My afternoon train reading:

• Why would anyone trade forex? (FT)
• Citi Alumni Are Force in Nation’s Capital (WSJ)
• What Do People Have Against Retirement Income? (Harvard Business Review)
• 5 odd signs the economy is heating up (Yahoo Finance)
• America Didn’t Decline. It Went Global. (Politico)
• The True Story of the Monuments Men (Smithsonian Magazine)
• America’s Weird, Enduring Love Affair With Cars and Houses (The Atlantic) see also Why is H. Ross Perot Jr. selling his land? (WSJ)
• Red-Light Cameras Click Less as Cities Get Orwell Off Road (Bloombergsee also NY State Expects All Utilities to Prep for Climate Change (Climate Central)
• The Nokia X (stratēchery)
• Health nudge: Your heart may be older than you are (WSJ)

What are you reading?

 

Inside the Showdown Atop PIMCO

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.

6 Responses to “10 MidWeek PM Reads”

  1. hue says:

    Bill Hicks: 20 Years Gone (Patton Oswald: Slate) The strange legacy of a great comedian.
    Marketing (YouTube) Relentless, full show (YouTube)

  2. willid3 says:

    rich kids dont pay taxes?

    http://www.forbes.com/sites/brianluster/2014/02/26/why-rich-kids-dont-pay-taxes/

    the 1% have figured out how to get out of doing so

  3. rd says:

    The annuity article was interesting. I think that there is even more of a cultural bias against it than the writer suggests. The US is made up largely of people whose families arrived fairly recently.Many of these families left long-term, often stable cultures to make their fortune in the New World. Many also came from lower class backgrounds that didn’t have the Old World culture of trying to hang onto family estates and businesses for many generations (see Downton Abbey and Pride & Prejudice). As a result, many people simply view things from an asset value standpoint instead of a lifetime and multi-generational income view. I think this played a major role in the housing boom and bust as people simply focused on the total dollar value of the house instead of its actual cost stream and the greater fool concept of who they would sell it to down the road.

    Marketwatch also had an interesting column on annuities today that looked at them as asset and income protection against declining faculties down the road:http://www.marketwatch.com/story/protect-your-retirement-from-future-stupidity-2014-02-26

    I think annuities are going to be like 401ks etc. Gradually, there will be some more transparent, cheaper options driven by Vanguard and others. They will start to catch on then. At this point in time, many of the companies that administer 401ks are not insurance companies., so they don’t directly sell them and don’t want to give up the assets. However, annuities of various types are all over the 403b sector as the insurance companies were aggresively marketing the public sector in the 70s, 80s, and 90s. The variable annuities were developed so that insurance companies could sell stock and bond fund dreams with their products.

    Personally, I am planning on making use of simple inflation-adjusted immediate annuities once into retirement age. We should have enough assets to be able to use them as only a portion of the total income stream unlike many people who may have to rely on them as their only major supplement to Social Security.

  4. RW says:

    This jewel has been buried awhile.

    How Do You Cure Injelitance?

    Once upon a time …there was a very different sort of management sage. He wrote not in jargon or algebra but in a brilliantly readable English. He published not in tomes but in terse essays, the most famous less than nine pages long.

    …C. (for Cyril) Northcote Parkinson, father of Parkinson’s Law, …

    * PARKINSON’S LAW: Work expands so as to fill the time available for its completion.
    * PARKINSON’S SECOND LAW: Expenditure rises to meet income.
    * PARKINSON’S THIRD LAW: Expansion means complexity, and complexity decay.
    * THE LAW OF DELAY: Delay is the deadliest form of denial.
    * THE LAW OF TRIVIALITY: The time spent on any item of a committee’s agenda will be in inverse proportion to the sum of money involved.

    * INJELITANCE: A vital Parkinson contribution was his diagnosis of why certain organizations suddenly deteriorate: the rise to authority of individuals with unusually high combinations of incompetence and jealousy (“injelitance”).
    “The injelitant individual is easily recognizable from the persistence with which he struggles to eject all those abler than himself. He dare not say, ‘Mr. Asterisk is too able,’ so he says, ‘Asterisk? Clever perhaps–but is he sound?’ … The [organization] gradually fills up with people more stupid than the chairman….”

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