My select morning reading material:

Bodes poorly for EU Economy: Porsche, Daimler Indicate Europe’s Car Crisis Spreading (Bloomberg)
HulbertStocks’ future return: Just 5.6% annualized (Market Watch) see also Funds Leap Beyond Their Benchmarks (WSJ)
• The Allure of BABs in Bondland (Barron’s)
If only: U.S. mortgage task force to act soon (Reuters) see also Canceled contracts dog real-estate recovery (Forbes)
Norris: Circuit Court Needs to Let the S.E.C. Do Its Job (NYT)
• How to improve the quality of our decision making (Farnam Street)
• Behind the Scenes, Some Lawmakers Lobby to Change the Volcker Rule (DealBook) see also Regulators Try to Beat Clock in Rate Probe (WSJ)
• China’s shifting demographics and their impact (Sober Look)
• Ending Its Summer Melt, Arctic Sea Ice Sets a New Low That Leads to Warnings (NYT)
• Report: Google is working on a new iOS 6 Maps app (Gigaom)

What are you doing this weekend?

 

Gasoline (Inflation Adjusted)

Source: Chart of the Day

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.

16 Responses to “10 Friday AM Reads”

  1. Mike in Nola says:

    Appears to be a bad link on Forbes Cancelled Contracts articles. Don’t know if this was the intended one:

    http://articles.marketwatch.com/2012-09-19/finance/33940474_1_contract-cancellations-home-sales-buyers-move

  2. thetruthseeker says:

    Antarctic Ice sets record high
    http://XXXXX.scoop.co.nz/stories/SC1209/S00050/antarctic-ice-area-sets-record-high.htm

    ~~~
    BR: Sorry, a press release from a political anti AGW firm does not qualify around here.

  3. James Cameron says:

    I have no idea if these numbers are correct . . . but they’re certainly attention-getting.

    “Simon Lack, an author and independent adviser who once allocated money to hedge funds for J.P. Morgan, has studied hedge fund results over time . He puts their return at 2.1% from 1998-2010, with hedge fund managers earning $379 billion in fees and investors getting just $70 billion in gains. Adjusted for statistical and reporting biases, hedge fund investors actually lost $308 billion, Lack reports, while hedge fund managers banked hundreds of billions in fees just the same.”

    Rich hedge fund investors lose again

    http://goo.gl/z7pCz

  4. Jojo says:

    $28 billion estimated debt vs. $167-$335 billion actual debt??? Only a minor disagreement, eh? You can’t address a problem when you don’t actually know (or acknowledge) how big the problem is!
    ==========
    September 20, 2012
    California Debt Higher Than Earlier Estimates, a Task Force Reports
    By MARY WILLIAMS WALSH

    Gov. Jerry Brown of California announced when he came into office last year that he had found an alarming $28 billion “wall of debt” looming over the state, which had to be dismantled.

    Since then, he has slowed the issuance of municipal bonds, called for spending cuts and tried to persuade the state’s famously antitax voters to approve a tax increase this fall.

    On Thursday, an independent group of fiscal experts said Mr. Brown’s efforts were all well and good, but in fact, the “wall of debt” was several times as big as the governor thought.

    Directors of the State Budget Crisis Task Force said their researchers had found a lot of other debts that did not turn up in California’s official tally. Much of it involved irrevocable promises to provide pensions to public workers, health care for retirees, the cost of delayed highway maintenance and an estimated $40 billion bill to bring drinking water up to federal standards.

    They also pointed out many of the same unpaid bills from previous years that the governor had brought to light, like $8 billion in delayed payments to schools and community colleges, and $250 million that was raided from a fund dedicated to transportation and treated as revenue.

    The task force estimated that the burden of debt totaled at least $167 billion and as much as $335 billion.

    http://www.nytimes.com/2012/09/21/us/california-debt-higher-than-earlier-estimates.html

  5. willid3 says:

    so the DC court is owner by business? what a surprise

  6. formerlawyer says:

    Diminishing effect of higher prices on the Economy – not so sure but here is the link
    http://oilprice.com/Energy/Gas-Prices/The-Diminishing-Effects-of-Gas-Price-Spikes-on-the-Economy.html

    The business case for reacting to global warming.
    http://blogs.hbr.org/winston/2012/09/politicians-who-deny-climate-c.html

    The melting north, from the Economitst’s point of view
    http://www.economist.com/node/21556798

  7. willid3 says:

    think the US has the market cornered on CEO malfeasance? think again
    http://www.fool.com/investing/general/2012/09/21/ceo-gaffe-of-the-week-kingfisher-airlines.aspx

  8. VennData says:

    Ryan Draws Boos From Seniors Group Over Medicare
    http://online.wsj.com/article/SB10000872396390444165804578010163625146552.html
    Ryan has his “Sister Souljah” moment… unfortuneatly for the Romney/Ryan ticket white Medicare and near-Medicare recipents vote in large numbers.

  9. VennData says:

    Macau gaming in FTs Lex column (sorry if you can’t access it, but there you go, British efficiency…)

    “…high rollers account for more than two thirds of Macau’s gaming revenues ($39bn expected this year almost seven times more than Las Vegas) But growth in those revenues has slowed sharply, from 20 per cent annually to earlier this year to just 1.5 per cent in July; the rate in August was 5.5% … Macau gaming … has been driven by VIPs…”

    “… a 2010 study of VIP gamblers by the Macau Polytechnic Institute concluded that a quarter are Chinese gov’t officials…”

    http://www.ft.com/intl/cms/s/f03d8508-0218-11e2-8cf8-00144html

    Do you think these guys would risk ‘war’ with Taiwan if it would screw up their weekend junkets to Macau? Would the mullahs in Iran give up their four young wives for a go at Israel? Would Rush Limbaugh really like the GOP party platform implemented given what it would eventually do to his ratings?

    I don’t think we will ever find out.

  10. VennData says:

    ROFL… the WSJ is spinning this one:

    The headline on the link is “Seniors Lobby Is Cool to Ryan Pitch” the headline on the tab of te page is “AARP Is Cool to Ryan Pitch” … hilarious. It’s the lobbyists!

    http://online.wsj.com/article/SB10000872396390444165804578010163625146552.html

    Hey Rupert Murdock! THEY BOOed! him

  11. cyclohexane says:

    Here are some good reads (my apologies if this was mentioned beforehand on TBP)

    Sobering account of climate change and where we are headed if we follow the status quo:
    http://www.rollingstone.com/politics/news/global-warmings-terrifying-new-math-20120719

    WaPo has a nice article discussing the shortcomings of American capitalism and a review of the contemporary books that attempt to address our current predicament.
    http://www.washingtonpost.com/opinions/can-we-save-american-capitalism/2012/08/31/800de6be-f04e-11e1-ba17-c7bb037a1d5b_story.html

    Here is an interesting piece about higher education and its future. It seems that in 2012, many institutions from Harvard to Penn have switched to the online learning format.
    http://www.washingtonmonthly.com/magazine/septemberoctober_2012/features/_its_three_oclock_in039373.php
    Incidentally, Mr. Ritholtz started off the year with a post about a productive New Year’s resolution: online learning via MIT OCW
    http://www.ritholtz.com/blog/2011/12/new-years-resolution-mit-opencourseware/

  12. nofoulsontheplayground says:

    Decisionpoint 9/21/2012- Carl Swenlin “Dow Theory: Transports Not Confirming Industrials”

    http://blogs.decisionpoint.com/chart_spotlight/2012/09/20120921cs-1.html

    The internals behind this divergence are even worse than revealed by price.

  13. farmera1 says:

    Hey BR, in case you missed this:

    http://www.peakprosperity.com/podcast/79716/barry-ritholtz-sailing-sea-monsters

    You give a seriously good interview. You know you were talking to a big time physical gold buff. I’m sure you did.

    ~~~

    BR: Yes

  14. farmera1 says:

    Weather Gone Wild

    http://ngm.nationalgeographic.com/2012/09/extreme-weather/miller-text

    Good article on the crazy weather. Just wait it will get worse.