatives keep raising their ugly head.

    http://dealbook.nytimes.com/2012/02/21/greek-crisis-raises-new-fears-over-credit-default-swaps/?smid=tw-nytimesbusiness&seid=auto

    Overspending on National Security Threatens National Security
    http://paul.house.gov/index.php?option=com_content&task=view&id=1950&Itemid=69/

    Well, no shit dick Tracey.

  16. Jojo says:

    Myself, I would have traveled a lot more if I had it to do over again. Life is about new experiences. You should accumulate as many as possible in the time you have.
    ————–
    A life of fewer regrets

    If I had my life to live over again, I’d try to make more mistakes next time. I would relax. I would limber up. I would be sillier than I have been this trip. I know of very few things I would take seriously. I would take more trips. I would climb more mountains, swim more rivers, and watch more sunsets. I would do more walking and looking. I would eat more ice cream and fewer beans. I would have more actual troubles and fewer imaginary ones.

    You see, l am one of those people who live prophylactically and sensibly and sanely hour after hour, day after day. Oh, I’ve had my moments and if I had it to do over again, I’d have more of them. In fact I’d try to have nothing else. Just moments, one after another, instead of living so many years ahead each day. I have been one of those people who never go anywhere without a thermometer, a hot water bottle, a gargle, a raincoat, aspirin and a parachute. If I had it to do over again, I would go places, do things and travel lighter than I have.

    - Anonymous (an unsigned note found on a bulletin board long ago)

  17. Jack says:

    Is there a camp that Republicans go to (get sent to?) that requires them to attend seminars like “How to Stick Your Foot in Your Mouth and Pretend to Like It?” Christie attended it, maybe wrote the syllabus.

    BUT: Christie is arrogantly ignorant but not stupid. He’s a learner. I think he’s using this election cycle as a testing ground. Not for immediate gratification but for future use. He’s looking four years out: Buffett’s not around (do the math) but Grover Norquist is. The guy oozes ambition and knows that in 2016 all the players in the current mix (or most) will be gone. So he sits home and waits, loses a couple of pounds, rides the economic upturn in Jersey (prayer is involved here) and “rejuvenates” the Republican base with his toned down arrogance.

    Great country America

  18. Robert M says:

    Anguilla, in what language means vacation. Don’t you think you should use it and let someone guest blog for you?

  19. VennData says:

    The Lost Party

    “…Many Republicans are already looking past 2012. If either Romney or Santorum gains the nomination and then falls before Obama, flubbing an election that just months ago seemed eminently winnable, it will unleash a GOP apocalypse on November 7 — followed by an epic struggle between the regulars and red-hots to refashion the party. And make no mistake: A loss is what the GOP’s political class now expects. ‘Six months before this thing got going, every Republican I know was saying, “We’re gonna win, we’re gonna beat Obama,”‘ says former Reagan strategist Ed Rollins. ‘Now even those who’ve endorsed Romney say, “My God, what an effing mess…”

    http://nymag.com/news/features/gop-primary-heilemann-2012-3/

    Obama’s strategy was simple: Do what’s best for the country in the long run and stand tough during the withering GOP Media Machine mudslinging, then emerge stronger.

    Do you think Ron Paul would have killed Osama bin laden?

    Do you think Romney would have saved the auto industry?

    Do you think Michele Bachmann would have overthrown the Libyan dictatorship?

    Do you think Santorum would have ended health insurance’s pre-existing conditions?

    Do you think Newt Gingrich would have doubled the stock market with Keynesian stimulus?

    Do you think would have Hermain Cain could have brought the world to our side?

    Hence the problem with the GOP. They ARE THEIR MEDIA NONSENSE, not real-world policies.

  20. VennData says:

    Burn MORE of them! Desecrate them! DEMAND that they live like us, eat like us, and speak English, not to mention watch our movies, TV and drive cars like us.

    http://www.google.com/hostednews/ap/article/ALeqM5i2Tauq458ZCoOXgTw1byvFYbzJlQ?docId=e8e8dee91b3640b7bd0a5a37d2f00b92

    Oh the Japanese tried this kind of thinking…

    http://en.wikipedia.org/wiki/The_Rape_of_Nanking_(book)

    … and people throughout Asian don’t like them too much, and politicians use to keep their own people in subjugation.

    Atta boy Rick. That’s what we need: Generations of antipathy. Talk about media nonsense causing real problems. What a statesman. Pennsylvania should be proud …they voted him out of the Senate.