Hey, its -22 F below out. What else can I do but toss some afternoon reads:

• Profits at $1 Trillion Meet Valuations as S&P 500 Rallies (Bloomberg)
• The Greatest Investing Lesson Of The Past Five Years (Business Insider) see also Money Magic: Bonds Act Like Stocks (WSJ)
• China Equities Turn Inside Out (WSJ)
• On brink of U.S. crisis, a warning brushed aside at Fed (Reuters) see also Transcripts Revive a Tiff of Two Fed Presidents (NYT)
• Bank of Japan Relents, Raises Inflation Target (WSJ)
• Apple May Face First Profit Drop in Decade as IPhone Slows: Tech (Bloomberg) see also Hype Builds for Smartphone, but It Isn’t an Apple Device (WSJ)
• A calligrapher explains his art (Salon)
• Speech Signals a President Set to Fight Over New To-Do List (WSJ)
• The conservative movement is still an elaborate moneymaking venture (Salon) see also Is Contemporary Conservatism Just ‘Payola’? (Center for American Progress)
• Never Endure a Car Dealership Again (Wired)

What are you reading?


Pharmaceutical Spending Per Capita

Source: Blue Point Trading

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.

12 Responses to “10 Tuesday PM Reads”

  1. swag says:

    Love the BI thing on the “Greatest Investing Lessons”. Moral hazard, much?

    Here’s a thing with a big ol’ ugly graphic called “Why Obama’s Second Inaugural Was Not A ‘Far Left’ Speech, In One Graphic”


  2. mad97123 says:

    Profits at $1 Trillion Meet Valuations as S&P 500 Rallies

    “You’re starting from a better fundamental base now, and one that is driven by non-levered economic growth versus 2007,” Wayne Lin, a money manager at Baltimore-based Legg Mason ”

    Non-levered economic growth??? The expolsion is goverments debt, student loans, and FED balance sheet provides a fundamental base?

    No doubt the market will rally on, but it’s hardly fundamentals based, or we wouldn’t be on government life support.

  3. It looks like everyone is bullish on stocks all of a sudden. We have positive stories about money inflows into stocks, and record earnings. I am not a market timer, but it looks as if the last leg of the bull market that started in 2009 is finally beginning. I would say we are going to have fireworks as we pass through the 2007 highs on the S&P 500.

    Given the great shape of companies however, I expect record cash dividends in 2013.

  4. willid3 says:

    um…the theory of efficient markets??


    falls flat on its face?

  5. rd says:

    How is it likely to end if all of the world’s pension funds decide to use a lot of derivatives to enhance returns of the bond portfolios? One of the primary reasons to own most bonds is so that you have first call on assets to get your principal back. I don’t believe derivatives have quite the same level of protection unless Uncle Sam decides to step in and guarantee them like they did with AIG.

  6. RW says:

    This doesn’t have much to do with investing other than as a demonstration of conquering cognitive bias but somehow it fits beyond that: We are all infected by our prior commitments but Jimmy Carter was a better president than represented in the echo chamber or corporate media and probably a better man than thee or me so take this as a sign of the times or whatever …

    Losing my religion for equality

    …my decision to sever my ties with the Southern Baptist Convention, after six decades, was painful and difficult. It was, however, an unavoidable decision when the convention’s leaders, quoting a few carefully selected Bible verses and claiming that Eve was created second to Adam and was responsible for original sin, ordained that women must be “subservient” to their husbands and prohibited from serving as deacons, pastors or chaplains in the military service.

    That this article appeared in an Australian newspaper rather than any mainstream US outlet may also be taken as a sign of the times …but I am beginning to think that will change; possibly unduly optimistic and YMMD but there it is.

  7. wally says:

    -22 degrees? Don’t freeze your pipes.

  8. catman says:

    So I stopped on the way home today – it was only minus 8, but people were inside having lunch, buying smokes or whatever. They left their cars running. Welcome to the tundra Barry.

  9. Arequipa01 says:

    Currently reading Yves Smith’s two part posting on whistleblower accounts of Bank of America Foreclosure Reviews. Brilliant. The depravity described is not surprising, just sickening.

    From part of an interview [a reviewer recounting a supervisor's instructions]:

    “Well, that’s not relevant to the C test you’re working on. Quit digging.”

    True ‘Banality of Evil’.

    Good luck up there in Gringolandia. Not much choice- be a Good German or get crushed…


  10. PeterR says:

    9 degrees on LI this morning BR.

    Watch Jerry Seinfeld, Carl Reiner and Mel Brooks here, it will warm you up!


    Hysterical (and loving).

  11. VennData says:

    Firms Keep Stockpiles of ‘Foreign’ Cash in U.S.

    These guys need tax cuts. Or maybe they can hire Phil to apologize for them? Or maybe the US can CHARGE them for protecting their assets with our military, regulatory system, Police, SEC, and FBI?


    The US Chamber of Commerce will protect them, their corporate rights!

  12. We’re having one of the mildest January in recent times. Avg -10C. Coldest nite this winter thus far was -37, should have been -43.