Good morning. Here’s my reading list to start off your first day of New Year work:

• The Economy’s Secret Success in 2013 (Daily Beast) see also High Rollers in a Buying Mood (NY Times)
• Headlines from a Mathematically Literate World (Math With Bad Drawings)
• U.S. Investors Not Sold on Stock Market as Wealth Creator (Gallupsee also The Great (Sort Of) Rotation (Reformed Broker)

Continues here

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.

13 Responses to “10 Thursday AM Reads”

  1. hue says:

    Economist vs Biologist: A Bet, Five Metals & The Future Of The Planet (Planet Money)

    Taibbi: On Christmas, Republicans Quietly Declare War on Themselves (Rolling Stone) Meet President Barry H. Owens (New Yorker)

    Pass the Puffer: Dolphins Get High On Fish Toxin (The Independent)

  2. rd says:

    The Gallup article is annoying as it is a snapshot that doesn’t have any historical context around it. The tone of the article is that Americans are quite down on the stock market, yet the excellent post from a coupleof days ago has this graph in it that shows that the percentage of stocks held in the average investors portfolio in 2013 has only been exceed about 20% of the time over the past 60 years:
    http://philosophicaleconomics.files.wordpress.com/2013/12/avginv1.jpg

    Gallup should have related the current snapshot to historica norms and ranges of the responses to those survey questions. Conversely, we could be seeing a wealth inequaility effect kicking in where the wealthy and institutional investors have much of the wealth and also have historically high equity allocations because they are optimistic while the median investor has low expectations and doesn’t have much money to invest anyway.

    According to the Philosphical Economics graph discussed above, much more enthusiasm about stocks will reduce the S&P 500 future 10-year total returns to current 10-year bond or money market yields. Over the past 60 years, such enthusiasm really only existed in the 1960s Go-Go years, the dot.com bubble, and the 2000s housing and finance bubble.

  3. san_fran_sam says:

    checked out the math with bad drawings. pretty funny. there is a page on splitting the check with the following line:

    “Like most economics, that’s just gibberish with the word “auction” in it.”

    Link here…

    http://mathwithbaddrawings.com/2013/08/21/five-math-experts-split-the-check/

  4. Jojo says:

    The rehabilitation of the food server as a career? What’s next from the WSJ? The upside in a dog walking career? Package delivery is complex? 7-11 clerk isn’t so bad a career?

    When the economy takes its next dip, a lot of waiters are going to be out of work.
    ============
    Waiting Tables at Top-Tier Restaurants Is New Career Path for Ivy League and Culinary School Grads
    Head waiters can earn $80,000 a year or more including tips, versus $45,000 for a line cook working longer hours

    By
    Alina Dizik
    Dec. 31, 2013 3:43 p.m. ET

    A legion of cooking school grads just want to work in the front of the house, bringing a touch of glamour to waiting tables, Alina Dizik reports. Photo: Brian Harkin for The Wall Street Journal.

    It only took eight years and a bachelor’s degree, but Leah Beach has finally stopped hearing her least-favorite question: What do you really plan to do for a living?

    Ms. Beach is already doing it, as a server at restaurant L20 in Chicago. She meticulously assembles and arranges place settings for the restaurant’s 14-course $210 tasting menu. She learns about foods and dishes like velvet crab, matsutake mushrooms and craquelin bread and curates it all into engaging talking points for each new party of guests. “I’m not just listing off a series of ingredients,” says Ms. Beach, 31, who moved to Chicago from Minneapolis in 2011 to pursue her food career. “I’m telling them a bit of a story.”

    Far from biding time before the next acting audition, many of the newest generation of servers at the nation’s top restaurants are waiting tables as a way to hone their chops for a career in restaurant management. They are coming out of top culinary and Ivy League schools, and they consider themselves professionals. To get a foot in the door at legendary establishments, many food-obsessed 20-somethings are busing tables.

    http://online.wsj.com/news/articles/SB10001424052702304137304579292350943682222

  5. Seaton says:

    Uhm…not to complain, but am I supposed to hear 2 loud thumps upon a bass/kettle drum, with some orchestral background music when I click upon your site nowadays? ‘Tis odd.

  6. VennData says:

    Texas Congressman Is Now Accepting Bitcoins For His Senate Run

    http://www.businessinsider.com/steve-stockman-is-accepting-bitcoins-2014-1

    Yeah, ​Let’s make even easier to hide who’s bribing their way into power in Washington

    • rd says:

      Won’t he be in a shock when he discovers he owes his election to Bitcoin support from Mexican drug lords.

  7. VennData says:

    U.S. factory, jobs data show underlying strength in economy

    http://news.yahoo.com/u-jobless-claims-fall-second-straight-week-133111554–business.html

    ​”… U.S. factory activity held near a 2-1/2-year high in December and the number of Americans filing new claims for jobless benefits fell again last week, suggesting Obama is cooking the numbers even more…”

    – Jack Welch

  8. LeftCoastIndependent says:

    Great. Now we have Congressmen who don’t have faith in their nations currency. Someone should advise this moron that the dollar doesn’t have anything near the wide valuation swings that Bitcoin has. Stockman is just another amateur political hack in over his head.

    • san_fran_sam says:

      There are already plenty of Congressmen who don’t have faith in the dollar. All the ones clamoring to go back on the gold standard.

  9. rd says:

    US Customs and Immigration continues its enthusiastic support for the arts:

    http://www.bostonglobe.com/lifestyle/names/2014/01/01/customs-officials-destroys-flute-virtuoso-instruments/HRnFgh1FwIqY5n2FdoKlMN/story.html

    BTW – I hear that Stradivarius violins and cellos are also agricultural items.