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One of My Favorite Posts

From Coyote today, which in my experience not only applies to blog posts, but to more formal settings like particular lectures or even entire courses. But I don’t want to be removed from polite company, so I’ll say only a little here....



Should Doctors Ask You About Your Guns?

In Florida, it's illegal for a physician to ask you if you own a gun. Pediatrician Aaron Carroll thinks this is ridiculous: When pediatricians ask you about using car seats, they’re trying to prevent injuries. When they ask you about...



JANA Partners' Letter to PetSmart's Board

Barry Rosenstein's activist hedge fund firm JANA Partners has filed an amended 13D with the SEC regarding their position in PetSmart (PETM).  They currently own 9.8% of the company and are the largest shareholder.Rosenstein's letter to...



Putin's Next Move

The Russian president isn't checkmated quite yet. But the downing of MH17 has left him with few good...



Housing Slowdown? The Case-Shiller Index in Five Charts

As expected, the pace of U.S. home price gains has slowed this year. Prices rose 9.3% from a year earlier in May in 20 cities tracked by the Standard & Poor’s/Case-Shiller index, down from the 10.8% increase reported last month for...



Over at Project Syndicate: The Internet's Next Act

Over at Project Syndicate Ten years ago we had ridden the bust of the internet bubble, picked ourselves up, and continued on. It was true that it had turned out to be harder than people expected to profit from tutoring communications technologies. That,...



'Patriotic' Big Banks Profit Helping U.S. Companies Dodge Taxes

After wrecking the U.S. economy and sucking hundreds of billions of dollars from American taxpayers for their own survival, what can our patriotic big banks do for an encore? Why, help American companies flee the U.S. to avoid taxes, of course. For...



Links for 7-29-14

Circles of Influence - Paul Krugman If minimum wages, why not maximum wages? - mainly macro Richard Fisher Wrongly Warned of Inflation 5 Times - New Republic Paul Ryan Would Create Massive Gov.t Bureaucracy - Mike the Mad Biologist Featured Blog:...



Dollar Tree Buying Family Dollar Could Be Bad News For Coca-Cola And Clorox

Dollar Tree announced today that it is buying Family Dollar.  Together, the dollar stores will be bigger than current industry leader Dollar General.  But the merger could "exert pressures on major food, household goods, and drink...



House Republicans Pass Bill to Lower Taxes on the Rich and Raise Taxes on the Poor

So what are Republicans in the House of Representatives up to these days? According to Danny Vinik, they just passed a bill that would reduce taxes on the rich and raise them on the poor. I know, I know: you're shocked. But in a way, I think this...



Zillow Inc (Z) To Pay $3.5B To Buy Trulia Inc (TRLA)

Previously it had been reported that Zillow planned to pay $2 billion for TruliaShares of Trulia Inc (NYSE:TRLA) climbed as much as 12% in early trading after it was announced that Zillow Inc (NASDAQ:Z) will officially buy Trulia—and that the...



Richard Branson Strikes Again: Virgin America Files for IPO

Richard Branson is coming to America yet again. Branson’s Virgin Group Ltd. has filed its paperwork with the U.S. Securities and Exchange Commission (SEC) for its Virgin America Inc. to...



Ex Yukos Shareholders Win $50B Landmark Case Against Russia

The $50 billion in damages against Russia is one of the biggest arbitration awards ever made against a sovereign stateThe Hague’s arbitration court ruled Monday that Russia owes former shareholders of the now-defunct oil giant Yukos over $50...



Hot Links: Possibly Imminent

Stuff I’m Reading this Morning… Family Dollar to be bought by Dollar Tree in $8.5 billion merger – another big win for Icahn.  (ValueWalk) Andy Thrasher’s weekly technical rundown is a great place to start on...



Hospira Said To Be in $5 Billion Inversion Deal with Danone

The Danone deal could be the biggest acquisition in Hospira’s history and would enable the company to move its domicile abroad for tax purposesIllinois-based Hospira, Inc. (NYSE:HSP) is said to be in talks with Danone SA (ADR) (OTCMKTS:DANOY)...



Reconciling Seemingly Contradictory Climate Claims

At Real Science, Steven Goddard claims this is the coolest summer on record in the US. The NOAA reports that both May and June were the hottest on record. It used to be the the media would reconcile such claims and one might learn something...



The Danger of Too Loose, Too Long

With an improving labor market and an uptick in inflation, the danger now is to wait too long to...



Deciding Not to Decide on Providing Intel to Ukraine: The Negation of Presidential Leadership

The NYT ran a long article yesterday describing the administration’s Hamlet-like agonizing over whether to provide Ukraine with real time intelligence useful for targeting rebel forces. (For the record, I called for this in the immediate...



Rupert Murdoch's Attempts To Befriend Time Warner Aren't Going So Well

Rupert Murdoch has simple desires. He just wants to make some new friends, and purchase a gigantic media conglomerate for tens of billions of dollars. Sadly for Murdoch, neither seems to be going too well at the moment. The conglomerate, Time Warner,...



As S&P Gains, Strategists Trail Behind

Wall Street market forecasters have been caught flat-footed by stocks' rally this year. But even if they raise their predictions, many believe that the bulk of this year's gains are in the...



Links for 7-27-14

Moore of the Same - Paul Krugman Financial stability and monetary policy - vox The continuum from monetary to fiscal - Nick Rowe On State Unemployment Rates, It’s Analyst Beware - NYTimes.com North Carolina’s Misunderstood Cut in Jobless...



Morning Must-Read: Ricardo Hausmann: The Real Raw Material of Wealth

Ricardo Hausmann: The Real Raw Material of Wealth: "Poor countries export... materials such as cocoa, iron ore, and raw diamonds... ...Rich countries export--often to those same poor countries... chocolate, cars, and jewels.... Some ideas are...



Storm Clouds Over Amazon Business

New and deep-pocketed rivals threaten to squeeze profit margins in Amazon.com's cloud computing business, adding to investor concerns about the Seattle company's...



The End of the Cringe



There's A Big Warning About Acquisitions In David Einhorn's Latest Investor Letter

Greenlight Capital CEO David Einhorn sent out his Q2 investor letter this week, and the big takeaway is about how low interest rates are impacting corporate acquisitions. In a nutshell: Low interest rates are transforming acquirers into bad shoppers. In...



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One of My Favorite Posts

From Coyote today, which in my experience not only applies to blog posts, but to more formal settings like particular lectures or even entire courses. But I don’t want to be removed from polite company, so I’ll say only a little here....



Calpers Pulls Back From Hedge Funds

The largest public pension fund in the U.S. is expected to cut its hedge-fund investments this year by 40%. Other public pensions also are cutting or reconsidering investments in hedge...



Links for 7-29-14

Circles of Influence - Paul Krugman If minimum wages, why not maximum wages? - mainly macro Richard Fisher Wrongly Warned of Inflation 5 Times - New Republic Paul Ryan Would Create Massive Gov.t Bureaucracy - Mike the Mad Biologist Featured Blog:...



Shocker: Jeremy Siegel Dow 20,000 By Year End

Uber bull Jeremy Siegel said Wednesday that he expected the market’s stampede to continue, easily pushing the Dow Jones Industrial Average topping 18,000 by year end. Jeremy Siegel The post Shocker: Jeremy Siegel Dow 20,000...



JANA Partners' Letter to PetSmart's Board

Barry Rosenstein's activist hedge fund firm JANA Partners has filed an amended 13D with the SEC regarding their position in PetSmart (PETM).  They currently own 9.8% of the company and are the largest shareholder.Rosenstein's letter to...



MARK CUBAN: If You're Company Is Moving For Tax Reasons, I'm Selling Your Stock (ABBV, SHPG, COV, MDT, MYL, PFE, AZN, DIA, SPX, SPY, QQQ)

Mark Cuban isn't a fan of tax inversions, either. Last night, President Obama spoke with CNBC's Steve Liesman, and their first topic of conversation was the issue of tax inversions, or mergers where U.S.-based companies acquire foreign...



The Danger of Too Loose, Too Long

With an improving labor market and an uptick in inflation, the danger now is to wait too long to...



The Conservative Ruling Against Obamacare Is Legally Laughable

Yesterday saw the release of two conflicting court decisions that may decide the future of the Affordable Care Act. Both decisions, from the D.C. and Fourth Circuit federal courts of appeals,...



You Might Think A Fox-Time Warner Deal Just Isn't Going To Happen...

Fox is only prepared to raise its offer for Time Warner to $90-$95 per share, sources familiar with Fox's thinking told the Wall Street Journal this week. Fox is also not willing to significantly increase the cash percentage of its offer, the same...



The Closer

FURTHER FURTHER READING - Robin Hanson on the new Nicholas Bostrom book.Continue reading: The...



Paulson Will Talk To Ackman Tomorrow About Allergan

Hedge fund manager confirms he made $360 million on recent energy acquisition play and doesn't see tremendous stock price upside in Time WarnerJohn Paulson is going to have a conference call with Bill Ackman tomorrow that could be rather...



Netflix Is Going To Start Selling Gift Cards In Stores

You may soon be able to get a Netflix subscription at your neighborhood grocery store. The streaming video service announced in a letter to investors Monday that it's going to start selling physical gift cards in "select stores" in the...



Why the Taylor Rule isn’t a rules-based approach to monetary policy

From Gavyn Davies: …these three different interpretations of the Rule were expected by Ms Yellen to differ by as much as 2 per cent in the appropriate level for the Fed Funds rate from 2012-15. Given these wide discrepancies, any of which could...



Links for 7-11-14

Waiting for inflation - The Economist Is the Fed Behind the Curve? - Cecchetti & Schoenholtz Fed vice chair on financial stability among chief goals - Washington Post Introducing the Atlanta Fed's GDPNow Forecasting Model -...



Stan Druckenmiller Scolds Fed At Delivering Alpha

Stan Druckenmiller's concerns come as Dallas Fed President Fisher expresses concerns that Fed stimulus has "overstayed its welcome"Today’s Fed policy is more puzzling to Stan Druckenmiller than at any point in time, he said while...



Understanding Insurance Float

Warren Buffett has made such an impression on value investors and insurance investors, that they think that float is magic.  Write insurance, gain float, invest cleverly against the float, and make tons of money.Now, the insurance industry in...



Hot Links: Owning the Robots

Stuff I’m Reading this Morning… Facebook blew away Wall Street last night, everyone’s impressed with the company’s momentum.  (BusinessInsider) Ford beats.  (USAToday) Caterpillar beats too....



Should Doctors Ask You About Your Guns?

In Florida, it's illegal for a physician to ask you if you own a gun. Pediatrician Aaron Carroll thinks this is ridiculous: When pediatricians ask you about using car seats, they’re trying to prevent injuries. When they ask you about...



SQL injection flaw in Wall Street Journal database led to breach

A vulnerability in a web-based graphics system led to a breach of The Wall Street Journal’s network by a hacker, the newspaper acknowledged late Tuesday.The system was taken offline, and the intrusion did not affect customers or customers’...



Hedge Fund News: Stanley Druckenmiller, John Paulson & Starboard Value LP

Some Top Money Managers Push for Fed to Start Raising Interest Rates (NYTimes) The Fed is out of step with Wall Street, say some of the country’s wealthiest investors. If there was one thing that hedge fund managers kept coming back to time and...