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Why America's Slice Of The Global Stock Market Pie Is Shrinking

Bespoke Investment Group presents a variant of the above chart in a blog post on its website: America's share of world market capitalization has dropped sharply since around March 20, mirroring the rise that occurred over the preceding month. To...



On a Concentrated Bond Market

There have been a few articles recently on the underperformance of Pimco, and on the increasing concentration on the buy side of the bond market.  There is danger here for large active managers and their clients.Two years ago, I wrote a piece...



Dear US Airways: Good Call Keeping Your Social Media Person

The Twitter account belonging to US Airways remains dreadfully silent since it "inadvertently" tweeted a pornographic image of a woman and her toy Boeing 777 on Tuesday afternoon. But good news: That silence is not because the employee at the...



Celebrating LBJ Amounts to Imperial Myopia

David Greenberg is a good friend and an excellent historian. But he has completely missed the point I was trying to make in...



“The Iron Law of Behavioral Finance”

I wanted to share this passage from Cullen Roche of Pragmatic Capitalism: As regulars will know, I am not a big fan of trying to claim that the market is worth “this much”, and investors think it’s worth “this much”...



Why Putin May Stand Down

Contrary to appearances, the crisis in Ukraine might be on the verge of resolution. The potentially crucial move came today when interim President Oleksandr Turchynov said that he would be open to changing the country’s political system from a...



The Pulitizers Didn’t "Vindicate" Anything Except Good Journalism

On Monday, The Washington Post and Guardian U.S. won Pulitzer Prizes in the Public Service category for their coverage of the...



Four Big Economic Events Are Coming Up Today

Heads up. There are four kind of big economic events coming up today in the US, which we will be all over. Via Calculated Risk, here they are: • At 8:30 AM ET, the Consumer Price Index for March. The consensus is for a 0.1% increase in...



3D Systems, Stratasys Coverage Initiated By Goldman Sachs

Stratasys has a solid presence in the industrial end markets with its PolyJet and Fused Deposition Modeling platforms3D Systems Corporation (NYSE:DDD) shares have gained more than 40% over the last 12 months, while Stratasys, Ltd....



Buffett Ignores Changing Volatility In Put Contracts Valuations

By not updating volatility inputs, Berkshire Hathaway’s long put contracts looked better than they were during the crisisWarren Buffett’s decision to write $50 billion worth of European-style put contracts against major stock indices...



Kiev Told Pro-Russian Separatists to Disarm, or Else. But the "Or Else" Hasn't Come.

The prospect of a divided Ukraine appears to be growing more likely by the minute. Separatists across the eastern part of the country ignored Kiev’s Monday-morning deadline to disarm or confront a...



Private equity math, Nuveen edition

The WSJ has the details of today’s big asset-management news: TIAA-CREF is buying Nuveen Investments for $6.25 billion. The sale marks the end of an ill-fated acquisition by private equity shop Madison Dearborn in 2007, just before everything fell...



Tesla Motors Inc (TSLA) Now The Most Shorted Stock On Nasdaq 100

Short interest in Tesla Motors has jumped by a third since last month to 15% of outstanding sharesTesla Motors Inc (NASDAQ:TSLA) is the most shorted stock on the Nasdaq 100, according to research firm Markit Economics. The research firm told CNBC...



Robin Hanson on the real multiplier

Yes doing things now can have good side effects, but unless something changes in the side-effect processes, doing things later should have exactly the same sort of side effects. And because of positive interest rates, you can do more later, and thus...



Happiness and Its Discontents

Are you satisfied with your life? How are you feeling? Does either question tell us what we really want to...



Facebook targets financial services



10 Monday AM Reads

Back to the grind. Ease the transition with some reads: • Notes from the DoubleLine Lunch with Jeffrey Gundlach, Spring 2014 (Reformed Broker) • Dealing With Market Insanity (Trader Feed) see also Some Quick Thoughts Regarding the...



Over at the Washington Center for Equitable Growth: Notes and Finger Exercises on Thomas Piketty's "Capital in the Twenty-First...

Over at the Washington Center for Equitable Growth: When I look at Thomas Piketty's big book, I see one thing that he failed to do that I think he really should have done. A large part of the book is about the contrast between "r", the...



Gay Station Owner's Anti-Gay Sign Sparks Controversy In Georgia

The owner of a Georgia gas station and convenience store has sparked the ire of community members after posting a sign outside of his business featuring an anti-gay slur. As WSBTV reports, the sign, displayed at PCA Food Store in LaGrange, Ga., uses...



Henry Aaron and the Lucas Critique

No, not the Henry Aaron at the Brookings Institution.  I mean what the ten year old Tyler Cowen would have called “the real Henry Aaron.”  Nate Silver writes: What if Aaron had never hit a home run? What if those 755...



Report: NSA Knew About Heartbleed Bug for 2 Years and Said Nothing

The NSA knew about the Internet security bug Heartbleed and regularly used it to gather intelligence for at least two years, anonymous sources told Bloomberg. If true, the NSA could have collected information like passwords and private communications...



Obama Tax Return Released For 2013 (DOCUMENT)

President Barack Obama released his 2013 federal and state income tax returns Friday. The president and First Lady reported a total income of $481,098. They paid $98,169 in total tax, for an effective rate of 20.4 percent. They donated $59,251 to...



WSJ: Zelman still Bullish on New Home Sales, Cuts forecast for Existing Home Sales

From Nick Timiraos at the WSJ: Fewer Foreclosures Could Mean Fewer Homes for Sale In a report Friday, her firm Zelman & Associates said it now expected a 5% drop in sales of previously owned homes for 2014 to a seasonally adjusted annual level of...



'The Great Moderation Is Back'

Is the Great Moderation "still in progress"? Jason Furman says it is: The Great Moderation Is Back, by Binyamin Appelbaum, NY Times: Perhaps you remember the Great Moderation, the comforting term economists pinned on the period of...



When You Put It This Way, The Nasdaq Is Doing Great

With the Nasdaq down around 8% from its March 5 high, it may feel like the whole world is just caving in. The sell-off in the tech heavy index compares to the 3% decline in the S&P 500 during that same period. But surely most of you are long-term...



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Permahawkery

Maybe the weakest policy argument...



Bank flowchart + geopolitics = acid trip

At least Nomura acknowledge the absurdity… anyway, all Ukrainian roads lead to political uncertainty. Continue reading: Bank flowchart + geopolitics = acid...



Senate Report: Torture Didn't Work and the CIA Lied About It

The Washington Post has gotten hold of the Senate investigation into CIA interrogation practices and— No, wait. They haven't. They've only learned what the report says "according to U.S. officials who have reviewed the...



STTG Market Recap April 9, 2014 (1253359)

Dovish commentary in the Federal Reserve minutes encouraged buyers to show up in droves as worries that the Fed might tighten in early 2015 were pushed off the table.   The S&P 500 jumped 1.09% and the NASDAQ...



Stress Testing the Fed

Over the past six years, the Federal Reserve has provided additional monetary stimulus to spur economic growth and avoid price deflation by conducting several rounds of large-scale bond purchases—commonly known as quantitative easing. Through this...



Blog Post: TheAlephBlog: Classic: Ways to Cut Risk

This was published in late 2007 at RealMoney.  I don’t know exactly when.read...



Links for 4-17-14

Piketty Day Notes - Paul Krugman Capital in the Twenty-First Century - Martin Wolf Rogoff talks financial crisis - Yale Daily News VC for the people - interfluidity Demand for Sand - Tim Taylor The dark side of wage growth - Chris Dillow A comment on...



On a Concentrated Bond Market

There have been a few articles recently on the underperformance of Pimco, and on the increasing concentration on the buy side of the bond market.  There is danger here for large active managers and their clients.Two years ago, I wrote a piece...



5 Interesting Datapoints Are Coming Up Today

There's a fair amount of economic data coming out today. Nothing is too major, but all interesting to watch. Via Calculated Risk, here it is: • At 9:00 AM ET, S&P/Case-Shiller House Price Index for January. Although this is...



Tesla Motors Inc (TSLA) Debate On Fox News Teases Political Sea Change

Are the stale right / left political battle lines being redrawn? If you find it ironic that Fox News icon Bill O’Reilly is arguing for the common good, citing in part environmental benefits of electric cars, you might enjoy this clash of...



Being forced to think for yourself...priceless

When I started this blog, I had been advocating that quantitative analysts think long and hard about the underlying assumptions of their models, otherwise known as conducting a "sanity test" on model results. Cullen Roche of Pragmatic...



Morgan Stanley’s William Strong Joins Longford Capital

Former Morgan Stanley exec William H. Strong looking to jump start litigation finance startup Longford CapitalWilliam Strong, former co-chief executive of Morgan Stanley (NYSE:MS)’s Asia-Pacific division plans to join a litigation finance start-up,...



UPDATE: USA and Israel Said to Be Near Agreement on Release of Spy...

UPDATE: USA and Israel Said to Be Near Agreement on Release of Spy...(Third column, 2nd story, link)Related stories:Sweeten the pot for Netanyahu...Former Spooks Angered by Deal...UPDATE: Kerry cancels meeting with Abbas... ...



Roche Group to Acquire Testing Equipment Maker For $450 Million

The Swiss drug maker will pay $275 million upfront for privately held IQuum of Massachusetts and up to an additional $175 million based on the company reaching certain product...



Private Payrolls Now Above Pre-Recession Peak

Total nonfarm private payroll employment climbed to 116,067, the BLS said this morning. The means private employment is now above the pre-recession peak, Calculated Risk's Bill McBride notes. Overall employment is now just 0.3% below the...



Apple, Samsung kick off case by sparring over instructional video

U.S. District Judge Lucy H. Koh on Sunday overruled Samsung Electronics’ objections to showing jurors a recent instructional video on how patents work, ahead of a trial in a patent dispute between Apple and Samsung. The South Korean company...

Watch the Video > Post includes YouTube video


Over at the Washington Center for Equitable Growth: Notes and Finger Exercises on Thomas Piketty's "Capital in the Twenty-First...

Over at the Washington Center for Equitable Growth: When I look at Thomas Piketty's big book, I see one thing that he failed to do that I think he really should have done. A large part of the book is about the contrast between "r", the...



NYC cops, firemen get in massive brawl at charity hockey game...

NYC cops, firemen get in massive brawl at charity hockey game...(Second column, 9th story, link) ...



The Right's Obamacare Denialism, In One Fox News Chart

Is the right wing in deep, almost hopeless denial over Obamacare progress? You be the judge.Below, via the alert watchdogs...



Vegas – March 2014 Part 1: Nowhere to Hyde

It’s been almost 2 years since my last trip to The Desert.   Living in Central New Hampshire, the trip isn’t quite as easy as it used to be.  Back in the bubble era when I was living in NYC, I had at least 20 daily...