My morning reads:

• Why Have Global Macro Hedge Funds Underperformed? (Pragmatic Capitalism) see also High-Frequency Trading and High Returns (The Baseline Scenario)
• Complaints Aside, Most Face Lower Tax Burden Than in 1980 (NYT)
• That 3-to-1 spending/taxes deal GOP rejected last year? Its looking pretty sweet versus 4-to-3 deal now on table (Politico) see also Republicans Reject Obama Budget as He Sells It to Public (Bloomberg)
• Should financial products be given Censor-like ratings for movies? – A,UA, U etc. (Mostly Economics)
• Watch what they do: CEOs actually fear higher taxes more than a recession (BreakingViews) see also A Pension Deficit Disorder: The Massive CEO Retirement Funds and Underfunded Worker Pensions at Firms Pushing Social Security Cuts (IPS)
• Is stock-picking just another hobby for men? (Reuters)
• China’s Oil Quest Comes to Iraq (The Diplomat) see also China Moves Forward in Opening Gold Market (MarketBeat)
• Happiness Policy (Boston Review)
• Polar Ice Sheets Melt Faster (WSJ) see also 60-Million-Year Debate on Grand Canyon’s Age (NYT)
• The Father of Fractals (WSJ)

What are you reading?


Investors Warm to Spanish, Italian Debt

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.

16 Responses to “10 Friday AM Reads”

  1. Conan says:

    Here are few interesting articles:

    Real GDP Per Capita: Another Perspective on the Economy

    “Fiscal Cliff” or the Message from Doc Copper?

    Student-Loan Delinquencies Surpass Credit Cards, 37.5% of Graduates Work in Jobs Requiring No Degree; Who is to Blame? What About Solutions?

    and Barry thanks for the list that you provide each day. It’s always an informative read each day.

  2. Born Again says:

    Just as I thought the naratives were calming down, I see there is an internet blackout in Syria. Apparently it is becoming more difficult to load videos to Youtube and post updates on Twitter and Facebook from within the country.

  3. from..

    • The Father of Fractals (WSJ)

    “…Romanesco broccoli has a fractal structure: Each cone-like head consists of smaller, similarly shaped cones, which in turn consist of even smaller cones. In a graph of a fractal equation, this ‘nesting’ process would continue infinitely…”

    at the, very, minimum, One should try “Romanesco broccoli” — It is very good, not ‘sharp’/’bitter’, in its “flavor profile”, at all..actually, somewhat ‘sweet’..

    is, currently, ‘under-known’, and ‘under-loved’, thereby…something tells me that, too, will Change..

    past that, if Anyone, still, needs encouragement to ‘figure the Significance of Fractal-study’…well, GL, to them~

  4. VennData says:

    The US Chamber of Commerce listens to the President of the United States of America

    “…After months of sparring with President Obama in the heat of the campaign season, Chamber of Commerce executives came to the White House this week with a far more conciliatory tone, offering up suggestions to avert large budget cuts without having to raise taxes. But Mr. Obama’s top advisers were not budging. There would be no deal on the federal budget deficit, they told chamber executives, without higher taxes, participants said. If there were doubts about the White House’s resolve, Mr. Obama met the chamber’s chief executive afterward for an unscheduled Oval Office chat about the showdown…”

    That, is leadership. Telling people the truth, no matter how bitter the pill. with the facts: the rich have accumulated so much since Bush’s balanced-budget ending tax cuts and have to share lots of the burden if you want to cut Medicare.

    It’s time for the GOP and the CoC to go back to their paymasters and say the jig is up. If you don’t think so, wait until the electorate hears you didn’t pass their tax cuts so as to protect the top 2%.

    Have Neil Newhouse and Karl Rove poll that one for you, GOP Media Machinists.

  5. DarthBeta says:

    Reading- A Pension Deficit Disorder: The Massive CEO Retirement Funds and Underfunded Worker Pensions at Firms Pushing Social Security Cuts (IPS)
    I need my follow commenters to weigh in, there have to be different perspectives I am missing.

  6. ben22 says:

    re: Mandlebrot being the “father” of fractals….I guess as more time passes, more and more people forget/ignore:

    “Abstract. In February 1999, Benoit Mandelbrot submitted an article to Scientific
    American called ”A Multifractal Walk down Wall Street.” In it, he
    discusses how fractal geometry can be used to model the stock market curves.
    In the following months several letters to the editor appeared claiming that
    Mandelbrot had plagiarized the work of the economist Ralph Nelson Elliott,
    who had rigorously sought to understand the stock markets sporadic movement
    nearly 70 years ago. The task is to understand both Mandelbrot’s and
    Elliott’s work and determine if the protestors’ claims were valid.”

    “The protestors showed concern over Mandlebrot’s apparent plagerism. After
    analyzing both theories, there is no question: Mandlebrot should have at least
    cited Elliott’s Wave Principle.”

  7. VennData says:

    Train cars with toxic cargo fall off New Jersey bridge

    Tax cuts would have fixed this.

    As you clowns who finance the US Chamber of Commerce watch your insurance rates go up and up to cover the inevitable run ins with crumbling US infrastructure, realize the American public rejected your plan to force spending cuts on us while your’e tax rates are historically low.

    The facts will continue to elude your ability to lobby.

  8. romerjt says:

    Isn’t it ironic that going over the fiscal cliff (failure) would reduce the deficits and debt more than the the likely solution that avoids the FC (success?) I can’t bring myself to say that phrase one more time.

  9. b22,

    you know, regardless, of course, of the Fact that you are Right..

    it’s ‘hard enough’ to get peep to understand the Significance of Prechter’s ‘Socionomics’, let alone, Elliot’s ‘Wave Principle’..

    past that, more peep should cotton-on to

    you know, for the *Truth of the matter..

  10. rd says:

    There may be a simple solution to the pension funding problem. Simply ban membership and use of the PBGC for underfunded company pension plans if the senior executives have separately funded pension plans that are not subject to PBGC rules. Either get the executives aligned with their employees interests on this issue or have the conflict line clearly demarcated.

  11. 873450 says:

    China Will Build the Tallest Building In the World in Just 90 Days

    The company constructing the 220 floor/2,749 foot skyscraper previously built a 30-story building in 15 days.

    “The structure will be able to house 31,400 people of both high and low income communities. … the rest will be offices, schools, hospitals, shops and restaurants. People will move up and down using 104 high speed elevators.”

  12. ben22 says:


    I’ve always found it interesting that far more people were willing to pay mind to Mandlebrot than Elliott’s works. On some level I’m happy about the fact that he brought the conversation more into the mainstream.

    perhaps because of the forecasting Elliott attempted from the fractals less people pay attention to it…I don’t know.

    All I know is, people should give some credit where its due, and calling him (mandlebrot) the “father” of fractals, at least in relation to capital markets is all wrong…Elliott was 60 years ahead of him.

  13. “…All I know is, people should give some credit where its due, and calling him (mandlebrot) the “father” of fractals, at least in relation to capital markets is all wrong…Elliott was 60 years ahead of him…”


    that’s All you need to know..(b/c it’s True.)

    though, with that, this..”…I’ve always found it interesting that far more people were willing to pay mind to Mandlebrot than Elliott’s works…”

    yes, ’tis curious, to say the least..

    one would *think that ~one would delve into a Topic ‘chronologically’ (Begin at the Beginning (?))..

    but, run into the Issue/Problem of ‘Who is writing the His-/Her-story of the _____________?’

    like these peep, and their /truncated/ *understanding..

    “…The history of fractals dates back to 1975, when Fractals were discovered by Benoît Mandelbrot. Well, maybe not discovered, but finally put into words. He explained them as being geometric shapes that when divided into parts, each part would be a smaller replica of the whole shape…”

    or, one can ‘keep surfing’, and find, more of, the *Reality, of the Scene..

    One of the basic tenets of Elliott Wave theory is that market structure is fractal in character. The non-scientific explanation of this fractal character is that Elliott Wave patterns that show up on long term charts are identical to, and will also show up on short term charts, albeit with sometimes more complex structures. This property of fractals is called “self-similarity” or “self-affinity” and it is what this writer is referring to when he says that the market is fractal in character.

    The February, 1999 issue of Scientific American presents a cover article by the well-known scientist Benoit Mandelbrot. In “A Fractal Walk Down Wall Street,” Mandelbrot claims to have discovered self-affinity in markets, i.e., the idea that fluctuations at small scales are no different from those at large scales. Robert Prechter took Benoit Mandelbrot to task for taking credit for the work RN Elliott did in the 1930s….”

    which, really, leads back to..”…”…I’ve always found it interesting that far more people were willing to pay mind to Mandlebrot than Elliott’s works…”


  14. VennData says:

    Senator Mitch McConnell Takes Aim at Entitlements.

    This’ll be a shocker to the good people of KY who selected him and who are going to need all the KY they can get when their fine Senator is finished with their entitlements.

    Oh but he’s done so much to limit abortions, flag burning, and other liberal ill-deeds for you.