My longer form weekend reading, nearly entirely FB free:

• Dalio’s World: Ray Dalio, fabled hedge-fund manager, says U.S. has done a “beautiful” job delevering, but sees a 30% chance Europe will stumble badly (Barron’s)
• How China’s Economy Must Change (The Diplomat)
A Fish Story: How an angler and two government bureaucrats may have saved the Atlantic Ocean. (Washington Monthly)
• Arts and Crafts and Money: Is “hand-made” what we think it is? (The Morning News)
• The Man Who Took on Amazon and Saved a Bookstore (Forbes)
Paper Tigers: What happens to all the Asian-American overachievers when the test-taking ends? (New York Mag)
• The Inquisition of Mr. Marvel On the (surprisingly complicated) legacy of Stan Lee (Grantland)
Money Unlimited: How Chief Justice John Roberts orchestrated the Citizens United decision. (New Yorker)
• Dear New York Times & Wall Street Journal: How About Some Sensible Digital Subscription Pricing? (Daggle)
• Do We Really Know What Makes Us Healthy? (NYT)

What are you reading?


Facebook’s IPO Sputters  

Source: WSJ

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.

17 Responses to “10 Weekend Reads”

  1. rktbrkr says:

    “Priced to perfection” comes to mind when I read the Facebook valuations and the heroic efforts of the IPO managers to keep it above the issue price at the first day close.

    I haven’t used FB for a couple years, didn’t need it and didn’t want to supply personal info to FB for them to sell (whats the benefit/risk for me?), never reactivated my account after a systemic password problem but I bet I’m still counted in the 900 million users since I still get sporadic emails from them.

    When the FB price blows out I think that will be the end of Bernanke’s free money bubblette and we’ll be into the next round of TBTF bailouts of banks that aren’t nimble enough to back out of their positions quickly enough.

    “The Facebook Crash” coming to MSM front pages soon.

  2. ilsm says:


    The only way to keep the masses down and destroy the new deal is to lie.

  3. ConscienceofaConservative says:

    JP Morgan had 100 billion in asset backed securities and structured products.

  4. george lomost says:

    As an iron rule, I never invest in IPOs but it seems to me that all the hoopla about the Facebook IPO was many young people’s first introduction to the world of markets and investments – your bread and butter. The sheer incompetence of Nasdaq yesterday was mind-boggling. Everyone was expecting extraordinary volume so … they didn’t prepare for it? This should have been preceded by a Y2K type of preparation for all contingencies.

    Barry, your very fine lifestyle (I assume almost all of your expenses are tax-deductible “business expenses.) is on the line as this sort of nonsense becomes more and more prevalent. It took years for Wall Street to make my generation into a generation of investors. Futures generations may not show up.

    On the other hand, your fine intelligence may be more usefully engaged in finding cures for cancer, alzheimers, etc. The algol math geniuses might go back to discover high-temperature conductors (cure for Peak Oil), detoxifying our environment, etc.

    BTW thanks “swag” for the “Fake Economic Charts” pointer!

  5. 873450 says:

    10,000 March at Frankfurt Occupy Protest RallyBy THE ASSOCIATED PRESS
    Published: May 19, 2012 at 7:39 AM ET

    “BERLIN (AP) — German police say some 10,000 activists are participating in a major rally of the local Occupy movement in Frankfurt. Police spokesman Ruediger Regis said Saturday more protesters are still flowing into the city center of continental Europe’s biggest financial hub. Organizers have said they expect some 20,000 protesters. … The protest group calling itself Blockupy denounces the power of the banks and what they perceive to be untamed capitalism. …”

    Those crazy Europeans just don’t get it. Why are they blaming de-regulated, unmonitored TBTF for a global financial crisis permanently cutting living standards previously enjoyed by hundreds of millions, if not billions of people when everyone knows it was caused by Barney Frank and public school teachers in New Jersey?

  6. 873450 says:


    Predict the day Facebook share price = $.09

  7. says:

    thank you.

  8. InterestedObserver says:

    Great set of reads, not to mention the irony of including Danny Sullivan’s quest for rational pricing on NYT/WSJ digital subscriptions among the bunch (especially given how one can readily get “free access” to Barron’s Dalio article). The majority of established publishers are really missing the boat here. Sad.

    On Dalio – seems like the Cliff notes version of Reinhart & Rogoff, in other words about right. Sad again.

  9. PeterR says:

    Ditto to InterestedObserver — great reads, especially the Washington Monthly article on Menhaden fishing. Eastern Long Island once had a huge fishery in this species.

    Interesting article about the possibility of a crash coming, focused on the intra-day price of junk bonds (JNK is one ETF) relative to SPX/SPY:

    Any thoughts on this?

    Have a good weekend.

  10. SOP says:

    “Economic Hostages”

    The Age of Extreme Oil: ‘This used to be a forest?’

    “This is the conundrum for native people around Fort McMurray: Most of them work for the oil sands, even as they complain about the impacts. To some people, that’s hypocrisy. To Mr. Deranger, it simply confirms their role as economic hostages.”

  11. Singmaster says:

    Citizen Redistricting and new primary rules may end CA gridlock:
    At least five viable Republican contenders for the Assembly are refusing to sign the no-tax pledge that helped ensure protracted budget negotiations and gimmick-laden spending plans as California limped from one fiscal crisis to another.
    The creation of more centrist districts and the end of the party primary system have given candidates — and special interests — an incentive to move toward the political middle. In several contests, the business groups that typically back the GOP have turned away from rock-ribbed conservatives, throwing their support to pledge-free Republicans.,0,5143975.story

  12. mitchn says:

    Highly recommend the Dalio Q&A. Over the next ten years, buy and holders likely to end up where they started. But what happens if everyone starts to think and invest like Ray? Correlations are already high.

  13. DeDude says:

    I guess JP Morgan did something good to help improve our banking system.

  14. AHodge says:

    got to love Ray Dalio
    but only a buy side stooge would be that happy at our recent level of debt writedown and govt bailout
    i wonder which of his funds have the other side of the big loser MORGAN deals he is supposed to be holding?

  15. James Cameron says:

    I will never understand why people think these decisions won’t eventually catch up with them.

    In the Undoing of a C.E.O., a Puzzle

  16. “…Like any good mystery, this one has a prime suspect. Across the Chesapeake and about sixty miles to the south of where Price stands, a seaside factory hums and buzzes, filling the small town of Reedville, Virginia, with the putrid smell of menhaden chum. The looming smokestacks, warehouses, and pretty much everything else on Reedville’s Menhaden Road are owned by Omega Protein, a publicly traded company headquartered in Houston with a long and storied history of industrial fishing in Atlantic waters.

    The operation is high-tech. Spotter planes take off from Reedville’s tiny airstrip to circle swathes of ocean, looking for the telltale shadow of menhaden moving by the million just below the surface. Pilots radio Omega Protein’s fleet of nine refurbished World War II transport ships, one of which dispatches two smaller boats that surround the school with a giant net called a purse seine, drawing the fish tightly together using the mechanics of a drawstring sack, until all the members of the school can be sucked out of the ocean with a vacuum pump. The boats can “set” the net twelve to fifteen times a day; a vessel will return to port with millions of menhaden aboard. …”

    from • A Fish Story: How an angler and two government bureaucrats may have saved the Atlantic Ocean. (Washington Monthly) (above)

    When you hear Tales of ‘Evil short-Sellers that have no Place in a *functioning ‘Market’..’ –you may care to Wonder..

    When you hear Tales of ‘Boycotts don’t *Work/are anti-*Capitalist/ or, from a *previous Era–are *Communist..’–you may care to Wonder..

    When you hear Tales that ‘”Industrial Hemp” is (equal)= to its THC-bearing relative..’–you may, actually, give a ____ that You are being Lied to..
    Jul 5, 2011 | By Andrea Cespedes

    You can purchase hulled hemp seeds to add to cereal, salads or baked goods. Well-known for their high omega-3 fatty acid content, hemp seeds are also rich in protein. Unlike many plant proteins, hemp seeds contain a complete amino acid profile, making them a good source of protein.

    Hemp seeds are 44 percent oil, 33 percent protein and 12 percent carbohydrates, primarily fiber. Hemp oil, extracted from hemp seeds, is the richest source of polyunsaturated essential fatty acids, reports the North American Industrial Hemp Council. These fatty acids support brain function and heart health.
    Protein Types

    Proteins are either complete or incomplete. Complete proteins, usually found in animal products, provide all the essential amino acids that your body cannot produce on its own. Incomplete proteins, usually found in vegetables and grains, lack one or more of these amino acids. Hemp contains all the amino acids necessary to make it a complete protein.
    Protein Quality

    In addition to the amino acid content, the ratio of these amino acids defines a protein’s quality. Hemp seeds contain a desirable ratio of amino acids, making it closer to the quality of animal-based proteins than any other plant, except for soy. The protein in hemp consists of 33 percent albumin and 67 percent edestine, which are readily digested by your body.

    In a 3 tbsp. serving of hemp seed, weighing 30 g, you get 11 g of protein. Compare this to 5 g of protein contained in 30 g of sesame seeds or 4 g found in 30 g of chia seeds. A 3-oz. serving of extra-firm tofu contains 9 g and 3 oz. of chicken breast contains 27 g.

    and, really, if you would care to Reflect, you may find that ~When you believe fewer Lies, You’ll Livestrong.