My afternoon train reads:

• This is one of the biggest bull markets of my career, and these charts show it’s not over (Business Insider)
• No Bias (Irrelevant Investor) see also When Beliefs and Facts Collide (NY Times)
• Dark Pool Disfavor Above 50% in Poll Amid High-Frequency Fallout (Bloomberg)
• Investors should check their risk tolerance now, before the market sags (WSJ) see also Investors: selling on bad news is a ‘loser’s game’ (WSJ)
• How indexing helps these retirees live footloose and fancy-free (Globe and Mail)
• What Tyler Cowen Gets Wrong on Inequality (Understanding Society)
• How to talk like an estate agent — seven tips (The Guardian)
• Watergate Was the Only Serious Impeachment (Bloomberg View)
• Jet Engineer Designs a Saucepan That Boils Water Ridiculously Fast (Wired)
• Vertical Farming Powering Urban Food Sources (Diplomatic Courier)

What are you reading?

 

 

Average Hourly Earnings of US private sector, YOY change

Source: Quartz

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.

8 Responses to “10 Monday PM Reads”

  1. frodo1314 says:

    Does anyone have any way of, or ever think to consider, whether or not ambition is the same across time in these studies and articles on inequality? Seems to me a very important variable. Yes, if you hold ambition, an individual’s drive to go out and earn a living in this world and try to get ahead, constant, then inequality in the US is a big problem compared to years ago. But what if that ambition is not a constant…..

    • RW says:

      Ambition would need to be more carefully defined but, thinking generally, a change in human characteristics would imply a genetic/evolutionary change but that’s thousands of years so, on its face at least, it doesn’t seem as productive an avenue for research as a change in some other more rapidly changing sociopolitical variable such as regulatory capture, lobbying, etc.

      Still it does seem as if what used to be considered ordinary ambition has somehow been subsumed into something closer to untrammeled greed and perhaps something worse than that: A predatory indifference to the suffering of those upon whom the greedy feed; sociopathy becoming respectable in a word.

    • kaleberg says:

      Ambition is based on probabilistic reasoning. There is no point in going for the brass ring if there is absolutely no chance of grabbing it. Women and minority members are often reminded of this. (For example, a friend of mine’s father was told that he had gotten as high in his Fortune 500 company as a Jew could get. He was given a large corporate fund to manage and effectively and comfortably pensioned off.)

      It’s not that European serfs were incapable of ambition, but, rather, that they knew that there was an unbridgeable gap between their station and that of their “betters”. When unions were smashed in the 1980s, wages stagnated and hard work grew increasingly less rewarding. As expected, ambition declined accordingly. If you were lucky, your wages wouldn’t go down, at least not too much. Needless to say, this had a ripple effect removing opportunities throughout our economy.

      People are economically more rational than they are given credit for. If one could never afford to own a home or business, why save for it and die 20 or 30% of the way there. One might as well enjoy what money is available now. (This attitude is what they used to call the “intense selfishness” of the English working class, and it has since spread to the American working class.) As a society we can’t keep taking away the prizes and expect people to compete harder in the games.

  2. rd says:

    The Globe and Mail article had to discuss an American couple’s index savings for retirement savings because Canadian opportunities for index investing are still a decade or so behind Americans. It is one of the few areas where Canada lags the US related to personal finance.

  3. willid3 says:

    the only way to get more oil is to drill for it? cause all fields dry up, and they start as soon as you start pumping. and the fracking oil? runs out a lot faster than the older wells do

    http://econbrowser.com/archives/2014/07/keeping-oil-production-from-falling

  4. Bill in SF says:

    Sip, don’t swallow is the new “I didn’t Inhale.”

    http://www.sfgate.com/food/article/New-law-allows-California-students-to-taste-wine-5636628.php

    Isn’t this law about fifty years late? (or totally irrelevant?)

  5. Bob A says:

    ronpaulinstitute.org/archives/featured-articles/2014/july/20/what-the-media-won’t-report-about-malaysian-airlines-flight-mh17.aspx