My morning reads:

• Investors Finally Shed Fears (WSJ) see also Hedging Against a Drop in the S&P (Barron’s)
• Asian Stocks Head for 18-Month High (Bloomberg)
• Yes, but how much did China REALLY grow in 2012? How about 5.5%? (FT Alphaville)
• Bull Wagers Tumble Most This Year as Gold Bets Drop (Bloomberg)
• Preet Bharara: The man who strikes fear into Wall Street (The Globe and Mail) see also Prosecutors, Shifting Strategy, Build New Wall Street Cases (DealBook)
• Requim for Investing Twitter (Interloper)
• Performance of Morningstar’s New Analyst Ratings For Mutual Funds in 2012 (Wall Street Rant)
• G20 Communiqué Translated (Macro Man)
• Google Works on Launching Retail Stores (Yahoo Finance) see also I Want To Be Like Google When I Grow Up (The Altucher Confidential)
• Scientists ‘on the threshold’ of major dark matter discovery (The Raw Story)

What are you reading?

 

With Stock Prices Soaring, Investors Fear Another Crash

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 Tuesday AM Reads”

  1. RW says:

    On the “it must be true because I believe it” front

    Scarborough and Friends Trying to Make ‘Debt Deniers’ Happen

    The deficit scold cause has suffered significant intellectual erosion over the last year or so. In the short run, the interest rate spike they keep insisting will happen keeps not happening. In the long run, the health-care-cost inflation that is at the root of the long-term fiscal predicament is growing markedly less dire. The case for prudent fiscal adjustment remains strong, but the case for bug-eyed, table-pounding terror is growing increasingly ridiculous.

    But bug-eyed, table-pounding terror is the stock-in-trade of the fiscal scold movement. And so they are striking back by labeling anybody with a calmer view of the deficit as a “debt denier.”

    And on the “truth-be-damned, we’ve got sales to make” front

    Why Barron’s Went With That Preposterous Cover About Obama Turning America Into Greece

    …the real point here is that Barron’s isn’t so much a newspaper, but rather a mass-market stock tips newsletter …[and] there’s a very wide overlap between investment newsletter services, and cranky, anti-debt, armageddonism. It’s part of the pitch.

  2. hue says:

    Pentagon Goes on Offensive in Cyberwar http://n.pr/XKCd2k

    Maker’s Mark drinkers, Don’t Water me Down http://wapo.st/12HrVrL How to Plan Six Years Ahead

  3. P_KANE says:

    A bit dated as it’s from last week — but couldn’t help but look at this magazine cover and think of Mr. Ritholtz. I know you’ve been spending quite a bit of time in Canada lately so thought you might find it interesting.

    http://www.pdfmagazines.org/uploads/posts/2013-02/1360262092_macleans-18-february-2013-1.jpg

  4. AHodge says:

    rereading Bull by the Horns Sheila Baer
    its just awesome
    as a what happened and whats wrong
    a gem every few pages.
    bankers behaving badly citi and b of A should have been wound up
    the real Basle II and III story and
    Euro banks twice as levered as US –hence their bigger mess now
    Form a Financial Stability Board–charge it with “resolution policy”
    and dont invite Sheila or the FDIC
    arguably the only ones that get it
    timmy the tool Geithner gets repeatedly violated, nailed
    and clearly proven he would have given more of the bailout store away without Sheila n FDIC
    including FDICs own credibility

    there are twenty perfect quotes for Rs who want to disappear regulation or blame it
    from a kansas republican

  5. Oral Hazard says:

    Appropos of the Preet Bharara piece, I’m reading Errol Morris’s “A Wilderness of Error” deconstructing the Jeffrey MacDonald prosecution. Highly recommend it.

    WRT Bharara, he’s put inside traders in jail. BFD. Remember the high hopes you had for Khuzami, Barry? How’d that work out for you and everybody else who believed this time it would be different in terms of prosecutions?

  6. farmera1 says:

    The Death of the Big Box Stores

    http://www.businessinsider.com/scale-implosion-2013-2
    http://www.businessinsider.com/companies-exposed-to-wal-mart-2013-2?op=1

    Don’t know if this is going to happen but it is interesting. I recall Bezos saying years ago (maybe 10), Amazon was going to be bigger than Wal Mart. I thought the guy was crazy, maybe not.

  7. san_fran_sam says:

    That’s a good one Barry. Your first mornning read is that investors are shedding fears. the chart title says that investors fear another crash.

    Not saying that there won’t be another crash. (I have been reading your blog for too long.) But the 2000 crash was a bubble bursting, the 2008-09 crash was a financial meltdown and recession. I am not sure what will trigger the next one. The economy’s not great, but it’s not bad. The economy and housing seems to be muddling through.

    I’ve been mostly sitting in cash since early 2008. Missed the crash, but also the rally.

  8. Pantmaker says:

    A lot of crash talk in the media these days…both for and against with everyone on “trigger” watch. I dont think we crash and I certainly dont think we blast off here. I see an orderly, methodical walk back down to reasonable CAPE PE valuations and a return to more realistic interest rates. The boom bust thing is played out and we have all been conditioned to believe these are the only two market options. Fact…equity valuations and interest rates will both mean revert so position accordingly for that adjustment. I have faith we will eventually see a healthier market.

  9. WFTA says:

    Not so much reading as looking. I turned 8 years-old in 1963. I lived in Alabama, but not Birmingham. There were ugly things said and ugly things done.

    http://www.theatlantic.com/infocus/2013/02/50-years-ago-the-world-in-1963/100460/

  10. rd says:

    Another CEO is frustrated with the American consumer – its odd what happens when US industry offshores manufacturing and flattens US consumers’ disposable income:

    http://www.minyanville.com/sectors/consumer/articles/Tupperware-CEO-blasts-cheap-US-consumers/2/1/2013/id/47834

    http://www.tupperwarebrands.com/brands/tupperware/sustainability_plant_locations.html

    Tupperware still does some manufacturing in the US but clearly has a lot of overseas manufacturing. This would be in keeping with 60% of their sales outside the US, so it appears that much of their growth strategy is overseas.

    BTW – we have some Tupperware products, but we do use cheap disposable containers for some food but much of it is stored in Pyrex dishes with plastic lids, especially if it will be reheated or if it contains acids (like tomatos).

    The US consumer has been the work horse of the world economy for the past couple of decades. Now that the consumer is tired, it would be amusing watching CEOs and politicians trying to whip the tired horse into more spending if it wasn’t so sad.

  11. krice2001 says:

    Dark Matter, huh? You remains a bit of a Renaissance man Barry, which I like. Or maybe that’s your undergraduate science background coming out. On the Dark Matter/Dark Energy vein, I’m reading Lawrence Kraus’ “A Universe From Nothing” which covers this in some detail. It’s a good read for anyone who’s curious about the subject but not a cosmological physicist.

  12. BR,

    seems that Robert Higgs has been wrestling with a related, though tangential, Idea..

    http://blog.independent.org/2013/02/14/can-the-internet-save-us/

    By Robert Higgs — February 14, 2013

    “Many of my freedom-loving friends have great confidence that communication via the Internet and the World Wide Web will prove to be a game-changer in the fight against the disinformation and propaganda disseminated by the state and its running dogs, and that the greater ease of spreading the truth will shift the balance in favor of those who seek to protect and extend liberty. I have always had my doubts…”

    “…A second reason for my doubts is that although the Internet and the Web lower the cost of disseminating the truth, they equally lower the cost of disseminating the state’s lies. Perhaps more important, today’s technology permits users to create many forms of distortion and illusion, so that when we encounter information on the Web, we must always ask, “Is this real or fake?” We simply cannot believe everything we see with our own eyes. Some hoaxes are easily revealed; others require great expertise to expose; and few of us possess such expertise. The masses therefore remain vulnerable to what governments and their key supporters have done for millennia—namely, fool most of the people most of the time…”
    ~~~

    that Question of ‘Balance’, may any of Us, one Day, achieve a, fleeting, semblance of it.~

  13. willid3 says:

    what has lead to recoveries in the past?
    all in a few charts
    http://www.washingtonpost.com/blogs/wonkblog/wp/2013/02/19/janet-yellen-explains-our-crummy-recovery-in-three-charts/

    and government not the cause of decline in coal usage. not environment either

    http://www.wired.com/wiredscience/2013/02/coal-industry-analysis/

    its economics

  14. willid3 says:

    when can Mr Bharara start working on the banksters? or maybe he just needs more help in his office to work on them too?