My afternoon train reading:

• Golden rules of thumb (FT)
• Warren Buffett’s 23 Best Quotes About Investing (Business Insider) see also Four Long-Term Investing Tips From Warren Buffett (MoneyBeat)
• Get Real (Above the Market)
• The long shadow of Steve Jobs: Tim Cook at Apple (WSJ) but see The Monuments of Tech (NY Times)
• Tax Tricks And Globalization at Reports from the Economic Front (Reports From the Economic Front)
• Watch out, creative class: Robots are coming after your jobs, too (Quartz)
• Science vs. journalism, in one chart (Washington Post)
• How the Media Missed the Story of the Millennium: One Climate Blockbuster after Another (Juan Cole) see also “Climate Change is Now More Certain Than Ever,” New Report Says (Universe Today)
• A review of Her by Ray Kurzweil (KurzweilAI)
• Yelp Data Reveals Top 100 Places to Eat (Yelp)

What are you reading?
For Some Retailers, Less Red Is New Black

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 Monday PM Reads”

  1. slowkarma says:

    I worked in journalism for the first half of my professional life, and have observed that a very high percentage of journalists are not very smart. That’s one major problem — it’s not that they don’t have access to facts, it’s that they don’t understand them, and, in fact, can’t understand them. At the University of Minnesota journalism school, student journalists are required to meet a certain speed standard in typing; but the school requires no courses in statistics, or science, or engineering. And in a culture driven by data, science and tech, that means you have a lot of journalists who are functionally ignorant of the most critical aspects of the society. That’s why most papers spend a lot of time covering ethnic carnivals; you just go and look at it, describe the colorful dress, get a couple quotes and call it a day. Transistor density on a computer chip? Forget about it.

    The next story on your list is closely related: the climate story. When stories are too complicated, the media defaults to the “get both sides” syndrome. So you get one guy with a PhD in atmospheric systems working at UMass’ Climate System Research Center who says we have a problem, and one guy with a PhD from Jesus-Jumping-Up-and-Down University of Cornhole, Kansas, who says we don’t, because the Lord told him so, and the media equates the opinions. And then the politicians vote on policy and funding, based on what the folks back home read in the papers about the differing opinions…

  2. RW says:

    Robert Samuelson’s Bad Math on Generational Equity

    Yes, it’s Monday …and Robert Samuelson again complains we are being cruel to our children. As in the past, he is not bothered by the likelihood that we will hand them a planet badly damaged by global warming. Nor is he upset that we might hand them a country in which the rules are rigged to give the rich a hugely disproportionate share of national income.

    Nope …He is upset that seniors will be getting Social Security checks averaging $1,500-$1,600 a month. And that it will be paying bloated prices for seniors’ health care.

  3. farmera1 says:

    If you are taking prescription drugs or might ever take prescription drugs, you will want to hear this.

    http://thedianerehmshow.org/shows/2014-02-20/safety-prescription-drugs-made-outside-us

    Bet you didn’t know 80% of prescriptions sold in the US are made over seas, mainly in China and INdia. One hundred percent of antibiotics are made in non-western nations. Don’t look on the label to see where the pills you are taking, because you won’t see a country of origin. Not only are they made overseas, the US hasn’t had any regulatory control over how they were made.

    Making prescriptions in China without any control is stupid. The reason things like US made infant formula is so popular in China is that their own products are often adulterated with disastrous results. But with regulatory impotence, and profits (short term profits) driving all, there are huge incentives to manufacture over seas. No regulations, no worries about pollution and a cheap pliable workforce. What could go wrong with that. Congress has appropriated money to give the FDA some resources to inspect these foreign facilities, but so far China hasn’t given visas to the inspectors. What a deal.

  4. rd says:

    Where rules of thumb come from:

    http://www.eeb.uconn.edu/courses/EEB302/EverthingInHereAsOfJan2006/SlobodkinGoodBadReified.pdf

    The 4% Safe Withdrawal Rate is a particularly interesting one. Bengen originally came up with this in 1994 based on a first cut analysis that he published. He then spent several more years evaluating and refining it and he himself has moved away from it as the safe rule of thumb. However, his original simple formulation of the rule still lives on without question in many arenas. I personally use it as a rough, instantaneous measure to quickly evaluate how much income I might get from an asset amount at some point in the future, but is is just for gross planning purposes. More detailed analysis when multiple variables are factored in will be needed later closer to retirement.

    The big thing that the 4% rule did was it really initiated the conversation on what a safe withdrawal rate and approach would be, as well as identifying the importance of sequence of returns. The 4% was significantly lower than many other numbers floating around at the time, so it filled a valuable gap. But it is incomplete..