The headline is a bit deceptive as we don't know if the trader has either a long position in the stock they are dirty hedging or a synthetic long they are trading around. SCTY $17.28 up 18 cents TSLA $205.40 up $4.98.
From ZeroHedge:
Following June's proposal, the merger of kissing-cousins TSLA and
SCTY was confirmed in early August. Since then, the market has begun to
aggressively price out
Friday, September 16, 2016
Ford Motor Company Moves Into Bicycle Sharing (F)
From SFGate:
Ford buys Chariot, makes bike-sharing deal in alt-transport push
Ford Motor Co. has seen the future — and it’s not just in cars.
“We want to change the way the world moves,” CEO Mark Fields said
Friday outside San Francisco City Hall, announcing plans for
bike-sharing and commuter shuttle services as Ford seeks to transform
itself into a broader transportation company.
The
Ford buys Chariot, makes bike-sharing deal in alt-transport push
Ford Motor Co. has seen the future — and it’s not just in cars.
“We want to change the way the world moves,” CEO Mark Fields said
Friday outside San Francisco City Hall, announcing plans for
bike-sharing and commuter shuttle services as Ford seeks to transform
itself into a broader transportation company.
The
For 13th Straight month, Rural Economies Slump In Creighton University Economist Survey; Farm Loans Being Restructured
From the Omaha World-Herald:
Weak farm income is affecting loans in the rural Midwest, according
to a survey of bankers in the region, as the rural economy declined for
the 13th straight month and the outlook leading into 2017 remains
dreary.
With grain prices slumping, Creighton University economist
Ernie Goss said, farm income is slated to drop by 12 percent from 2015,
prompting “an
Weak farm income is affecting loans in the rural Midwest, according
to a survey of bankers in the region, as the rural economy declined for
the 13th straight month and the outlook leading into 2017 remains
dreary.
With grain prices slumping, Creighton University economist
Ernie Goss said, farm income is slated to drop by 12 percent from 2015,
prompting “an
Panic Grips Eastern U.S. With Gasoline Supply Shortage On Horizon
East coast panic? I'll tell you where there's panic.
Russia just blocked access to PornHub.*
That said, gasoline prices have jumped the last couple days:
FinViz
From OilPrice:
A gasoline pipeline that was shut down
for repairs after it leaked last week may threaten the regular supply
of the fuel for 50 million people in the eastern U.S. as the deadline
for its restart was postponed for
Russia just blocked access to PornHub.*
That said, gasoline prices have jumped the last couple days:
FinViz
From OilPrice:
A gasoline pipeline that was shut down
for repairs after it leaked last week may threaten the regular supply
of the fuel for 50 million people in the eastern U.S. as the deadline
for its restart was postponed for
Tesla Responds in Spat With Former Partner Mobileye (MBLY; TSLA)
For folks catching up before the weekend, Tesla has decided to go with radar rather than LIDAR (laser light).
NVIDIA smiles.
From Reuters via Fortune:
Mobileye had said that it broke ties with Tesla over safety.
(Reuters) – Tesla Motors on Thursday said its former
camera supplier Mobileye disparaged the safety of Tesla’s assisted
driving technology Autopilot after learning the carmaker
NVIDIA smiles.
From Reuters via Fortune:
Mobileye had said that it broke ties with Tesla over safety.
(Reuters) – Tesla Motors on Thursday said its former
camera supplier Mobileye disparaged the safety of Tesla’s assisted
driving technology Autopilot after learning the carmaker
"US farmland prices set course for third year of decline"
As we've been saying for years, most recently in February's "USDA Chief Economist Makes A Case For Farmland ":
It's too early.
Even though we think we'll see some upward price pressure [on crops] come late
summer, after a meandering downtrend, the reality of farmland investment
is that it is only worth a multiple of the cash flow.
(unless you're on the edge of a metro area and have some
It's too early.
Even though we think we'll see some upward price pressure [on crops] come late
summer, after a meandering downtrend, the reality of farmland investment
is that it is only worth a multiple of the cash flow.
(unless you're on the edge of a metro area and have some
Deutsche Bank: How Big A Hole Could A Fine Blow In The Balance Sheet?
Following up on "Deutsche Bank Is Asked to Pay $14 Billion to Resolve U.S. Probe Into Mortgage Securities (DB)".
From Breakingviews:
Smaller fine might still force Deutsche fire sale
A few billion dollars more or less can make a big difference to
Deutsche Bank’s future. The German lender insisted on Sept. 15 that it
wouldn’t pay nearly as much as the $14 billion (12.5 billion euro)
From Breakingviews:
Smaller fine might still force Deutsche fire sale
A few billion dollars more or less can make a big difference to
Deutsche Bank’s future. The German lender insisted on Sept. 15 that it
wouldn’t pay nearly as much as the $14 billion (12.5 billion euro)
Crispin Odey Is Getting Crushed
From Business Insider:
Bubbles, unpopular politicians, and fighting the Fed: A $9 billion hedge fund just gave an epic excuse for poor performance
Crispin Odey is having a tough year.
His UK-based hedge fund is down about 35% this year through
August, according to an investor letter. The firm manages around
$8.9 billion.
And Odey is blaming central bankers, and in particular low
Bubbles, unpopular politicians, and fighting the Fed: A $9 billion hedge fund just gave an epic excuse for poor performance
Crispin Odey is having a tough year.
His UK-based hedge fund is down about 35% this year through
August, according to an investor letter. The firm manages around
$8.9 billion.
And Odey is blaming central bankers, and in particular low
Going Cashless In Australia
From The Daily Reckoning:
Pablo & Rusty’s is a successful, Sydney based coffee roaster.
They have recently opened a new location in Brisbane where they are
trialling something different: they do not take cash.
The only accepted payment methods are credit cards, phones or smart
coffee cups —yes, those colourful cups with a chip that are springing at
coffee shops everywhere.
Wait, no cash
Pablo & Rusty’s is a successful, Sydney based coffee roaster.
They have recently opened a new location in Brisbane where they are
trialling something different: they do not take cash.
The only accepted payment methods are credit cards, phones or smart
coffee cups —yes, those colourful cups with a chip that are springing at
coffee shops everywhere.
Wait, no cash
Thursday, September 15, 2016
"Deutsche Bank Is Asked to Pay $14 Billion to Resolve U.S. Probe Into Mortgage Securities" (DB)
After hours the stock is down 7% ($1.03) at $13.73.
From the Wall Street Journal:
Figure represents government’s opening bid; ultimate settlement could be much lower
The U.S. Justice Department proposed that Deutsche Bank AG
pay $14 billion to settle a set of high-profile mortgage-securities
probes stemming from the financial crisis, according to people familiar
with the matter, a number
From the Wall Street Journal:
Figure represents government’s opening bid; ultimate settlement could be much lower
The U.S. Justice Department proposed that Deutsche Bank AG
pay $14 billion to settle a set of high-profile mortgage-securities
probes stemming from the financial crisis, according to people familiar
with the matter, a number
"What If Urban Sprawl Is the Only Realistic Way to Create Affordable Cities?"
From Real Time Economics:
Building suburbs makes cities more affordable than building towers, according to research released Wednesday
Building sprawling suburbs is better at making cities affordable than
building tall towers, according to research released Wednesday.
Environmentalists, urban planners and economists are pushing cities
such as New York and San Francisco to build more
Building suburbs makes cities more affordable than building towers, according to research released Wednesday
Building sprawling suburbs is better at making cities affordable than
building tall towers, according to research released Wednesday.
Environmentalists, urban planners and economists are pushing cities
such as New York and San Francisco to build more
The Basic Laws of Human Stupidity
Originally conceived by Professor (economic history) Carlo Cipolla, U Cal.-Berekley, d.2000.
The first basic law of human stupidity
The second basic law
The third (and golden) basic law
Frequency distribution
The power of stupidity
The fourth basic law
The fifth basic law
The first basic law of human stupidity asserts without ambiguity that:
Always and inevitably everyone underestimates
The first basic law of human stupidity
The second basic law
The third (and golden) basic law
Frequency distribution
The power of stupidity
The fourth basic law
The fifth basic law
The first basic law of human stupidity asserts without ambiguity that:
Always and inevitably everyone underestimates
"Tesla Sues Oil Industry Exec It Says Pretended To Be Elon Musk To Gain Secrets"
From Forbes:
As if figuring out what caused a SpaceX rocket to explode, pulling
off a merger with SolarCity and raising funds to complete a host of
ambitious Tesla Motors projects weren’t enough, Elon Musk appears to have yet another matter to resolve.
Tesla is suing an executive of an oil pipeline services company,
claiming that he tried to impersonate Musk in an email message. His
goal,
As if figuring out what caused a SpaceX rocket to explode, pulling
off a merger with SolarCity and raising funds to complete a host of
ambitious Tesla Motors projects weren’t enough, Elon Musk appears to have yet another matter to resolve.
Tesla is suing an executive of an oil pipeline services company,
claiming that he tried to impersonate Musk in an email message. His
goal,
Shipping: "Mega-Ships May Be Too Big NOT to Fail"
From Bloomberg View:
It was always going to be tough for the world's container shipping
lines -- accustomed to decade after decade of growth in the volume of
video-game consoles, auto parts, furniture, frozen seafood and all
manner of other things transported in boxes across the sea -- to adjust
to a slowdown in global trade.
What has
made it a whole lot tougher is that, not long before
It was always going to be tough for the world's container shipping
lines -- accustomed to decade after decade of growth in the volume of
video-game consoles, auto parts, furniture, frozen seafood and all
manner of other things transported in boxes across the sea -- to adjust
to a slowdown in global trade.
What has
made it a whole lot tougher is that, not long before
"Wall Street’s Insatiable Lust: Data, Data, Data"
We've been posting on the phenomena for a half-decade, since some ex-Google guys started collecting free-to-download weather data and figured the easiest way to make money off it was to peddle crop insurance. They ended up selling themselves to Monsanto for $930 million. Here's an overview of the opportunity from a few years ago:
McKinsey: Monetizing Freely Available Data Worth $3.2-$5.4Trillion
McKinsey: Monetizing Freely Available Data Worth $3.2-$5.4Trillion
"Wall Street’s No Frills Investment Banker Sealed Monsanto-Bayer $66B Deal"
From Fox Business:
The announced mega merger between German chemical giant Bayer AG and U.S. pharmaceutical powerhouse Monsanto (MON)
has Wall Street buzzing about a banker who usually shuns the spotlight
but is a key player in some of the financial industry’s top deals.
That banker, Michael Kramer of Ducera Partners, served as Monsanto’s
lead adviser, and is credited with shaping the
The announced mega merger between German chemical giant Bayer AG and U.S. pharmaceutical powerhouse Monsanto (MON)
has Wall Street buzzing about a banker who usually shuns the spotlight
but is a key player in some of the financial industry’s top deals.
That banker, Michael Kramer of Ducera Partners, served as Monsanto’s
lead adviser, and is credited with shaping the
Wednesday, September 14, 2016
World Out Of Whack: Aussie Banks
From Capitalist Exploits:
Market dislocations occur when financial markets, operating under
stressful conditions, experience large widespread asset mispricing.
Welcome to this week’s edition of “World Out Of Whack” where
every Wednesday we take time out of our day to laugh, poke fun at
and present to you absurdity in global financial markets in all it’s
glorious insanity.
While we enjoy a
Market dislocations occur when financial markets, operating under
stressful conditions, experience large widespread asset mispricing.
Welcome to this week’s edition of “World Out Of Whack” where
every Wednesday we take time out of our day to laugh, poke fun at
and present to you absurdity in global financial markets in all it’s
glorious insanity.
While we enjoy a
"Wells Fargo’s Week Just Went From Bad To Preet" (WFC)
From DealBreaker:
We
are in day six of Wells Fargo’s precipitous fall from grace and it’s
beginning to seem like the bank is in a self-ideated nightmare without
end. And it just keeps getting scarier.
Revelations of bold, dumb and endemic fraud and turnover in its community banking division gave way to reports of oddly-timed golden “retirement” parachutes, gave way to announcements of
We
are in day six of Wells Fargo’s precipitous fall from grace and it’s
beginning to seem like the bank is in a self-ideated nightmare without
end. And it just keeps getting scarier.
Revelations of bold, dumb and endemic fraud and turnover in its community banking division gave way to reports of oddly-timed golden “retirement” parachutes, gave way to announcements of
More Delivering Alpha Conference--Elliott Management's Paul Singer:"...sell long-term bonds is my outright recommendation"
From Pension Pulse:
Delivering Alpha 2016?
Patti Domm of CNBC reports, Bond yields spike as delivering alpha investors voice negative views:
Comments from major investors at the Delivering Alpha conference added
fuel to an already sour mood in markets and concerns that the world's
central banks just can't get it right.
"With the rates that currently exist in global bond markets, the
Delivering Alpha 2016?
Patti Domm of CNBC reports, Bond yields spike as delivering alpha investors voice negative views:
Comments from major investors at the Delivering Alpha conference added
fuel to an already sour mood in markets and concerns that the world's
central banks just can't get it right.
"With the rates that currently exist in global bond markets, the
Market Folly's "Delivering Alpha Conference Notes 2016: Singer, Dalio, Chanos, Miller & More"
From Market Folly:
CNBC & Institutional Investor's Delivering Alpha Conference is underway and below are some notes. This post will be updated throughout the day as the various speakers/panels are ongoing:
Delivering Alpha Conference Notes 2016
Paul Singer (Elliott Associates): Said that it's a "very
dangerous time in global markets" right now. Argued central bank
independence doesn't
CNBC & Institutional Investor's Delivering Alpha Conference is underway and below are some notes. This post will be updated throughout the day as the various speakers/panels are ongoing:
Delivering Alpha Conference Notes 2016
Paul Singer (Elliott Associates): Said that it's a "very
dangerous time in global markets" right now. Argued central bank
independence doesn't
South Korea Continues Intimidation Against the North and Kim Jong-un
Following up on yesterday's "South Korea Grows Weary Of North and Kim Jong Un, Says Will Reduce Pyongyang ‘to Ashes’":
From The Express:
South Korea to blare POP MUSIC into North Korea to take down Kim Jong-un
The bizarre tactic has been proposed in response to yet another nuclear test by the aggressive maverick state, which has put the world on red alert.
–– ADVERTISEMENT ––
From The Express:
South Korea to blare POP MUSIC into North Korea to take down Kim Jong-un
The bizarre tactic has been proposed in response to yet another nuclear test by the aggressive maverick state, which has put the world on red alert.
–– ADVERTISEMENT ––
Frontrun the Bank of England for Fun and Profit
Hey, it worked with the ECB.*
From FT Alphaville:
Confusion and the BoE’s corporate bond buying scheme
This is on the back of the Bank of England’s release of some more
info on its Corporate Bond Purchase Scheme (CBPS) on the 12th. From that:
We will look to purchase, via the CBPS, a portfolio of up
to £10bn of sterling investment grade bonds representative of issuance
by firms making a
From FT Alphaville:
Confusion and the BoE’s corporate bond buying scheme
This is on the back of the Bank of England’s release of some more
info on its Corporate Bond Purchase Scheme (CBPS) on the 12th. From that:
We will look to purchase, via the CBPS, a portfolio of up
to £10bn of sterling investment grade bonds representative of issuance
by firms making a
"Accounting", The Virtual Reality Game, Will Be Released Before Month-End!
Can you feel the electricity?
From the official website:
This is Accounting for HTC Vive.
A complimentary VR game by Crows Crows Crows designed with Squanchtendo, available THIS MONTH!!
Want to hear the MOMENT this comes out? Sign up to the Crows Crows Crows email list!...
HT to The Creators Project who write:
This VR Game About Accounting Is Actually Pretty Twisted
The magic ingredient to
From the official website:
This is Accounting for HTC Vive.
A complimentary VR game by Crows Crows Crows designed with Squanchtendo, available THIS MONTH!!
Want to hear the MOMENT this comes out? Sign up to the Crows Crows Crows email list!...
HT to The Creators Project who write:
This VR Game About Accounting Is Actually Pretty Twisted
The magic ingredient to
"There’s a $300 Billion Exodus From Money Markets Ahead"
Former Bloombergian, now Villein, Alexandra Scaggs has written about this a couple times e.g. "Dollar surge pricing will be in effect through October".
It's kind of a big deal.
From Bloomberg:
Final wave of cash set to move from prime, muni funds
Shift seen before Oct. 14 compliance date for floating NAVs
With a seismic overhaul of the $2.6 trillion money-market industry
weeks away
It's kind of a big deal.
From Bloomberg:
Final wave of cash set to move from prime, muni funds
Shift seen before Oct. 14 compliance date for floating NAVs
With a seismic overhaul of the $2.6 trillion money-market industry
weeks away
Farmland REITs: "Farmland Partners eyes more deals - even after American Farmland purchase" (FPI)
From a July 2014 post:
...Gladstone Land is the other publicly traded vehicle. There a a few private partnerships that let in outsiders.
In February 2011 I noted:
...We've been following this trend for the last three years and have been asked when will it top?
One sign will be when Optima Fund Management brings their American Farmland Company public, still a few years away....
Optima have
...Gladstone Land is the other publicly traded vehicle. There a a few private partnerships that let in outsiders.
In February 2011 I noted:
...We've been following this trend for the last three years and have been asked when will it top?
One sign will be when Optima Fund Management brings their American Farmland Company public, still a few years away....
Optima have
Tuesday, September 13, 2016
Risk: The Story Behind an Unbelievable Photograph
From Vintage Everyday:
(click to enlarge)
Test
pilot George Aird - flying a English Electric Lightning F1 - ejected
from his English Electric
Lightning F1 aircraft at a fantastically low
altitude in Hatfield, Hertfordshire 13th September 1962.
In 1962 in Hertfordshire, England, a tractor driver working on a tomato
farm heard a funny noise behind him, and turned round to look. A
(click to enlarge)
Test
pilot George Aird - flying a English Electric Lightning F1 - ejected
from his English Electric
Lightning F1 aircraft at a fantastically low
altitude in Hatfield, Hertfordshire 13th September 1962.
In 1962 in Hertfordshire, England, a tractor driver working on a tomato
farm heard a funny noise behind him, and turned round to look. A
The FT's Izabella Kaminska Asks: What's The Problem With Uber?
"If we don't get the (autonomous car) software thing nailed, we're not going to be around much longer,"
-Travis Kalanick, CEO, Uber
interview, August 18, 2016
"I love [self driving cars] all day long," he said. "The Uber
experience is expensive because it's not just the car but the other dude
in the car. When there's no other dude in the car, the cost [of taking
an Uber] gets cheaper
TIAA-CREF sub. Buys A Chunk Of Australia's Largest Wheat Grower
From the Australian Financial Review via Farmlandgrab:
Financial Review | 4 September 2016
Australia's largest wheat grower sells to US Westchester
by Matthew Cranston
US giant TIAA's Westchester has purchased a major part of northern NSW
cropping farm Milton Downs from Australia's biggest wheat grower
Greentree Farming for a figure some estimate to be in the vicinity of
$50
Financial Review | 4 September 2016
Australia's largest wheat grower sells to US Westchester
by Matthew Cranston
US giant TIAA's Westchester has purchased a major part of northern NSW
cropping farm Milton Downs from Australia's biggest wheat grower
Greentree Farming for a figure some estimate to be in the vicinity of
$50
"Short-Seller Chanos Calls Tesla-SolarCity Merger 'Crazy': CNBC Conference" (TSLA; SCTY)
From Reuters:
The prominent short-seller Jim Chanos, founder of Kynikos Associates, called the proposed merger of Tesla Motors Inc (TSLA.O) and SolarCity Corp (SCTY.O) "crazy," noting that the combined company would need constant access to capital markets.
Chanos
said it would be the "height of folly" for Tesla shareholders to vote
to bail out SolarCity, which he added has an "uneconomic"
The prominent short-seller Jim Chanos, founder of Kynikos Associates, called the proposed merger of Tesla Motors Inc (TSLA.O) and SolarCity Corp (SCTY.O) "crazy," noting that the combined company would need constant access to capital markets.
Chanos
said it would be the "height of folly" for Tesla shareholders to vote
to bail out SolarCity, which he added has an "uneconomic"
"Stocks Selling Again; This Is What Volatility Looks Like"
S&P 500 -33.67 (-1.56%)
DJIA -249.52 (-1.36%)
From MoneyBeat:
No, that isn’t all.
After Monday’s rally, which saw the Dow Jones Industrial Average pick
up 240 points on the day, many figured the selloff was already over.
Yet, U.S. stocks are selling off again sharply on Tuesday amid
bothersome questions about stock valuations, central-bank limitations,
and the state of the economy
DJIA -249.52 (-1.36%)
From MoneyBeat:
No, that isn’t all.
After Monday’s rally, which saw the Dow Jones Industrial Average pick
up 240 points on the day, many figured the selloff was already over.
Yet, U.S. stocks are selling off again sharply on Tuesday amid
bothersome questions about stock valuations, central-bank limitations,
and the state of the economy
South Korea Grows Weary Of North and Kim Jong Un, Says Will Reduce Pyongyang ‘to Ashes’
From South Korea's Yonhap News Agency:
N.K. NEWS
S. Korea unveils plan to raze Pyongyang in case of signs of nuclear attack
The disclosure of the detailed bombing operation came after the
Defense Ministry reported the "Korea Massive Punishment &
Retaliation" (KMPR) to the National Assembly last week in response to
the North's fifth nuclear weapon test.
"The defense ministry's
operational
N.K. NEWS
S. Korea unveils plan to raze Pyongyang in case of signs of nuclear attack
The disclosure of the detailed bombing operation came after the
Defense Ministry reported the "Korea Massive Punishment &
Retaliation" (KMPR) to the National Assembly last week in response to
the North's fifth nuclear weapon test.
"The defense ministry's
operational
"Goldman Lowers Odds of September Hike to 25% from 40%"
From Barron's Income Investing:
Seeing “no clear signal” of a September rate hike in the most
recent cluster of speeches from Federal Reserve officials — including Fed Governor Lael Brainard‘s speech Wednesday — economists at Goldman Sachs have lowered their expectations for a rate hike in September to just 25% from 40%.
The team, led by Jan Hatzius, wrote late Monday:
Based on the June dot
Seeing “no clear signal” of a September rate hike in the most
recent cluster of speeches from Federal Reserve officials — including Fed Governor Lael Brainard‘s speech Wednesday — economists at Goldman Sachs have lowered their expectations for a rate hike in September to just 25% from 40%.
The team, led by Jan Hatzius, wrote late Monday:
Based on the June dot
"Adblock Plus now sells ads"
From The Verge:
Uh, okay
Adblock Plus is launching a new service that... uh, puts more ads on your screen.
Rather than stripping all ads from the internet forever,
Adblock Plus is hoping to replace the bad ads — anything it deems too
big, too ugly, or too intrusive — with good ads, ones that are smaller,
subtler, and theoretically much less annoying.
It’ll begin doing that through an
Uh, okay
Adblock Plus is launching a new service that... uh, puts more ads on your screen.
Rather than stripping all ads from the internet forever,
Adblock Plus is hoping to replace the bad ads — anything it deems too
big, too ugly, or too intrusive — with good ads, ones that are smaller,
subtler, and theoretically much less annoying.
It’ll begin doing that through an
FedWatch: "Much Noise, Weak Signal"
From Marc to Market:
Our approach to Fed-watching is clear:
Among the cacophony of voices, the Troika of Fed leadership, Yellen,
Fischer and Dudley provide the clearest signal. They are most often on message, and their
comments have been the best indications of policy.
Remember at the end of last summer; Dudley
said a rate hike was less compelling. This foretold
the
Our approach to Fed-watching is clear:
Among the cacophony of voices, the Troika of Fed leadership, Yellen,
Fischer and Dudley provide the clearest signal. They are most often on message, and their
comments have been the best indications of policy.
Remember at the end of last summer; Dudley
said a rate hike was less compelling. This foretold
the
"Australia's property market is just SIX WEEKS away from collapsing, says respected U.S. think tank"
Yeah but what time on Oct. 24?
You can probably tell the headline is from the Daily Mail:
Australia's property market is six weeks from collapse, U.S. think tank says
Group says bank policy changes could see decline in foreign investment
'We estimate Australia has six weeks... to turn this situation around,' it says
But leading economists say article was no more than 'sensational headline'
You can probably tell the headline is from the Daily Mail:
Australia's property market is six weeks from collapse, U.S. think tank says
Group says bank policy changes could see decline in foreign investment
'We estimate Australia has six weeks... to turn this situation around,' it says
But leading economists say article was no more than 'sensational headline'
"No significant growth expected in insurance & reinsurance: Munich Re"
The big guys are putting their efforts into governments and supranational orgs. If they can get the product mandated it would be a dream come true.
From Artemis:
Over the next few years reinsurance giant Munich Re does not expect any
significant growth in insurance or reinsurance demand, the company’s
Board said today, which suggests that with the excess capital sloshing
around the market
From Artemis:
Over the next few years reinsurance giant Munich Re does not expect any
significant growth in insurance or reinsurance demand, the company’s
Board said today, which suggests that with the excess capital sloshing
around the market
Monday, September 12, 2016
"IEA releases Oil Market Report for September"
Have I mentioned there seems to be a lot of the stuff sloshing around?
Brent down $1.03 at $47.29; WTI down $1.08 at $45.21
From the International Energy Agency:
Global oil demand slowing at a faster pace than predicted
13 September 2016
Global oil demand growth is slowing at a faster pace than initially predicted, the newly released IEA Oil Market Report (OMR)
for September informs
Brent down $1.03 at $47.29; WTI down $1.08 at $45.21
From the International Energy Agency:
Global oil demand slowing at a faster pace than predicted
13 September 2016
Global oil demand growth is slowing at a faster pace than initially predicted, the newly released IEA Oil Market Report (OMR)
for September informs
"Are video games killing work for young men?"
From The University of Chicago Booth School of Business, Sep. 1:
ChicagoBoothReview
Video killed the radio star
How games, phones, and other tech innovations are changing the labor force
This essay is adapted from the speech given at the 527th Convocation at Booth this past June.
The first big graduation I remember was for my bachelor’s degree. My
mom was there, and she had her Polaroid
ChicagoBoothReview
Video killed the radio star
How games, phones, and other tech innovations are changing the labor force
This essay is adapted from the speech given at the 527th Convocation at Booth this past June.
The first big graduation I remember was for my bachelor’s degree. My
mom was there, and she had her Polaroid
"US Seeks Scalps in Och-Ziff Bribery Investigation" (OZM)
Here are a couple of our previous OZM posts to give readers an indication of what we're dealing with here.
From August, 2015:
Och-Ziff Hedge Fund In Talks To Settle Charges It Financed Zimbabwe Torturers
That was a followup to 2012's:
Och-Ziff Capital Management Group Supplied the Money that Kept Mugabe in Power
Och-Ziff are scum.
A major piece from the Financial Times, September 12:
US
From August, 2015:
Och-Ziff Hedge Fund In Talks To Settle Charges It Financed Zimbabwe Torturers
That was a followup to 2012's:
Och-Ziff Capital Management Group Supplied the Money that Kept Mugabe in Power
Och-Ziff are scum.
A major piece from the Financial Times, September 12:
US
Climateer Line of the Day Runner Up: Credit Where Credit Is Due Edition
Only because this morning's winner was so funny did this, from Pension Partners, come in second:
"Since 1970, the
average returns following 90%+ downside days are not only positive but
higher than your typical day. It is higher not only the following day
but also the following month and year. And as the second table below
illustrates, it is more likely to be positive as well."
-from
"Since 1970, the
average returns following 90%+ downside days are not only positive but
higher than your typical day. It is higher not only the following day
but also the following month and year. And as the second table below
illustrates, it is more likely to be positive as well."
-from
"The More Cash People Have, the Happier They Are"
From the Wall Street Journal:
Happiness may not be about how much overall wealth you have, but how much cash you have on hand
Conventional wisdom says you should be investing as much of your
excess money as you possibly can. That may be the best path to greater
wealth. But it may not be the best path to happiness.
In a previous article we looked at a broad range of research about money and
Happiness may not be about how much overall wealth you have, but how much cash you have on hand
Conventional wisdom says you should be investing as much of your
excess money as you possibly can. That may be the best path to greater
wealth. But it may not be the best path to happiness.
In a previous article we looked at a broad range of research about money and
A Deep Dive Into Spooky City: Peter Thiel and Palantir
From the Baffler:
Improv-da
How Palantir has made corporate orthodoxy out of experimental theater
Palantir Technologies,
the multi-billion-dollar Palo Alto–based data-analysis software company
founded in 2004 with CIA seed money, gives its new employees a reading
list. One assignment is Lawrence Wright’s The Looming Tower: Al-Qaeda and the Road to 9/11,
which feeds directly into the
Improv-da
How Palantir has made corporate orthodoxy out of experimental theater
Palantir Technologies,
the multi-billion-dollar Palo Alto–based data-analysis software company
founded in 2004 with CIA seed money, gives its new employees a reading
list. One assignment is Lawrence Wright’s The Looming Tower: Al-Qaeda and the Road to 9/11,
which feeds directly into the
World Agricultural Supply and Demand Estimates Report: Soybeans Get Hammered, Wheat Up, Corn Meh
Last
Chg
Corn
339-4-1-4
Soybeans
963-6-16-4
Wheat
407-6+4-2
Agrimoney quotes
From Inside Futures:
WHEAT: The
U.S. 2016/17 wheat supply and demand estimates are unchanged from last
month. The marketing year average price received by producers is lowered
$0.10 per bushel at the midpoint to a range of $3.30 to $3.90. The
reduction is due to lower than expected prices to date.
"The Cultural Apocalypse Already Happened, and Other News"
The Paris Review is not happy.
From The Paris Review:
The National Magazine Awards have announced that they’re
suspending their fiction category next year. You can probably guess why:
“Only fourteen magazines submitted entries in the category in 2016—a fraction of the number of participants in other categories,”
Sid Holt, the chief executive of the American Society of Magazine
Editors, wrote
From The Paris Review:
The National Magazine Awards have announced that they’re
suspending their fiction category next year. You can probably guess why:
“Only fourteen magazines submitted entries in the category in 2016—a fraction of the number of participants in other categories,”
Sid Holt, the chief executive of the American Society of Magazine
Editors, wrote
"Nvidia SEC Filing Raises Specter Of An Acquistion: Nomura" (NVDA)
The stock has reversed this morning's losses and is up 31 cents at $59.83
From Investors Business Daily, Sept. 9:
Chipmaker Nvidia (NVDA),
which has been trading at record highs the past month, filed a routine
S-3 shelf registration statement on Tuesday with the Securities and
Exchange Commission that investment bank Nomura says could be a
harbinger of possible acquisitions.
The filing
From Investors Business Daily, Sept. 9:
Chipmaker Nvidia (NVDA),
which has been trading at record highs the past month, filed a routine
S-3 shelf registration statement on Tuesday with the Securities and
Exchange Commission that investment bank Nomura says could be a
harbinger of possible acquisitions.
The filing
Soon There Will Be Three Publicly Traded Gene Editing CRISPR Co's.
In yesterday's Technology Review's "50 Smartest Companies 2016" I mentioned my initial surprise when reviewing the second half of the list. What I neglected to point out was the reason for that surprise.
There are a lot of companies doing work in the biological sciences that were new to me, and I consider myself pretty darn fashion-forward, thank you very much. Here's another one.
From Xconomy
There are a lot of companies doing work in the biological sciences that were new to me, and I consider myself pretty darn fashion-forward, thank you very much. Here's another one.
From Xconomy
Ahead of Today's Report: "AM markets: grain, cotton futures slip as Wasde looms"
Last
Chg
Corn
340-2-0-6
Soybeans
975-6-4-4
Wheat
402-0-1-4
From Agrimoney:
That's more like it.
That is, corn and
soybean futures headed lower in
early deals, as is more typical at this time of year, with the US harvest
hotting up, bringing with it a jump in supplies and allowing the removal from
prices of the last vestiges of risk premium.
"The seasonal tendencies are for
The Message Embedded In Volatility Readings
From FT Alphaville:
Vol is low, not cheap
We’ve talked about how quiet the market is already.
Complacency is becoming an ever more common hit in our inboxes, and we assume not just because of herding instinct.
It’s also because, as we already quoted Citi:
“Current vols are a strong outlier, not just compared to 2016, but
against the average for all Augusts since 2000 (see charts 2, 3
Vol is low, not cheap
We’ve talked about how quiet the market is already.
Complacency is becoming an ever more common hit in our inboxes, and we assume not just because of herding instinct.
It’s also because, as we already quoted Citi:
“Current vols are a strong outlier, not just compared to 2016, but
against the average for all Augusts since 2000 (see charts 2, 3
Climateer Line of the Day: "The Operation Was A Success But..." Edition
Via Motherboard:
“The drill went as designed, but we had collateral damage”
-Spokesman on the fire extinguisher test that severely damaged ING
Bank’s main data center in Bucharest, Romania over the weekend.
SpaceX and The Business of Insuring Stuff That Blows Up
From Quartz:
How to insure something that blows up once every twenty times you use it
Sophisticated satellites cost hundreds of
millions of dollars and are assembled in clean rooms by technicians in
full bodysuits. And then, to fly them into space, we strap them onto
enormous rockets that explode spectacularly once in every 20 takeoff
attempts.
Who’s on the hook when things go wrong?
How to insure something that blows up once every twenty times you use it
Sophisticated satellites cost hundreds of
millions of dollars and are assembled in clean rooms by technicians in
full bodysuits. And then, to fly them into space, we strap them onto
enormous rockets that explode spectacularly once in every 20 takeoff
attempts.
Who’s on the hook when things go wrong?
Sunday, September 11, 2016
Technology Review's "50 Smartest Companies 2016"
Our readers, beyond being perceptive, articulate and good looking, are probably familiar with most of the top twenty or so names on TR's list.
What surprised me when I first saw this year's compendium was the bottom half.
From MIT's Technology Review, June 21, 2016, starting with the introduction:
50 Smartest Companies 2016
Our editors pick the 50 companies that best combine innovative
What surprised me when I first saw this year's compendium was the bottom half.
From MIT's Technology Review, June 21, 2016, starting with the introduction:
50 Smartest Companies 2016
Our editors pick the 50 companies that best combine innovative
Retro Econ: "Silicon Valley of the 14th Century--What the U.S. Can Learn From 1386 Germany"
A repost from April 2012.
From the Atlantic:
This is a story about how innovation happens. It begins with
the Papal Schism of 1386 (seriously), demonstrates the ability of
universities to foster capitalism, and concludes with a surprising hero
of the modern world: lawyers.
If you want an illustration of just how crucial a role education
plays in economic development, there are any number
From the Atlantic:
This is a story about how innovation happens. It begins with
the Papal Schism of 1386 (seriously), demonstrates the ability of
universities to foster capitalism, and concludes with a surprising hero
of the modern world: lawyers.
If you want an illustration of just how crucial a role education
plays in economic development, there are any number
"Project Sand Hill: Google’s Unknown Campaign to Track the World’s Hottest Startups"
From Wired:
Google calls it Project Sand Hill.
Since 2012, Suman Prasad and his team have worked with various
Silicon Valley venture capital firms to identify “rocketship” startups
before they really take off, and they help plug them into the Google
machine. They help them build apps for Android phones, hook into Android
Pay, and make use of countless other Google services, from Google
Google calls it Project Sand Hill.
Since 2012, Suman Prasad and his team have worked with various
Silicon Valley venture capital firms to identify “rocketship” startups
before they really take off, and they help plug them into the Google
machine. They help them build apps for Android phones, hook into Android
Pay, and make use of countless other Google services, from Google
"Elon Musk: 'We Have Not Ruled Out' That UFO Caused Space X Explosion"
From Sputnik:
The statement by the vaunted entrepreneur that he couldn’t rule out
that UFO hunters were correct that an unidentified object or weapon
initiated the explosion has alien enthusiasts out in full force.
The frenzied excitement for alien hunters hit new heights on Friday
when the innovative wunderkind Elon Musk wrote to a commenter on
Twitter that "We have not ruled that [a UFO
The statement by the vaunted entrepreneur that he couldn’t rule out
that UFO hunters were correct that an unidentified object or weapon
initiated the explosion has alien enthusiasts out in full force.
The frenzied excitement for alien hunters hit new heights on Friday
when the innovative wunderkind Elon Musk wrote to a commenter on
Twitter that "We have not ruled that [a UFO
"The Limits of Formal Learning, or Why Robots Can’t Dance"
From Nautil.us:
The 1980s at the MIT Computer Science and Artificial Intelligence
Laboratory seemed to outsiders like a golden age, but inside, David
Chapman could already see that winter was coming. As a member of the
lab, Chapman was the first researcher to apply the mathematics of
computational complexity theory to robot planning and to show
mathematically that there could be no feasible
The 1980s at the MIT Computer Science and Artificial Intelligence
Laboratory seemed to outsiders like a golden age, but inside, David
Chapman could already see that winter was coming. As a member of the
lab, Chapman was the first researcher to apply the mathematics of
computational complexity theory to robot planning and to show
mathematically that there could be no feasible
Saturday, September 10, 2016
Statistically, Today Is the Peak of the Hurricane Season
Number of Tropical Cyclones per 100 Years
The official hurricane season for the Atlantic Basin (the Atlantic
Ocean, the Caribbean Sea, and the Gulf of Mexico) is from 1 June to 30
November.
As seen in the graph above, the peak of the season is from mid-August to
late October. However, deadly hurricanes can occur anytime in the
hurricane season.
-NOAA's Tropical Cyclone Climatology
What Now For Equities: "Embracing Panic"
From Pension Partners, Sept. 9:
“I tend to stay with the panic. I embrace the panic.” – Larry David
The stock market was down today. That fact alone is not at all
unusual (47% of all days are negative historically). What was somewhat
unusual is the aggressiveness of the selling in today’s session, what
some would refer to as “panic selling.”
Panic selling is a subjective term but there are
“I tend to stay with the panic. I embrace the panic.” – Larry David
The stock market was down today. That fact alone is not at all
unusual (47% of all days are negative historically). What was somewhat
unusual is the aggressiveness of the selling in today’s session, what
some would refer to as “panic selling.”
Panic selling is a subjective term but there are
Stiglitz on Rents and Inequality
A quasi-periodic look at public intellectuals and the zeitgeist.
From evonomics:
Joseph Stiglitz Explains How to Grow the Economy: Reduce Inequality and Unearned Income
Joseph E. Stiglitz, recipient of the Nobel Memorial Prize in Economic
Sciences in 2001 and the John Bates Clark Medal in 1979, is University
Professor at Columbia University, and Chief Economist of the Roosevelt
Institute
From evonomics:
Joseph Stiglitz Explains How to Grow the Economy: Reduce Inequality and Unearned Income
Joseph E. Stiglitz, recipient of the Nobel Memorial Prize in Economic
Sciences in 2001 and the John Bates Clark Medal in 1979, is University
Professor at Columbia University, and Chief Economist of the Roosevelt
Institute
Friday, September 9, 2016
"Gimme Shelter: Dow Tumbles 394 Points as Calm Gives Way to Chaos"
From Barron's Stocks to Watch:
The summer of calm gave way to chaos today as all major indexes tumbled well more than 1%.
The S&P 500 dropped 2.5% to 2,127.81 today, while the Dow Jones Industrial Average fell 394.46 points, or 2.1%, to 18,085.45. The Nasdaq Composite tumbled 2.5% to 5,125.91. The CBOE Volatility Index, or Vix, soared 40% to 17.50, the most since Brexit.
The market’s selloff
The summer of calm gave way to chaos today as all major indexes tumbled well more than 1%.
The S&P 500 dropped 2.5% to 2,127.81 today, while the Dow Jones Industrial Average fell 394.46 points, or 2.1%, to 18,085.45. The Nasdaq Composite tumbled 2.5% to 5,125.91. The CBOE Volatility Index, or Vix, soared 40% to 17.50, the most since Brexit.
The market’s selloff
Climateer Line of the Day: Discounting the Apocalypse Edition
Today's winner of the prestigious CLoD is Peter Berezin of BCA Research who offers up:
"If the probability of doomsday is large, interest rates should be
higher than they are today; if there are multiple versions of 'you'
within a multiverse, you should prefer equities over bonds."
Yes indeedy, that's hard to argue with.
This metaphysical moment was brought to you by Bloomberg's Matt Levine
"If the probability of doomsday is large, interest rates should be
higher than they are today; if there are multiple versions of 'you'
within a multiverse, you should prefer equities over bonds."
Yes indeedy, that's hard to argue with.
This metaphysical moment was brought to you by Bloomberg's Matt Levine
"Bondmageddon Sparks Crude Carnage & Biggest Stock Slump In 7 Months"
Bondmageddon. You gotta love (buy gold) ZeroHedge.
From ZH:
Oops...Compared to recent lack of volatility, today was indeed a bloodbath and the week was the worst week for stocks in 7 months...
Dovish Rosengren's confidently hawkish comments seemed to spark this,
sending rate hike odds notably higher (and not sparking confidence in
the market)...
And rate hike odds are rising as macro data
From ZH:
Oops...Compared to recent lack of volatility, today was indeed a bloodbath and the week was the worst week for stocks in 7 months...
Dovish Rosengren's confidently hawkish comments seemed to spark this,
sending rate hike odds notably higher (and not sparking confidence in
the market)...
And rate hike odds are rising as macro data
Volatility: Somebody's Happy
The VIX is up 34.3% at 16.80.
From Slope of Hope:
Volatility’s Glorious Return
Today is the biggest down day since Brexit. Good God, it’s been a dry spell, hasn’t it? I have 70 short positions. As of this typing, 68 are profitable.l I suspect those other two will be addressed in short order.
From Slope of Hope:
Volatility’s Glorious Return
Today is the biggest down day since Brexit. Good God, it’s been a dry spell, hasn’t it? I have 70 short positions. As of this typing, 68 are profitable.l I suspect those other two will be addressed in short order.
Markets: "Quiet Time Is Over"
This story reads a bit oddly because it was written last night and updated this afternoon.
From Bloomberg:
Stocks Sink With Bonds, Dollar Rallies as Complacency Broken
Tranquility that has enveloped global markets for more than two
months is being upended as central banks start to question the benefits
of further monetary easing, sending government debt, stocks and
emerging-market assets
From Bloomberg:
Stocks Sink With Bonds, Dollar Rallies as Complacency Broken
Tranquility that has enveloped global markets for more than two
months is being upended as central banks start to question the benefits
of further monetary easing, sending government debt, stocks and
emerging-market assets
"A graphical display of some very nervous VW execs and engineers…"
Sorry, wrong embed.
Let's try this again, from FT Alphaville:
James Robert Liang, a Volkswagen engineer, pleaded guilty on Friday in a
Motown court for his part in Dieselgate, where Volkswagen allegedly
used special devices to cheat US emissions tests in hundreds of
thousands of supposedly “clean diesel” vehicles....MORE
Here we go:
(click to enlarge)
Computer Generated Imagery Is Crossing the Uncanny Valley
Here's an example of the uncanny valley we've been using as an example since 2014:
Seinfeld, Virtual Reality and Mild Revulsion
The Uncanny Valley, Interior-Design Edition
Greg Miller
The "uncanny valley" usually applies to human
aesthetics. It describes that vague sense of revulsion you get when you
see a fabricated person—a robot, usually—who looks aaaaalmost human …
but
Seinfeld, Virtual Reality and Mild Revulsion
The Uncanny Valley, Interior-Design Edition
Greg Miller
The "uncanny valley" usually applies to human
aesthetics. It describes that vague sense of revulsion you get when you
see a fabricated person—a robot, usually—who looks aaaaalmost human …
but
"Big US Grain Harvest Threaten Storage Space Squeeze" (and a change in the September/October prices forecast)
Last
Chg
Corn
336-4-2-0
Soybeans
977-6+1-0
Wheat
401-0-5-0
From Agrimoney:
As farmers gear up for potentially
record breaking corn and soybean harvests, concerns are circulating over just
how they will store this massive crop.
Farmers have been holding on to corn, in particular, ever
since last harvest, in hopes of higher prices.
And expectations are that they will do so again.
The Little Tuna Blockchain Company Is Doing a Seed/Series A Offering
Following up on Tuesday's "All I Asked Was 'Is the Red Snapper Good Here?'" which featured, among its other attractions, this fellow:
The next day this fell out of one of the feedreaders, from City AM:
The Co-op is exploring blockchain technology
The Co-Operative Group is exploring how blockchain technology can be
used to prove the authenticity of its food in a pilot of a "fairtrade
for
The next day this fell out of one of the feedreaders, from City AM:
The Co-op is exploring blockchain technology
The Co-Operative Group is exploring how blockchain technology can be
used to prove the authenticity of its food in a pilot of a "fairtrade
for
Capital Controls, Not Global Accords, Touted As the New Fix for Currency Volatility
From Real Time Economics:
Currency volatility is one of the many symptoms of—and threats to—the global economy’s long malaise.
But unlike former days when exchange-rate pressures risked tearing up
economies, currency accords are becoming anachronistic in some key
policy circles. Capital controls, long anathema in the West, are
now touted as the policies du jour.
Cross-border restrictions
Currency volatility is one of the many symptoms of—and threats to—the global economy’s long malaise.
But unlike former days when exchange-rate pressures risked tearing up
economies, currency accords are becoming anachronistic in some key
policy circles. Capital controls, long anathema in the West, are
now touted as the policies du jour.
Cross-border restrictions
Natural Gas: EIA Weekly Supply/Demand Report
October futures 2.824 up 0.018.
From the Energy Information Administration:
In the News:
High natural gas summer storage inventories contribute to low prices and increased power burn
With a late-summer heat wave across much of the eastern half of the
country, natural gas consumed for power (power burn) reached 36.2
billion cubic feet (Bcf) on Wednesday,
From the Energy Information Administration:
In the News:
High natural gas summer storage inventories contribute to low prices and increased power burn
With a late-summer heat wave across much of the eastern half of the
country, natural gas consumed for power (power burn) reached 36.2
billion cubic feet (Bcf) on Wednesday,
Thursday, September 8, 2016
"These are the voyages of the warship Zumwalt"
On this 50th anniversary of the first broadcast of Star Trek. here's the newest ship in the fleet.
From Navy Times:
BATH, Maine — The nation's largest and most technologically
sophisticated destroyer will join the Navy with a crew that's the
smallest of any destroyer built since the 1930s thanks to extensive
automation.
The stealthy Zumwalt departed Wednesday from Bath Iron Works
From Navy Times:
BATH, Maine — The nation's largest and most technologically
sophisticated destroyer will join the Navy with a crew that's the
smallest of any destroyer built since the 1930s thanks to extensive
automation.
The stealthy Zumwalt departed Wednesday from Bath Iron Works
"Chinese Billionaire Linked to Giant Aluminum Stockpile in Mexican Desert"
Bauxfinger? AlFinger?
From the Wall Street Journal:
Two years ago, a California aluminum executive commissioned a pilot
to fly over the Mexican town of San José Iturbide, at the foot of the
Sierra Gorda mountains, and snap aerial photos of a remote desert
factory.
He made a startling discovery. Nearly one million metric
tons of aluminum sat neatly stacked behind a fortress of barbed-wire
From the Wall Street Journal:
Two years ago, a California aluminum executive commissioned a pilot
to fly over the Mexican town of San José Iturbide, at the foot of the
Sierra Gorda mountains, and snap aerial photos of a remote desert
factory.
He made a startling discovery. Nearly one million metric
tons of aluminum sat neatly stacked behind a fortress of barbed-wire
Meet Wang Bing: Hedge Fund With 2,100% Returns
From DealBreaker:
Wang Bing has one word for you: rebar. Chinese rebar, to be exact.
Chinese rebar futures, to be even more exact. He’s turned in a 2,100% return
on the stuff over the past year-and-a-half, shorting the hell out of it
late last year and then going long in the first half of this year. And
Chinese rebar futures don’t just have a great recent past. There’s a
great future in
Wang Bing has one word for you: rebar. Chinese rebar, to be exact.
Chinese rebar futures, to be even more exact. He’s turned in a 2,100% return
on the stuff over the past year-and-a-half, shorting the hell out of it
late last year and then going long in the first half of this year. And
Chinese rebar futures don’t just have a great recent past. There’s a
great future in
"Oil Stockpiles Plunge as Storm Cuts Imports, Prices Rally"
October futures $47.53 up $2.03 after trading as high as $47.58. It's too early to short but we're very close again.
From MoneyBeat:
U.S. crude stocks fell by a whopping 14.5 million barrels last week,
the EIA says, the biggest drop since January 1999 and the second-biggest
decline on record in weekly data going back to late 1982.
Analysts cautioned, though, that this is more likely to be a
From MoneyBeat:
U.S. crude stocks fell by a whopping 14.5 million barrels last week,
the EIA says, the biggest drop since January 1999 and the second-biggest
decline on record in weekly data going back to late 1982.
Analysts cautioned, though, that this is more likely to be a
Professor Damodaran: "Keystone Kop Valuations: Lazard, Evercore and the TSLA/SCTY Deal" (TSLA)
Tesla is under $200.00 again, $197.30 down $4.41 (-2.19%).
SolarCity is currently trading at a discount to the implied merger price indicating some suspicion the deal won't close.
Tesla just raised $300 mil from Deutsche to fund their leasing program. They need to raise 20 times that amount to pull off what they are trying to accomplish.
See this morning's Bloomberg Gadfly "That SolarCity Spread
SolarCity is currently trading at a discount to the implied merger price indicating some suspicion the deal won't close.
Tesla just raised $300 mil from Deutsche to fund their leasing program. They need to raise 20 times that amount to pull off what they are trying to accomplish.
See this morning's Bloomberg Gadfly "That SolarCity Spread
Fintech: "Blockchain's Numbers Don't Add Up"
The developers have to somehow get out of the 'solution in search of a problem' mentality but trying to change human nature is much more difficult than writing code.
From Bloomberg Gadfly:
It has big ambitions to revolutionize finance. But those aren't matched
by its funding or manpower. The blockchain industry is either hugely
under-resourced or hugely over-optimistic. Probably both.
From Bloomberg Gadfly:
It has big ambitions to revolutionize finance. But those aren't matched
by its funding or manpower. The blockchain industry is either hugely
under-resourced or hugely over-optimistic. Probably both.
GMO's Jeremy Grantham: Buy Natural-Resource Stocks
We think he's right but premature.
Mr. Grantham has a habit of being early and because of this his performance record suffers, see:
Feb. 2010
"Grantham’s ‘Horrifically Early’ Calls Challenge GMO"
March 2014
How Good Is Jeremy Grantham's Forecasting Record?
July 2016
Grantham Mayo Van Otterloo's Mean Reversion Strategy Is Tested In Today's Market
One specific call that exemplifies this is a
Mr. Grantham has a habit of being early and because of this his performance record suffers, see:
Feb. 2010
"Grantham’s ‘Horrifically Early’ Calls Challenge GMO"
March 2014
How Good Is Jeremy Grantham's Forecasting Record?
July 2016
Grantham Mayo Van Otterloo's Mean Reversion Strategy Is Tested In Today's Market
One specific call that exemplifies this is a
So, Will Elon Musk's “Neural Lace” Brain Implant Help Us Compete with AI?
Following up on last week's "Elon Musk Is Making Progress On His Neural Lace Brain Hack To Defeat AI And Prevent the Takeover Of the Human Mind".
From Nautil.us:
Solar-powered self-driving cars,
reusable space ships, Hyperloop transportation, a mission to colonize
Mars: Elon Musk is hell-bent on turning these once-far-fetched fantasies
into reality. But none of these technologies has made
From Nautil.us:
Solar-powered self-driving cars,
reusable space ships, Hyperloop transportation, a mission to colonize
Mars: Elon Musk is hell-bent on turning these once-far-fetched fantasies
into reality. But none of these technologies has made
DR Congo’s State Mining Company Submitted An Offer to Buy Freeport McMoRan's Stake In Tenke Fungurume Copper, Cobalt Mine (FCX; LUN.to)
From Reuters:
The Democratic
Republic of Congo's state mining company Gecamines said on Wednesday it
has submitted an offer to buy Freeport McMoRan Inc's majority stake in
the Tenke copper project.
Freeport agreed in May to sell its 56
percent stake in Tenke, one of the world's largest copper mines, to
China Molybdenum Co Ltd (CMOC) for $2.65 billion.
Toronto-based
Lundin Mining, which
The Democratic
Republic of Congo's state mining company Gecamines said on Wednesday it
has submitted an offer to buy Freeport McMoRan Inc's majority stake in
the Tenke copper project.
Freeport agreed in May to sell its 56
percent stake in Tenke, one of the world's largest copper mines, to
China Molybdenum Co Ltd (CMOC) for $2.65 billion.
Toronto-based
Lundin Mining, which
Wednesday, September 7, 2016
Words You Don't Want To See: Asteroid Edition
What the...?
From SpaceWeather:
ASTEROID FLYBY (UPDATED):
Newly discovered asteroid 2016 RB1 flew past Earth on Sept 7th,
only 25,000 miles above our planet's south pole. Because of the
asteroid's southern trajectory, it did not pass within the orbits of
any communication or weather satellites--but it was close.
Researchers say the space rock is 25 to 50 ft in diameter, or about
From SpaceWeather:
ASTEROID FLYBY (UPDATED):
Newly discovered asteroid 2016 RB1 flew past Earth on Sept 7th,
only 25,000 miles above our planet's south pole. Because of the
asteroid's southern trajectory, it did not pass within the orbits of
any communication or weather satellites--but it was close.
Researchers say the space rock is 25 to 50 ft in diameter, or about
Warren Buffet on Cockroaches
Via Alpha Ideas:
This was in reference to the 2014 sales of Berkshire's position in the British supermarket company Tesco.
It was not Warren's first use of the metaphor.
In 2007 (pre-collapse/conservatorship!) he was testifying in the government's case against Freddie Mac's CEO and asked why Berkshire had bailed on a long-held position in the stock. Buffet mentioned earnings smoothing as the
This was in reference to the 2014 sales of Berkshire's position in the British supermarket company Tesco.
It was not Warren's first use of the metaphor.
In 2007 (pre-collapse/conservatorship!) he was testifying in the government's case against Freddie Mac's CEO and asked why Berkshire had bailed on a long-held position in the stock. Buffet mentioned earnings smoothing as the
"What Warren Buffett Likes About Cash"
From Barron's Read This, Spike That:
Here’s a case for an inert asset. And what will self-driving cars mean for auto stocks?
If you’re like many investors, you view the cash portion of your investment portfolio as money to be quickly put to work.
By
that thinking, a large cash position in percentage terms is taken as a
sign that either you or your financial advisor has been asleep at the
Here’s a case for an inert asset. And what will self-driving cars mean for auto stocks?
If you’re like many investors, you view the cash portion of your investment portfolio as money to be quickly put to work.
By
that thinking, a large cash position in percentage terms is taken as a
sign that either you or your financial advisor has been asleep at the
"Tesla’s Dream of Battery Domination Has Major Competition" (TSLA)
From MIT's Technology Review:
A coming surge in global battery production will drive costs down, a key
factor in determining whether electric vehicles will take off.
If you build enough batteries, electric cars will come—or so the
thinking goes. Turns out, Tesla isn’t alone in this line of thought.
Tesla’s Gigafactory
is planned to churn out 35 gigawatt hours of cells every year by 2020.
A coming surge in global battery production will drive costs down, a key
factor in determining whether electric vehicles will take off.
If you build enough batteries, electric cars will come—or so the
thinking goes. Turns out, Tesla isn’t alone in this line of thought.
Tesla’s Gigafactory
is planned to churn out 35 gigawatt hours of cells every year by 2020.
Oil: Shell Lifts Force Majeure On Nigerian Exports
From Oilprice:
At least one source of Nigerian oil exports is set to come back online after Royal Dutch Shell lifted its force majeure on Bonny Light crude exports.
The
Nembe Creek Trunk Line was repaired and reopened, allowing Shell to
resume exports of its oil, nearly a month after declaring force majeure.
Nembe Creek is one of a handful of key pipelines that helps Nigeria
brings its oil
At least one source of Nigerian oil exports is set to come back online after Royal Dutch Shell lifted its force majeure on Bonny Light crude exports.
The
Nembe Creek Trunk Line was repaired and reopened, allowing Shell to
resume exports of its oil, nearly a month after declaring force majeure.
Nembe Creek is one of a handful of key pipelines that helps Nigeria
brings its oil
Société Générale's Albert Edwards Sees Opportunity, Broad Sunlit Uplands Ahead
From Barron's Stocks to Watch:
Albert Edwards: No Alternative to Stocks? Just Wait For the Next Bear Market
Societe Generale’s Albert Edwards is back, and the notorious perma-bear comes bearing warnings for investors who have bought into the notion that there is no alternative to stocks:
One thing we constantly hear from clients is that despite equities being very expensive,
they are the “
Albert Edwards: No Alternative to Stocks? Just Wait For the Next Bear Market
Societe Generale’s Albert Edwards is back, and the notorious perma-bear comes bearing warnings for investors who have bought into the notion that there is no alternative to stocks:
One thing we constantly hear from clients is that despite equities being very expensive,
they are the “
"How a Low VIX Can Remain an Expensive Hedge"
From EconompicData, September 6:
One of my favorite Twitter follows @LadyFOHF shared
the below scatter chart from Morgan Stanley that attempted to map areas
of the global market that were both cheap (valuation ranks at the lower
end of its 10-year history) and defensive (a low or negative
correlation to global equities).
One of the few trades listed as having both characteristics was
One of my favorite Twitter follows @LadyFOHF shared
the below scatter chart from Morgan Stanley that attempted to map areas
of the global market that were both cheap (valuation ranks at the lower
end of its 10-year history) and defensive (a low or negative
correlation to global equities).
One of the few trades listed as having both characteristics was
Commodities: "Pity the Tin Whale"
Is it Red Kite?
From Bloomberg Gadfly:
There's a player out there who's controlling the tin market, with
more than half of cash and next-day positions in the thinly traded
metal. If you believe they're about to make their fortune, think again.
The theory of market corners hasn't changed much since the Book of Genesis. The
patriarch Joseph interpreted a dream of the Egyptian pharaoh to
From Bloomberg Gadfly:
There's a player out there who's controlling the tin market, with
more than half of cash and next-day positions in the thinly traded
metal. If you believe they're about to make their fortune, think again.
The theory of market corners hasn't changed much since the Book of Genesis. The
patriarch Joseph interpreted a dream of the Egyptian pharaoh to
Shipping: "Crude Oil Freight Rates Plunge to Record Lows "
From Wolf Street:
Overcapacity meets broken promises of soaring demand.
The rates for shipping a tanker-load of crude oil by Very Large Crude
Carriers (VLCC) from Rotterdam, Europe’s largest port for the
throughput and storage of crude oil, to Singapore, the world’s largest
crude oil transshipment center, have dropped another $200,000 to $2.25
million, according to S&P Global Platts, the
Overcapacity meets broken promises of soaring demand.
The rates for shipping a tanker-load of crude oil by Very Large Crude
Carriers (VLCC) from Rotterdam, Europe’s largest port for the
throughput and storage of crude oil, to Singapore, the world’s largest
crude oil transshipment center, have dropped another $200,000 to $2.25
million, according to S&P Global Platts, the
Tuesday, September 6, 2016
Borodino: The Field on which Empires Clashed
From Russia Beyond the Headlines:
Borodino, where the Russian and French armies clashed on Sept. 7, 1812,
is known throughout the world through the incomparable description of
the battle in Leo Tolstoy’s War and Peace. In Russia, however, the
battlefield has achieved an almost spiritual significance, and has been
preserved as a national shrine.
The Battle of Borodino – known to the French
Borodino, where the Russian and French armies clashed on Sept. 7, 1812,
is known throughout the world through the incomparable description of
the battle in Leo Tolstoy’s War and Peace. In Russia, however, the
battlefield has achieved an almost spiritual significance, and has been
preserved as a national shrine.
The Battle of Borodino – known to the French
News You Can Use: "How to spot if society is DOOMED: Researchers reveal the signs that show civilization is set to collapse"
From the Daily Mail, August 31:
Researchers examined archaeological records of the European Neolithic
This revealed there were a number of early warning signs before collapse
They say the framework could help predict similar fate in modern society
It has been
seen all throughout human history – a bustling community experiences a
population boom and technological advancement until,
Researchers examined archaeological records of the European Neolithic
This revealed there were a number of early warning signs before collapse
They say the framework could help predict similar fate in modern society
It has been
seen all throughout human history – a bustling community experiences a
population boom and technological advancement until,
"...Superfluous Capital, Superfluous People"
Treasures of the link-vault.
From emptywheel, January 4, 2016:
In Part 2 of The Origins of Totalitarianism Arendt discusses the history of European Imperialism, primarily focused on England, France and Germany.
“Expansion is everything,” said Cecil Rhodes, and fell
into despair, for every night he saw overhead “these stars … these vast
worlds which we can never reach. I would annex the
From emptywheel, January 4, 2016:
In Part 2 of The Origins of Totalitarianism Arendt discusses the history of European Imperialism, primarily focused on England, France and Germany.
“Expansion is everything,” said Cecil Rhodes, and fell
into despair, for every night he saw overhead “these stars … these vast
worlds which we can never reach. I would annex the
Mile Markers: Bitcoin Exchanges
"New data disclosed to Reuters shows a third of
bitcoin trading platforms have been hacked, and nearly half have closed
in the half dozen years since they burst on the scene."
-Cyber threat grows for bitcoin exchanges, Reuters, Aug. 28
All I Asked Was "Is the Red Snapper Good Here?"
Wary, yet curious, reader might be wondering "What are they going on about now?"
This:
You may recall that some years ago the very connected (Tiger Management founder Julian Robertson's Robertson Foundation, Geneva-based British billionaire Alan Parker's Oak Foundation, Bloomberg Philanthropies, Rockefeller Bros. et al) Oceana issued a report that huge amounts of seafood were not what they
This:
You may recall that some years ago the very connected (Tiger Management founder Julian Robertson's Robertson Foundation, Geneva-based British billionaire Alan Parker's Oak Foundation, Bloomberg Philanthropies, Rockefeller Bros. et al) Oceana issued a report that huge amounts of seafood were not what they
"Palantir Has Filed a Dramatic Lawsuit Against a Major Early Investor"
From Fortune:
These are some serious allegations.
Palantir, a secretive firm that supplies data analytics
to companies and governments, filed a dramatic lawsuit against one of
its early investors, claiming the investor stole confidential
information for his own use.
In a complaint filed last week in California state court, Palantir
alleges Marc Abramowitz betrayed the company by asking
These are some serious allegations.
Palantir, a secretive firm that supplies data analytics
to companies and governments, filed a dramatic lawsuit against one of
its early investors, claiming the investor stole confidential
information for his own use.
In a complaint filed last week in California state court, Palantir
alleges Marc Abramowitz betrayed the company by asking
Vanity Fair Exclusive: "How Elizabeth Holmes’s House of Cards Came Tumbling Down"
For folks who have been following the story the last fifteen months there is actually quite a bit that's new in this piece and as far as I know this is the first time it's all been pulled together in one place,
From Vanity Fair:
In a searing investigation into the once lauded biotech start-up
Theranos, Nick Bilton discovers that its precocious founder defied
medical experts—even her own chief
From Vanity Fair:
In a searing investigation into the once lauded biotech start-up
Theranos, Nick Bilton discovers that its precocious founder defied
medical experts—even her own chief
Okay Rainmakers, Here's Your Prospect List: ArtNews' Top 200 Collectors 2016
From ArtNews:
Shelley Fox Aarons and Philip E. Aarons
New York
Real estate
Contemporary art
Roman Abramovich and Dasha Zhukova
Moscow
Steel, mining, investments, and professional soccer (Chelsea Football Club); philanthropy
Modern and contemporary art
Haryanto Adikoesoemo
Jakarta, Indonesia
Shelley Fox Aarons and Philip E. Aarons
New York
Real estate
Contemporary art
Roman Abramovich and Dasha Zhukova
Moscow
Steel, mining, investments, and professional soccer (Chelsea Football Club); philanthropy
Modern and contemporary art
Haryanto Adikoesoemo
Jakarta, Indonesia
SpaceX Isn't Disclosing Its Insuance Coverage For Recent "Unintentional Ignition"
The best guess is the insurance policies refer to unintentional ignition while SpaceX itself called what happened "an anomaly".
Mr. Musk described the event as a 'fast fire' not an explosion.
Following up on last week's "A Bad Day For Elon Musk and His Insurers (TSLA; SCTY)" wherein it was pointed out that the launch insurance would not kick in and it would probably fall to a marine cargo
Mr. Musk described the event as a 'fast fire' not an explosion.
Following up on last week's "A Bad Day For Elon Musk and His Insurers (TSLA; SCTY)" wherein it was pointed out that the launch insurance would not kick in and it would probably fall to a marine cargo
"Dollar Heavy in Quiet Markets"
From Marc to Market:
The US dollar is trading heavily against
most of the major and emerging market currencies. However, the losses are modest, and the greenback remains within recent
ranges. The Antipodean and Scandi bloc currencies are performing best.
The Reserve
Bank of Australia is the first of four central banks from high income countries
that meet this week. It left the cash rate
The US dollar is trading heavily against
most of the major and emerging market currencies. However, the losses are modest, and the greenback remains within recent
ranges. The Antipodean and Scandi bloc currencies are performing best.
The Reserve
Bank of Australia is the first of four central banks from high income countries
that meet this week. It left the cash rate
Monday, September 5, 2016
80-Room Medieval Italian Castle To Be Sold for First Time in its History
I'm a bit late in getting to this but if you are in the market for a castle there is still some time to make it happen.
Easy access to both Austria and Switzerland as well as all of Northern Italy.
From Medievalists.net:
Castel Valer, a lavishly decorated medieval castle in northern Italy,
which has been owned by the same family who obtained the estate in the
fourteenth century, is set to be
Easy access to both Austria and Switzerland as well as all of Northern Italy.
From Medievalists.net:
Castel Valer, a lavishly decorated medieval castle in northern Italy,
which has been owned by the same family who obtained the estate in the
fourteenth century, is set to be
"Hanjin Shipping Rebounds As Creditors Talk Of Funding Support Again"
From Barron's Asia Stocks to Watch:
As Hanjin Shipping (117930.Korea) tries to prevent its ships, which reportedly carry $14.5 billion worth of cargoes, from being seized at ports around the world, the Korean container shipper’s creditors are talking about a funding rescue again.
Reuters reported the government-backed creditors are
ready to provide Hanjin Shipping with about $90 million of
As Hanjin Shipping (117930.Korea) tries to prevent its ships, which reportedly carry $14.5 billion worth of cargoes, from being seized at ports around the world, the Korean container shipper’s creditors are talking about a funding rescue again.
Reuters reported the government-backed creditors are
ready to provide Hanjin Shipping with about $90 million of
"'No Limit to Monetary Easing' Says Bank of Japan"
From Mish's Global Economic Trend Analysis:
Economists debate limits of monetary easing, especially negative
interest rates that prompt savers and even banks in Germany to stockpile
cash in safes and bank vault. Bank of Japan chief Haruhiko Kuroda sees
things differently.
Please consider Bank of Japan Vows to Keep Easing Monetary Policy.
Haruhiko Kuroda has vowed to keep easing
Economists debate limits of monetary easing, especially negative
interest rates that prompt savers and even banks in Germany to stockpile
cash in safes and bank vault. Bank of Japan chief Haruhiko Kuroda sees
things differently.
Please consider Bank of Japan Vows to Keep Easing Monetary Policy.
Haruhiko Kuroda has vowed to keep easing
"Hollywood offers Daniel Craig $150m to (slash wrists) play James Bond"
This is getting to be real money:
From El Reg the Register:
El Reg offers readers chance to perform positive vetting on 00 section’s next recruit
Actor Daniel Craig has reportedly been offered a cool $150m to play
James Bond for another two films, such is the uncertainty surrounding
the suitability of his potential replacements.
Craig famously said he’d rather "slash his
From El Reg the Register:
El Reg offers readers chance to perform positive vetting on 00 section’s next recruit
Actor Daniel Craig has reportedly been offered a cool $150m to play
James Bond for another two films, such is the uncertainty surrounding
the suitability of his potential replacements.
Craig famously said he’d rather "slash his
“Asskicker” Coffee Contains 80 Times More Caffeine Than Regular Brew, Comes with a Health Warning
People are strange.
From Oddity Central:
Viscous Coffee, a café in Adelaide, Australia, sells a cup of
super-coffee that contains five grams of caffeine – 80 times more than a
normal cup of java and half the dose considered to be lethal. Called
the “Asskicker”, the strong beverage comes with a health warning for
people with heart problems and blood pressure issues.
A cup of espresso has
From Oddity Central:
Viscous Coffee, a café in Adelaide, Australia, sells a cup of
super-coffee that contains five grams of caffeine – 80 times more than a
normal cup of java and half the dose considered to be lethal. Called
the “Asskicker”, the strong beverage comes with a health warning for
people with heart problems and blood pressure issues.
A cup of espresso has
Ahead of This Week's ECB Meeting: "What will it take for the European Central Bank to buy stocks?"
That's one of the questions Dan McCrum asked at the FT yesterday:
What will central banks buy next? Big questions for markets this week
The
ECB governing council meets next week for the first time since June
with the data since suggesting little change in the direction of the EU
economy. So it would be a surprise to many if there was an announcement
of fresh monetary easing, such as cutting
What will central banks buy next? Big questions for markets this week
The
ECB governing council meets next week for the first time since June
with the data since suggesting little change in the direction of the EU
economy. So it would be a surprise to many if there was an announcement
of fresh monetary easing, such as cutting
Blame Rhino Killings On Speculators
Rhino horn “is really not a good investment,” said Gao.
From Strange Behaviors:
The War on Rhinos? It’s an Investment Bubble
Carved rhino horn offered at a 2011 Christie’s auction in Hong Kong (Photo: Xinhua/Song Zhenping)
Since the start of the current war on rhinos, in 2006, journalists
and wildlife trafficking experts alike have treated the trade as a
product of Asia’s new-found
When A Company Issues A Press Release At 11:40 P.M., It's Usually Not Good News (Rocket Internet: RKET)
The company priced its IPO at 42.50 euros on October 1, 2014.
€17.54 last.
From FT Alphaville, Sept. 2:
Participants in this session were: Paul Murphy and Bryce Elder...
...PM So, finance wise
PM Rather than starting in the UK
PM Can we go directly to Germany
BE Oh, here we go.
PM Well…
PM Rocket
PM We were wondering why it was going up each day
PM And now it’s
€17.54 last.
From FT Alphaville, Sept. 2:
Participants in this session were: Paul Murphy and Bryce Elder...
...PM So, finance wise
PM Rather than starting in the UK
PM Can we go directly to Germany
BE Oh, here we go.
PM Well…
PM Rocket
PM We were wondering why it was going up each day
PM And now it’s
Sunday, September 4, 2016
"How scientists taught monkeys the concept of money. Not long after, the first prostitute monkey appeared"
From ZME Science, July 7, 2011:
You may have thought things like currency or money are concepts known solely by man – something which differentiates humans from animals. Some might have a sense of ownership, besides of course territory, but trading and the likes haven’t been observed in any other species besides homo sapiens. However, in 2005, an economist/psychologist duo from Yale managed to
You may have thought things like currency or money are concepts known solely by man – something which differentiates humans from animals. Some might have a sense of ownership, besides of course territory, but trading and the likes haven’t been observed in any other species besides homo sapiens. However, in 2005, an economist/psychologist duo from Yale managed to
"High Noon at the NYSE: Stutz vs. the Shorts"
I've referenced the Stutz story a couple times*, here's a longer version.
From Global Financial Data:
Until
1934 when the Securities and Exchange Commission outlawed rigging the
market, Wall Street was occasionally treated to a battle between shorts
and long that ended in a corner on the market. A stock is cornered when
shorts have sold more shares in a company than are in the outstanding
From Global Financial Data:
Until
1934 when the Securities and Exchange Commission outlawed rigging the
market, Wall Street was occasionally treated to a battle between shorts
and long that ended in a corner on the market. A stock is cornered when
shorts have sold more shares in a company than are in the outstanding
Saturday, September 3, 2016
The Farming Simulation Competition Is About to Heat Up
Can you feel the excitement?
From Motherboard:
Farming Simulator is a great game. On most nights, I’d
rather explore alien galaxies or fire a rocket launcher at someone’s
head, but there’s no denying the appeal and sense of accomplishment I
feel when I look back at a well-plowed field, especially if I plowed it
with my $300 specialty controller.
Call it “slow gaming,” which much like
From Motherboard:
Farming Simulator is a great game. On most nights, I’d
rather explore alien galaxies or fire a rocket launcher at someone’s
head, but there’s no denying the appeal and sense of accomplishment I
feel when I look back at a well-plowed field, especially if I plowed it
with my $300 specialty controller.
Call it “slow gaming,” which much like
IBM's Watson Is Now Making AI Movie Trailers
Not for the faint of heart.
From The Next Web:
Say what you will, but IBM Watson is one resourceful supercomputer. We’ve previously seen the AI describe the contents of photos, predict the most popular toys during Christmas season and gauge your emotional state – all of that with an exceptional accuracy.
Now IBM Watson has added yet another skill to its arsenal as it
just learned how to make
From The Next Web:
Say what you will, but IBM Watson is one resourceful supercomputer. We’ve previously seen the AI describe the contents of photos, predict the most popular toys during Christmas season and gauge your emotional state – all of that with an exceptional accuracy.
Now IBM Watson has added yet another skill to its arsenal as it
just learned how to make
Guy Documents His First Week at Target
And now for something completely different.
Via Refinery 29:
Photo: John Greim/Getty Images.
A guy known as kimpossibooty on Tumblr
posted a play-by-play of his first week working as a cashier at Target.
If you've ever worked a retail job in any capacity, you know it can be a
bit of a mixed bag. People can be rude and weird, but they can also be
kind and funny. An added
Via Refinery 29:
Photo: John Greim/Getty Images.
A guy known as kimpossibooty on Tumblr
posted a play-by-play of his first week working as a cashier at Target.
If you've ever worked a retail job in any capacity, you know it can be a
bit of a mixed bag. People can be rude and weird, but they can also be
kind and funny. An added
Google's Chief Economist Talks Intelligent Technology
From the IMF's Finance & Development magazine:
Finance & Development, September 2016, Vol. 53, No. 3
Hal Varian
PDF version
As digital applications encroach on various aspects of daily life, the impact on
the economy will help us live smarter and better
A computer now sits in the middle of virtually every economic
transaction in the developed world. Computing technology
Finance & Development, September 2016, Vol. 53, No. 3
Hal Varian
PDF version
As digital applications encroach on various aspects of daily life, the impact on
the economy will help us live smarter and better
A computer now sits in the middle of virtually every economic
transaction in the developed world. Computing technology
BlackRock: What Jackson Hole means for investors
From BlackRock's blog:
Even as talk of Fed “normalization" intensifies, financial markets are
looking less and less normal. We explain why this market environment
appears here to stay and what it means for investors.
Market watchers have spent much of the past week analyzing the
remarks from Federal Reserve (Fed) Chair Janet Yellen at the annual
late-summer economic policy symposium in
Even as talk of Fed “normalization" intensifies, financial markets are
looking less and less normal. We explain why this market environment
appears here to stay and what it means for investors.
Market watchers have spent much of the past week analyzing the
remarks from Federal Reserve (Fed) Chair Janet Yellen at the annual
late-summer economic policy symposium in
The Pebble Beach Concours ain’t just for browsing anymore: The rich are there to buy, buy, buy
Lifted in toto from LLNYC:
The Pebble Beach Concours d’Elegance in Carmel, California is
arguably one of the most important events for car collectors, attracting
those who love to get up close and personal with the most rare and
beautiful cars in the world.
But now, even contemporary automakers are joining the action, with
Aston Martin, Maserati, McLaren, Bugatti and Ferrari all setting
The Pebble Beach Concours d’Elegance in Carmel, California is
arguably one of the most important events for car collectors, attracting
those who love to get up close and personal with the most rare and
beautiful cars in the world.
But now, even contemporary automakers are joining the action, with
Aston Martin, Maserati, McLaren, Bugatti and Ferrari all setting
Friday, September 2, 2016
Elon Musk Is Making Progress On His Neural Lace Brain Hack To Defeat AI And Prevent the Takeover Of the Human Mind
In other news...
Kidding.
Here's the story at Inverse, Aug. 30:
Elon Musk is "Making Progress" on a neural lace brain hack
On Saturday, Elon Musk announced on Twitter that he is “making
progress” on his neural lace design, which is designed to augment human
intelligence and thereby avoid the inevitable takeover when A.I.s become
smarter than us.
He may have “something to announce in a few
Kidding.
Here's the story at Inverse, Aug. 30:
Elon Musk is "Making Progress" on a neural lace brain hack
On Saturday, Elon Musk announced on Twitter that he is “making
progress” on his neural lace design, which is designed to augment human
intelligence and thereby avoid the inevitable takeover when A.I.s become
smarter than us.
He may have “something to announce in a few
Tesla Motors: Nothing to See Here (TSLA; SCTY)
The stock has broken $200 to the downside, $197.59 down $3.18 (-1.58%) on a generally up day.
A couple things to think about from Barron's Stocks to Watch:
How Tesla is Like 1970s New York City
The Institutional View’s Andrew Addison compares Tesla Motors (TSLA) to New York City in the 1970s, not a good thing:
Tesla has undergone a change in its trading pattern. Until recently, each time that
A couple things to think about from Barron's Stocks to Watch:
How Tesla is Like 1970s New York City
The Institutional View’s Andrew Addison compares Tesla Motors (TSLA) to New York City in the 1970s, not a good thing:
Tesla has undergone a change in its trading pattern. Until recently, each time that
Lagarde: "We Need Forceful Policies to Avoid the Low-Growth Trap"
I'm starting to suspect that central banks, the IMF, the World bank et al either don't know what they're doing or they know exactly what the end game is.
From the International Monetary Fund's iMFdirect blog:
Posted on September 1, 2016 by iMFdirect
By Christine Lagarde
Versions in: عربي (Arabic), 中文 (Chinese), Français (French), 日本語 (Japanese), Русский (Russian), and Español (Spanish)
From the International Monetary Fund's iMFdirect blog:
Posted on September 1, 2016 by iMFdirect
By Christine Lagarde
Versions in: عربي (Arabic), 中文 (Chinese), Français (French), 日本語 (Japanese), Русский (Russian), and Español (Spanish)
"Economists React to the August Jobs Report: ‘Hiring Fell Back to Earth’"
From Real Time Economics:
How economists and analysts reacted to slower hiring and steady unemployment in August
U.S. employers slowed their hiring in August,
with nonfarm payrolls rising by a seasonally adjusted 151,000 following
gains of 275,000 in July and 271,000 in June, according to the Labor Department.
The unemployment rate last month was steady at 4.9%. Here’s how
economists and
How economists and analysts reacted to slower hiring and steady unemployment in August
U.S. employers slowed their hiring in August,
with nonfarm payrolls rising by a seasonally adjusted 151,000 following
gains of 275,000 in July and 271,000 in June, according to the Labor Department.
The unemployment rate last month was steady at 4.9%. Here’s how
economists and
Natural Gas: EIA Weekly Supply/Demand Report
With so much of current supply coming from land-based supply hurricanes just don't have the dramatic price effect they used to,
From the Energy Information Administration:
In the News:
Hurricane activity drives declines in Gulf of Mexico natural gas production
The potential for hurricanes in the Gulf of Mexico led to evacuations
of personnel from offshore platforms
From the Energy Information Administration:
In the News:
Hurricane activity drives declines in Gulf of Mexico natural gas production
The potential for hurricanes in the Gulf of Mexico led to evacuations
of personnel from offshore platforms
Ahead of the G20 Meeting--Attention Journalists: "How to write about pointless international organisations"
Gideon Rachman at the Financial Times, July 8, 2008:
Some readers may wonder why I chose to write my column this week
about the International Criminal Court, rather than the obvious subject –
the G8 meeting in Japan.
The reason is that I had a thoroughly discouraging lunch with my colleague, Alan Beattie.
When I mentioned that I might write about the G8, he said – “Let me
guess, you will
Some readers may wonder why I chose to write my column this week
about the International Criminal Court, rather than the obvious subject –
the G8 meeting in Japan.
The reason is that I had a thoroughly discouraging lunch with my colleague, Alan Beattie.
When I mentioned that I might write about the G8, he said – “Let me
guess, you will
Société Générale's Albert Edwards Sees Blue Skies, Sunshine, the Lame Shall Walk Again
Of course it's possible I have misinterpreted the meaning of:
"the US economy is on crutches, and they are about to be kicked away"
From ZeroHedge:
One month ago, when the first Q2 GDP estimate was released, we reported that if one strips away the consumer part of the economy, the US was already in a recession.
Overnight, In his latest letter SocGen's Albert Edwards picks up on
this topic
"the US economy is on crutches, and they are about to be kicked away"
From ZeroHedge:
One month ago, when the first Q2 GDP estimate was released, we reported that if one strips away the consumer part of the economy, the US was already in a recession.
Overnight, In his latest letter SocGen's Albert Edwards picks up on
this topic
US Jobs Data--Higher Anxiety...
...Thank You Mr. Fischer.
From Marc to Market:
The US dollar is little changed ahead of the job report. Our
near-term bias is for a lower dollar. Sterling is flat and is holding on
to about a 1% gain this week. The Japanese yen is about a 0.3% lower and
is off 1.7% this week. The euro was coming into today for the week.
The South Korean won is the strongest among emerging markets,
From Marc to Market:
The US dollar is little changed ahead of the job report. Our
near-term bias is for a lower dollar. Sterling is flat and is holding on
to about a 1% gain this week. The Japanese yen is about a 0.3% lower and
is off 1.7% this week. The euro was coming into today for the week.
The South Korean won is the strongest among emerging markets,
Thursday, September 1, 2016
The Bank Of England On the Prisoners Dilemma of Asset Management
From the BofE's Bank Underground blog:
When asset managers go MAD
Thomas Belsham.
What do the Cold War powers of the United States and the USSR have in common with modern day asset managers? The capacity for mutually assured destruction.
During the 1950s game theorists described a model of strategic
interaction to demonstrate how it might be that two nations would choose
to annihilate
When asset managers go MAD
Thomas Belsham.
What do the Cold War powers of the United States and the USSR have in common with modern day asset managers? The capacity for mutually assured destruction.
During the 1950s game theorists described a model of strategic
interaction to demonstrate how it might be that two nations would choose
to annihilate
A Bad Day For Elon Musk and His Insurers (TSLA; SCTY)
Well, not just his insurers.
Re: the explosion, we don't yet know who is on the hook for what is being estimated at a $200-300 million loss but these things are syndicated so no one is looking at a company-wrecker except maybe SpaceCom who was expecting to start cranking some revenue out of the satellite and maybe get acquired by the Chinese.
Back to the insurance question, in the past SpaceX
Re: the explosion, we don't yet know who is on the hook for what is being estimated at a $200-300 million loss but these things are syndicated so no one is looking at a company-wrecker except maybe SpaceCom who was expecting to start cranking some revenue out of the satellite and maybe get acquired by the Chinese.
Back to the insurance question, in the past SpaceX
Rumors Of Daily Fantasy Sports' Demise Premature: DraftKings Raises Another $153 Million
Following up on last Saturday's "The Inside Story of the Quick Rise and Quicker Fall of DraftKings and FanDuel" .
From Fortune:
Exclusive: DraftKings Raises Giant New Funding Round
Fantasy sports site gets capital boost, just before the new NFL season kicks off.
DraftKings, the controversial daily fantasy sports site, has raised $153 million in new venture capital funding, Fortune has learned
From Fortune:
Exclusive: DraftKings Raises Giant New Funding Round
Fantasy sports site gets capital boost, just before the new NFL season kicks off.
DraftKings, the controversial daily fantasy sports site, has raised $153 million in new venture capital funding, Fortune has learned
Hurricane Watch: "Intensifying Tropical Storm Hermine Beginning to Close Off an Eye"
You may remember it as 99L from such hit posts as Aug. 23's "Hurricane Watch: Mid-Atlantic Structure Has Development Potential" or Aug 29's "Hurricane Watch: 'Invest 99L Finally Develops Into Tropical Depression 9 in the Florida Straits'. It's been a long time a-brewin'.
From Wunderblog:
Tropical Storm Hermine
is gathering strength as it steams north-northeastwards at 14 mph
towards the
From Wunderblog:
Tropical Storm Hermine
is gathering strength as it steams north-northeastwards at 14 mph
towards the
"A Yale professor says Dow Chemical shares show 'pretty clear evidence of manipulation'" (DOW; BRK)
$53.93 up 29 cents.
From MoneyBeat:
Dow Chemical’s 1-in-1000 Stock Action Works in Warren Buffett’s Favor
Dow Chemical shares are showing clear signs of tinkering, according to an analysis by a Yale University professor.
The shares come within cents of an important threshold–$53.72–pretty
often. But they’ve closed above that level so rarely that there’s less
than a one-in-a-thousand
From MoneyBeat:
Dow Chemical’s 1-in-1000 Stock Action Works in Warren Buffett’s Favor
Dow Chemical shares are showing clear signs of tinkering, according to an analysis by a Yale University professor.
The shares come within cents of an important threshold–$53.72–pretty
often. But they’ve closed above that level so rarely that there’s less
than a one-in-a-thousand
China Just Can't Stop Producing Stuff
From FT Alphaville:
Sorry, but Chinese supply-side reforms may not actually have any impact on output or prices
You may remember that China is now apparently focused on so-called ‘supply-side’ reforms, a hodgepodge of market-orientated reforms focused on over-capacity and now handily grouped under one term.
You may also remember as part of that China said in April
that it “will reduce the
Sorry, but Chinese supply-side reforms may not actually have any impact on output or prices
You may remember that China is now apparently focused on so-called ‘supply-side’ reforms, a hodgepodge of market-orientated reforms focused on over-capacity and now handily grouped under one term.
You may also remember as part of that China said in April
that it “will reduce the
Ag Futures: Upticks All Around And Whiskey For My Mates
Maybe that's just the ergot talking but something feels different this morning.
Last
Chg
Corn
318-2+2-6
Soybeans
946-2+3-2
Wheat
394-0+5-6
Cocoa
2915+17
Coffee
149.05+2.00
Cotton #2
66.38+0.80
Sugar #11
20.08+0.02
From Agrimoney:
AM markets: should ag investors grab the 'falling knife'?
Will a new month bring a change of heart in grain markets?
Trading house Ecom (actually
Last
Chg
Corn
318-2+2-6
Soybeans
946-2+3-2
Wheat
394-0+5-6
Cocoa
2915+17
Coffee
149.05+2.00
Cotton #2
66.38+0.80
Sugar #11
20.08+0.02
From Agrimoney:
AM markets: should ag investors grab the 'falling knife'?
Will a new month bring a change of heart in grain markets?
Trading house Ecom (actually
"Elon Musk Faces Cash Squeeze at Tesla, SolarCity" (TSLA; SCTY)
Following up on Monday's "Devonshire Research Group's Short Tesla Thesis, Part II (TSLA)".
Wednesday's close $212.01.
From the Wall Street Journal:
Two pillars of the
entrepreneur’s empire are facing financial crunches as he seeks to
combine the two companies through a controversial acquisition
Two pillars of Elon Musk’s
empire are facing financial crunches as the entrepreneur seeks to
Wednesday's close $212.01.
From the Wall Street Journal:
Two pillars of the
entrepreneur’s empire are facing financial crunches as he seeks to
combine the two companies through a controversial acquisition
Two pillars of Elon Musk’s
empire are facing financial crunches as the entrepreneur seeks to
Wednesday, August 31, 2016
The BIS on Eurodollars and Derivatives: Where Leverage Lives
From Bloomberg:
This Is How Leverage in the Financial System Lives On
Rumors of leverage's death have been greatly exaggerated.
In
the aftermath of the 2008 financial crisis an abundance of leverage
— borrowed money used to amplify returns — was blamed for exacerbating
losses on subprime mortgages and contaminating the banking system
with catastrophic results. Since then a host of new
This Is How Leverage in the Financial System Lives On
Rumors of leverage's death have been greatly exaggerated.
In
the aftermath of the 2008 financial crisis an abundance of leverage
— borrowed money used to amplify returns — was blamed for exacerbating
losses on subprime mortgages and contaminating the banking system
with catastrophic results. Since then a host of new
Questions America Wants Answered: "Why Is Gold Not At $2,000/oz Yet?"
One scenario the analysts don't address is the possibility the decline that began in 2011 has not yet bottomed and we go lower than the $1047 December 2015 prints. That said, there is a lot of congestion around $1250 where shiny traded from February through June this year.
December futures $1311.50 down five bucks.
From Barron's Asia Stocks to Watch:
Gold came out of its slump this year,
December futures $1311.50 down five bucks.
From Barron's Asia Stocks to Watch:
Gold came out of its slump this year,
How Tech Sees Itself Versus Reality
From Mattermark's blog:
Editor’s Morning Note: If you peel back the clouds surrounding Spin Mountain, there is much in tech left to be undesired.
Stock image of Spin Mountain, taken in 1843 on a proto-iPhone.
While writing something short about the IPO market yesterday, I ran across an image that caught my eye. This, I thought, must be how venture capitalists imagine themselves.
Editor’s Morning Note: If you peel back the clouds surrounding Spin Mountain, there is much in tech left to be undesired.
Stock image of Spin Mountain, taken in 1843 on a proto-iPhone.
While writing something short about the IPO market yesterday, I ran across an image that caught my eye. This, I thought, must be how venture capitalists imagine themselves.
Crude Tumbles After Big Crude, Distillates Build
Front (Oct.) futures $44.98, down $1.37. Here's the last two week's price action:
FinViz
From ZeroHedge:
Having extended yesterday's losses on the back of API's unexpectedly large distillates inventory build,
DOE data confirmed an even bigger crude inventory build (+2.276mm vs
~1.3mm build exp.), which contrary to seasonal patterns was the second
build in a row, and 5 builds in the past
FinViz
From ZeroHedge:
Having extended yesterday's losses on the back of API's unexpectedly large distillates inventory build,
DOE data confirmed an even bigger crude inventory build (+2.276mm vs
~1.3mm build exp.), which contrary to seasonal patterns was the second
build in a row, and 5 builds in the past
The CIA’s Venture-Capital Firm, Like Its Sponsor, Operates in the Shadows
This is a pretty good look at the spook shop vehicle.
As a side note, back in the early years of this century, especially immediately after the mass murders of 9/11, it was thought that investing alongside In-Q-Tel was the cool thing to do.
It took a while for the realization to sink in that they weren't necessarily in it for the money return to the VC's.
From the Wall Street Journal:
In-Q-Tel
As a side note, back in the early years of this century, especially immediately after the mass murders of 9/11, it was thought that investing alongside In-Q-Tel was the cool thing to do.
It took a while for the realization to sink in that they weren't necessarily in it for the money return to the VC's.
From the Wall Street Journal:
In-Q-Tel
Alphaville Talks The Decline Of High End Swiss Watches, Savonarola Swings By
From FT Alphaville:
A bonfire of the Swiss watches
Ever since the Chinese government cracked down on “gift giving” as
part of its anti-corruption campaign, Swiss watch exports have taking a
beating.
Here’s the trend, courtesy of a UBS European luxury note out Wednesday:
As the analysts note, that slump follows a more than 100 per cent rise in the value of Swiss watch exports over 2010
A bonfire of the Swiss watches
Ever since the Chinese government cracked down on “gift giving” as
part of its anti-corruption campaign, Swiss watch exports have taking a
beating.
Here’s the trend, courtesy of a UBS European luxury note out Wednesday:
As the analysts note, that slump follows a more than 100 per cent rise in the value of Swiss watch exports over 2010
Brexit's Effect On Bacon Prices
The first rule of bacon ecology: everything is connected.
From Quartz:
A Chinese buying spree is jacking up the price of British bacon—and it’s all thanks to Brexit
Britons are learning the hard way that actions
have consequences—and those consequences are jeopardizing their beloved
relationship to bacon.
Two realities of post-Brexit Britain are taking a
toll on the price of British
From Quartz:
A Chinese buying spree is jacking up the price of British bacon—and it’s all thanks to Brexit
Britons are learning the hard way that actions
have consequences—and those consequences are jeopardizing their beloved
relationship to bacon.
Two realities of post-Brexit Britain are taking a
toll on the price of British
Evans-Pritchard: ...the central pillar of global order is in danger of collapse...
I truncated the original headline because it seemed too narrowly focused.
From the Telegraph, Aug. 30:
Trade wars: Why the central pillar of global order is in danger of collapse as TTIP disintegrates
The Transatlantic pact intended
to unite Europe and North America in a vast free trade zone is close to
collapse after France called for a complete suspension of talks,
accusing the US of
From the Telegraph, Aug. 30:
Trade wars: Why the central pillar of global order is in danger of collapse as TTIP disintegrates
The Transatlantic pact intended
to unite Europe and North America in a vast free trade zone is close to
collapse after France called for a complete suspension of talks,
accusing the US of
Ag Futures: Today the Bears Switch the Brunt of Selling Onto Soybeans, Cotton
Last
Chg
Corn
315-4-0-2
Soybeans
944-0-6-6
Wheat
392-4+0-2
From Agrimoney:
Soybeans seem to have taken over as the price target for ag market bulls.
Not even a $1.8bn
purchase order of the oilseed could prevent November soybean futures falling in
early deals in Chicago, coming close to a four-month low.
A delegation of
Chinese soybean buyers overnight signed agreements to
Tuesday, August 30, 2016
Yield Search: Park Your Money In Parking Lots
What hath Fed wrought.
I know the business can be profitable. In New York/New Jersey the Gottesman clan has parlayed their parking lot biz into four or five billion and in Britain Donald Gosling scored a knighthood and lends his yacht to the Queen (no freebie for Charles however, we noted in 2008 that Sir Donald charged HRH for a charter)
Still however, it is not the easiest business to be
I know the business can be profitable. In New York/New Jersey the Gottesman clan has parlayed their parking lot biz into four or five billion and in Britain Donald Gosling scored a knighthood and lends his yacht to the Queen (no freebie for Charles however, we noted in 2008 that Sir Donald charged HRH for a charter)
Still however, it is not the easiest business to be
"Twin Major Hurricanes Menace Hawaii; Little Change to Atlantic's TD 8 and TD 9"
Well this looks rather evil.
We don't do much with the Pacific hurricanes because we come to all this from the insurance/reinsurance angle but from time to time we try to point out extraordinary phenomena. Last year's Patricia with 200 mph winds being an example.
Here's another.
From Wunderblog:
Powerful Hurricane Madeline
continues edging toward Hawaii’s Big Island, where a Hurricane Watch
We don't do much with the Pacific hurricanes because we come to all this from the insurance/reinsurance angle but from time to time we try to point out extraordinary phenomena. Last year's Patricia with 200 mph winds being an example.
Here's another.
From Wunderblog:
Powerful Hurricane Madeline
continues edging toward Hawaii’s Big Island, where a Hurricane Watch
"Oil Tumbles As Market Questions Whether An OPEC Production Freeze Is Even Remotely Possible?"
Front month October futures $46.53 down 0.45 after trading up to $47.49.
From ZeroHedge:
Oil prices enjoyed a bump last week, thanks in part to a weakened dollar and some geopolitical tensions in the Persian Gulf. But a large factor in the recent rally has been the return of a possible OPEC production freeze, a subject that was last tossed around before the organization’s much-publicized, and
Vladimir Putin Arrested In Florida
From CBS12, West Palm Beach:
Vladimir Putin arrested at Publix
Vladimir Putin is facing trespassing charges.
Vladimir Putin is facing trespassing and resist/obstruction charges for screaming at employees at Publix. Image Courtesy: PBSO.
Not Vladimir Putin, the President of Russia. But Vladimir Putin of West Palm Beach.
Police responded to a Publix supermarket in downtown West Palm
Vladimir Putin arrested at Publix
Vladimir Putin is facing trespassing charges.
Vladimir Putin is facing trespassing and resist/obstruction charges for screaming at employees at Publix. Image Courtesy: PBSO.
Not Vladimir Putin, the President of Russia. But Vladimir Putin of West Palm Beach.
Police responded to a Publix supermarket in downtown West Palm
Central Banks: "Natural Rates and Terminal Fed Funds"
From Marc to Market:
The market recognizes that the indication by the FOMC at the end of last year that four rates hikes in 2016 may be appropriate was far from the mark. At the same time, investors are coming around to the prospects that the Fed is not one and done either.
A key issue for investors and policymakers is what is the terminal rate for Fed funds. This terminal rate is what
Agriculture: "Grain markets' lurch lower catches hedge funds off guard"
Last
Chg
Corn
320-4-0-2
Soybeans
962-4-1-6
Wheat
399-4+2-4
From Agrimoney:
The extent of the latest lurch lower in grain prices appears
to have taken by surprise even hedge funds, which had cut their bearish bets on
the complex – raising questions over whether fresh selling lies in wait.
Managed money, a proxy for speculators, raised its net long
position in futures and options in
Reinsurance: “Steep Decline” in Operating Results in H1 2016--Fitch
From Artemis:
Reinsurance company operating results suffered a “steep decline” in the
first-half of 2016, according to Fitch Ratings, as return on average
common equity (ROAE) plummeted by 36% compared to the same period in the
prior year.
Reinsurers remain under pressure and, as ever at this time of year
with the key industry meetings of the Monte Carlo Reinsurance Rendezvous
and
Reinsurance company operating results suffered a “steep decline” in the
first-half of 2016, according to Fitch Ratings, as return on average
common equity (ROAE) plummeted by 36% compared to the same period in the
prior year.
Reinsurers remain under pressure and, as ever at this time of year
with the key industry meetings of the Monte Carlo Reinsurance Rendezvous
and
Oil: Norway's Statoil Expects 'Loads of' M&A Deals Coming Up, Strategy Chief Says
From Reuters:
John Knight, Statoil's (STL.OL)
executive vice-president for global strategy and business development,
told Reuters on the sidelines of the ONS oil conference in Stavanger,
Norway on Monday:
** "Absolutely, I think there are loads of deals out there," he said when asked whether he expects more deals coming up
**
Says: "If you look at the acquisition and divestment markets
John Knight, Statoil's (STL.OL)
executive vice-president for global strategy and business development,
told Reuters on the sidelines of the ONS oil conference in Stavanger,
Norway on Monday:
** "Absolutely, I think there are loads of deals out there," he said when asked whether he expects more deals coming up
**
Says: "If you look at the acquisition and divestment markets
Monday, August 29, 2016
Why We Still Don't Have Better Batteries
We've had a lot of posts on batteries over the years, here's the Google search of the blog:
site:climateerinvest.blogspot.com batteries
It got to the point there were so many 'breakthroughs' that didn't pan out that we stopped posting on them rather than waste our reader's time.
From MIT's Technology Review:
Startups with novel chemistries tend to falter before they reach full production.
site:climateerinvest.blogspot.com batteries
It got to the point there were so many 'breakthroughs' that didn't pan out that we stopped posting on them rather than waste our reader's time.
From MIT's Technology Review:
Startups with novel chemistries tend to falter before they reach full production.
Devonshire Research Group's Short Tesla Thesis, Part II (TSLA)
How can you not love it?
(See disclaimer at bottom)
The stock is at $216.56 down $3.43 on a generally up day for equities.
From Devonshire Research Group, LLC, May 2016:
Notice of investment interests
As of the publication date of this report, the Devonshire Research Group LLC has a net
short position in the stock, put options, bonds, and credit swaps of Tesla Motors, Inc.
(“TSLA” or “Tesla”
(See disclaimer at bottom)
The stock is at $216.56 down $3.43 on a generally up day for equities.
From Devonshire Research Group, LLC, May 2016:
Notice of investment interests
As of the publication date of this report, the Devonshire Research Group LLC has a net
short position in the stock, put options, bonds, and credit swaps of Tesla Motors, Inc.
(“TSLA” or “Tesla”
"How Should We Read Investor Letters?"
From the New Yorker:
Cover Letter
The New Yorker
by John Lanchester
11:00 pm
Considering the correspondence between C.E.O.s and shareholders as a literary genre.
In 1926, Benjamin Graham, a professional investor in his
early thirties, was working in the Washington, D.C., record room of the
Interstate Commerce Commission when
Cover Letter
The New Yorker
by John Lanchester
11:00 pm
Considering the correspondence between C.E.O.s and shareholders as a literary genre.
In 1926, Benjamin Graham, a professional investor in his
early thirties, was working in the Washington, D.C., record room of the
Interstate Commerce Commission when
Tuesday, May 31, 2016
Trading In A Car
Uk Imports And Exports
If you follow these tips, you can get the most for your trade-in. Step 1: Appraise Your Car 's Trade-in Value. To determine if you 're being offered a reasonable price on your trade-in, you first must know what your car is worth. Step 2: Get a CarMax Estimate or a Dealership Quote. Step 3: Negotiate or Close the Deal..You 've decided on a car trade-in. Although you realize selling your car yourself will net you the best deal, the one-stop shopping convenience of buying a new .
The do 's and don 'ts of the used car trade-in process in three easy steps..Autotrader - Get a free Instant Cash Offer and Trade-in Value Range for your car from Kelley Blue Book. Use your trade-in offer to buy another car or walk away .Trading in your car to a dealership may be a easy convenient, but is it the right choice? Learn the pros cons, and see how you can get the best deal..As mentioned before, the best you can hope for when trading in is to get the car 's wholesale value, which is significantly less than what you would expect to get if .
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Trading With The Enemy
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Trading with the Enemy Act is a stock short title used for legislation in the United Kingdom and the United States relating to trading with the enemy..
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Trading In Destiny
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Bungie just filed three new trademarks, and the internet is buzzing with speculation. One is for something called "Eververse," and the second is .Im just have to say tehy should ad trading ive worked hard and exotice and other crap i mean i have atleast 3 every every raid weapon and .In giant massively multiplayer online worlds, you 'd expect player trading to be a thing especially when it comes down to maintaining a good, .Partner with VISO://bbtv.go2cloud.org/aff_c?offer_id=24 aff_id=3970 Discussing the benefits of .
Bungie just filed three new trademarks, and the internet is buzzing with speculation. One is for something called "Eververse," and the second is . Partner with VISO://bbtv.go2cloud.org/aff_c?offer_id=24 aff_id=3970 Discussing the benefits of adding a simple Player Trading system to .Bungie confirms that 'Destiny ' will not include a system whereby players can trade or sell their in-game weapon, armor, or trinkets.. Starting Tuesday, October 13, Bungie will introduce the player base to the Eververse Trading Company, Destiny 's newly minted in-game cash .
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Forex Jpy Usd
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Get latest market information about USD/JPY pair including USD JPY Live Rate, News, Dollar and Yen Forecast andysis..Current exchange rate US DOLLAR USD to JAPANESE YEN JPY including currency converter, buying selling rate and historical conversion chart..This USD/JPY Chart lets you see this pair 's currency rate history for up to 10 years! XE uses highly accurate, live mid-market rates sourced from over 150 rate .
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Stock Market For The Week
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Market performance. Stocks rallied on Tuesday and Wednesday, and the S P 500 was up 2.3 on the week. Helping stocks jump higher were .Complete stock market coverage with breaking news,ysis, stock quotes, before after hours market data, research and earnings..Stock indexes gained more than 2 last week. The Dow Jones Industrial Average .
4 days ago Each week we provide a summary of market highlights and the latest The stock market is largely flat on the year, but this is a product of a .Marketwatch summary - Overview of US stock market with current status of DJIA, Nasdaq, S P, Dow, NYSE, US Market Overview 52-Week High, 100, 80.. For the week ahead, Time Warner NYSE:TWX shares could see a superhero- fueled stock-price swing. Meanwhile, investors are optimistic . The Hang Seng in Hong Kong shed 1.5 , and Japan 's Nikkei sank 1.1 . The losses followed a nasty end to last week in U.S. markets. Trading .
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Forex Yatirim
Forex Sirketleri Archives Yatirim Yapmak Istiyorum
Forex, CFD 's ve Emtia urunlerinde 170 'ten fazla yatrm aracna GCM Forex avantajlaryla yatrm yapabilirsiniz..Foreks, uluslararas boyutta doviz alveriinin yapld piyasann genel ismidir. YATIRIM ARACLARI Forex, CFD 's ve Emtia urunlerinde 170 'ten fazla yatrm .Odullu ve lisansl Forex arac kurumu GCM Forex 'ten imdi ucretsiz bir Forex hesab acn, yatrm ilemlerine balayn..Forex Nedir? Forex Piyasasna Ozel GCM Forex 'ten Piyasaizleri, Uzman Yorumlar ve Canl Forex, Doviz, Altn, Petrol Verileri Doviz.com Forex .
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Forex Nedir, Foreign Exchange, FX ile nasl para kazanlr? Kaldral alm-satm ilemleri hakknda Foreks nedir sayfamzdan bilgi alabilirsiniz..
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Trading Jesus For Judaism
The Devil And His Allies During The Renaissance
While Jews are accepting the Messiah in great numbers, some nonJewish individuals involved in the .My internet interview with Rabbi Mort Trading Jesus For Judaism generated quite a few comments and several emails. I felt it would be appropriate to .As such, most of the Jews rejected Jesus as their Messiah when He came. their formal education, the young boys were taught at home the trade of their father..In fact, early Judaism and Jesus are two subjects so inextricably linked that one cannot arrive at a true understanding of Jesus without understanding the time in .
Judaism generally views Jesus as one of a number of Jewish Messiah claimants who have appeared throughout history. Jesus is viewed as having been the . While Jews are accepting the Messiah in great numbers, some nonJewish individuals involved in the Messianic Judaism Movement are .In fact, early Judaism and Jesus are two subjects so inextricably linked that one cannot arrive at a true understanding of Jesus without understanding the time in .Jesus and Judaism [E. P. Sanders] on Amazon.com. *FREE* shipping on qualifying offers. This work takes up two related questions with regard to Jesus: his .
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Judaism Wikipedia The Free Encyclopedia
Judaism from Latin: Iudaismus, derived from Greek , originally from Hebrew , Yehudah, "Judah"; in Hebrew: , Yahadut, the .
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Most scholars who study the historical Jesus and early Christianity believe that the canonical gospels and life of Jesus must be viewed within his historical and .
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Global Forex Institute offers world class forex training and mentoring within South Africa. Join today and learn how to trade from FIBSTARS..FREE Forex Training bookings with Global Forex Institute. Click to book in a city near you or contact us on ..Start Trading. The following list are brokers that we have tried. Just like the GFI students they are from all over the world and regulated in their respective .We offer FREE classes all over Africa but mostly in Southern Africa to introduce people to the exciting and profitable world of Forex and help them on their way to .
The foreign exchange market is a global decentralized market for the trading of currencies. Because of the sovereignty issue when involving two currencies, forex has little if any supervisory .Global Forex Institute offers world class forex training and mentoring within South Africa. Join today and learn how to trade from FIBSTARS..Start Trading. The following list are brokers that we have tried. Just like the GFI students they are from all over the world and regulated in their respective .FOREX.com is a global provider of online trading services, servicing customers in over 140 countries. Learn about the products and services available for your .
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Global Forex Institute
Global Forex Institute was established by Sandile Shezi and George van der Riet to bring affordable, effective Forex training that works, to the masses..
Forex Books
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Find the top 100 most popular items in Amazon Books Best Sellers. Forex: for Beginners: The Forex Guide for Making Money with Currency Trading Forex..Customers Who Bought This Item Also Bought. Day Trading and Swing Trading the Currency Market: Technical and Forex For Beginners. Millionaire Traders: How Everyday People Are Beating Wall Street at Its Forex For Ambitious Beginners: A Guide to Successful Currency The Little Book of Commodity Investing..The best forex books challenge you to think about your own trading, teach you a specific skill or show you how some highly successful traders operate. The list .The exploding popularity of online Forex trading has been mirrored by a vast amount of books on the subject being published every year. Currency Trading and Intermarketysis: How to Profit from the Shifting Currents in Global Markets. Beat the Forex Dealer: An insider's look .
The popularity of online Forex trading has been mirrored by a vast amount of books on the subject being published every year. Here are five worth the time..Find the top 100 most popular items in Amazon Books Best Sellers. Forex: for Beginners: The Forex Guide for Making Money with Currency Trading Forex..The best forex books challenge you to think about your own trading, teach you a specific skill or show you how some highly successful traders operate. The list .Well *I* think the single best book right now is "Mastering the Trade". Combine that with "Day Trading the Currency Market" and "Technical .
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Free Forex Books Download Best Forex Books Forex E Books
Free Forex books read the best Forex e-books, download free Forex trading books, read about Forex in PDF, Forex technical and Forex fundamentalysis.
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FOREX-BOOKS.com - the educational resources about currency trading for all levels of traders from novice to professional. Best Forex books for beginners..
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Forex Book is a place where you can find any Forex book and read reviwes about it for free. Rare Forex books of various authors are available for review. Find your .
Trading Oil Options
Crude Oil Barrel
Crude oil options are widely traded energy derivatives, with a twist. They 're options on futures, giving the investor some advantages over oil .Crude Oil Options Contract Specs. A Light Sweet Crude Oil Put Call Option traded on the Exchange represents an option to assume a short long position in the underlying Light Sweet Crude Oil Futures traded on the Exchange..
Crude oil options are widely traded energy derivatives, with a twist. They 're options on futures, giving the investor some advantages over oil .Crude Oil futures are standardized, exchange-traded contracts in which the contract buyer agrees to take delivery, from the seller, a specific quantity of crude oil . An in depth guide to Crude Oil Trading that covers the best We look at the difference between Crude Oil Futures and Options and the different .Crude Oil WTI CL options quote. Get options prices, futures prices, options expiration. Prices by Exchange Commitment of Traders Contract Specifications Contract Expirations Highs The options for this contract may have expired..
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Gso Binary Options Trading For Gold Silver Oil
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Crude Oil Futures Trading Basics The Options
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Options Trading Options Trading Research Option
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