My morning reading:

• The Deal That Makes No Sense (stratēchery) see also Microsoft to acquire Nokia’s devices & services business, license Nokia’s patents and mapping services (Microsoft)
• Buybacks to Dividends at Risk With Record-Low U.S. Yields Ending (Bloomberg)
• Déjà vu: emerging markets and 1997 (FT.com) see also Are Emerging Markets Submerging? (Project Syndicate)
• Misconceptions About Fed’s Bond Buying (Bloomberg)
• The Hidden Risk in Gold (Advisor Perspectives) but see Chinese Data Underpins Gold, Oil (WSJ)
• Larry Summers nomination = slower economic growth (NYT)
• 20 Insights from Peter Lynch (Stock Twits 50)
• The 5 Elements of Effective Thinking (Seeking Wisdom)
• Fall TV Preview: 18 Shows to Check Out (Atlantic)
• The 20 big questions in science (theguardian)

What are you reading?

 

Chinese Data Underpins Gold, Oil
Chart
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.

15 Responses to “10 Tuesday AM Reads”

  1. VennData says:

    Syrian Refugees top two million.

    http://www.reuters.com/article/2013/09/03/us-syria-crisis-idUSBRE97K0EL20130903

    Half of US voters stick to their slippery slope argument: “well we did nothing when they were shot, well we did nothing when lots were shot…” etc…

    Commander-in-Chief shows leadership while ditherers prevaricate.

    Well know you know what leadership is: Barack Obama. Now you can go back to your fantasy football league while millions suffer. You wouldn’t have been a lot of fun during WWII and St. peter will look kindly upon your recent concern for fiscal restraint,

    • ilsm says:

      @VennData,

      We might look at the Kosovo intervention where NATO/US applied “surgical strikes” aka “coercive diplomacy” as part of the “war machine is the only tool” charade to get a ruthless dictator to cease and desist some heinous act which US drew a line in the sand over. See Kosovo May 1999.

      One legacy of the “surgical strikes” is Camp Bondsteel, open in 1999 by Kellogg Brown Root in eastern Kosovo where 7000 troops of a NATO multi-national brigade are deployed in perpetuity to keep Serbia out of Kosovo. Why the US Army needs 3 brigades in Europe aside from keeping the huge new US hospitals and PXs open for the retirees in Germany and the UK.

      On 7 May 1999 a US fired JDAM hit the Peoples’ Republic’s embassy in Belgrade.

      Clinton (after a seemingly useful try in 1996) tried: “Coercive diplomacy [which] assumes that carefully calibrated doses of punishment will persuade any adversary, whether an individual terrorist or a national government, to act in a way that we would define as acceptable.”

      Applying: “Limited precision bombardment [which] assumes we can administer those doses precisely on selected “high-value” targets using guided weapons, fired from a safe distance, with no friendly casualties, and little unintended damage.”

      “This marriage of pop psychology and bombing lionizes war on the cheap, and it increases our country’s addiction to strategically counterproductive drive-by shootings with cruise missiles and precision-guided bombs.”

      From the bombing campaign, a lot of ordnance was fired, no harm to Serb military and the target list grew in frustration to include Belgrade and Serbia’s infrastructure.

      The bullets fired over Kosovo compared to the First Gulf War: 72% of the precision munitions and 91% of the cruise missiles that were fired to throw Iraq out of Kuwait.

      The “precision bombardment” was not so precise, things move, camouflage works and jamming is often highly effective

      The Serb army left Kosovo virtually intact.

      http://chuckspinney.blogspot.ca/ 27 Aug 13 entry.

      • flocktard says:

        “On 7 May 1999 a US fired JDAM hit the Peoples’ Republic’s embassy in Belgrade.”

        Nag, nag, nag…..

  2. flocktard says:

    When I saw the Microsoft/Nokia deal, I wondered how this could make sense myself. We have a company victimized by it’s own success buying a company victimized by it’s own failures. I don’t see how this benefits MSFT.

    • willid3 says:

      i suspect that mr softee was just taking a page out of the Apple play book, and making their own phones ala the Iphone. expect them to also set up production facilities (if they dont already have them) in China or Vietnam. thats wasnt how mr softee normally operates. but as Apple has shown , it can be done easier than before.

      • flocktard says:

        I think one of the Slate commentators got it right- the Windows phone OS isn’t bad, it simply doesn’t offer any compelling reason to choose it over an Apple or Google OS to gain enough market share. Take it from an old ex-Seventh Avenue guy- many times, it just doesn’t pay to own the iron.

  3. robertso2020 says:

    great AM reads today. Thanks BR.

  4. VennData says:

    Gosh I wonder why Warren Buffett never bought any Microsoft, even though he plays cards with the founder.

  5. RW says:

    Today is the birthday of Matthew Boulton, godfather of the more efficient Watt steam engine and the industrial revolution. A Steve Jobs/Bill Gates of the 18th Century if you will: the patents he controlled with James Watt and the machines he produced on the Watt’s model(s) facilitated (and dominated) industry for a quarter of a century.

    “I sell here, Sir, what all the world desires to have — power.”

  6. 873450 says:

    Ronald H. Coase, Nobel-Winning Economist, Dies at 102

    http://www.nytimes.com/2013/09/04/business/economy/ronald-h-coase-nobel-winning-economist-dies-at-102.html?hp

    “Ronald H. Coase, whose insights about why companies work and when government regulation is unnecessary earned him a Nobel Memorial Prize in Economic Science in 1991, died Monday in Chicago.”

    Must-Read paragraph from Times obit :
    “In his autobiographical essay written after winning the Nobel, he recalled being taken by his father at age 11 to a phrenologist to hear what could be discovered from the shape of his head. The phrenologist detected “considerable mental vigor,” Professor Coase wrote, and recommended that he work in banking or accounting and raise poultry as a hobby.”

  7. [...] 10 Tuesday AM Reads (ritholtz.com) [...]

  8. RW says:

    Most of these misconceptions have been repeated often and loudly enough by the misinformed (and those feeding the misinformed for their own reasons) that they are now Zombies: Impossible to kill so we can only hope to slow them down.

    Misconceptions About Fed’s Bond Buying

  9. beaufou says:

    http://www.theguardian.com/environment/2013/sep/03/japan-ice-wall-fukushima-water
    “Japan earmarks £300m+ for Fukushima cleanup”

    Not really a cleanup as they have to deal with 400 tons of contaminated water used everyday to cool leaking reactors. I always wanted to visit Japan, I think I’ll wait a few millenniums.