 |
| "You are here" |
Good morning America! Evening post coming up later, for now enjoy these somewhat off-topic articles. Eurocrisis is on a short holiday but the sequels (Greece III, Portugal II) and whole new twists (Spain and Germany's reluctance) are coming soon to theaters near you. I’m on Twitter, Facebook, email, paper.li. Ask me anything – I’m eager to please.
News And Market Re-Cap – RanSquawk / ZH
Frontrunning – ZH
The Lunch Wrap – alphaville / FT
Emerging: N.Y. headlines – beyondbrics / FT
Emerging: N.Y. headlines – beyondbrics / FT
Morning Take-Out – DealBook / NYT
EZ Crisis Daily Press Summary - Open Europe
EZ Crisis Daily Press Summary - Open Europe
Germany’s guarantees under the bailout funds could exceed size of the country’s 2012 budget; Germany’s far-left Die Linke challenges fiscal treaty in German Constitutional Court
EURO CRISIS
Does it make sense for the Austrian banks to trade to a premium to the Italian banks? Given both the relative and nominal amount of risk exposure to the CEE region, Austrian banks might soon trade at same P/B levels as the Italian banks.
Last week’s historical restructuring of Greek debt appears to have gone smoothly. This column argues that appearances may be deceptive.
ECONOMICSExpecting Growth... And Inflation? – The Capital Spectator
Don't Worry, Be Happy: Treasury Yield Edition – Macro and other market musings
expected growth rate of nominal GDP or aggregate demand is strongly related to the 10-year treasury yield…(also high positive correlation between the stock market and the market's inflation forecast)
ASSET CLASS VIEWS
STOCKS: No Record Profits For Old Assets: Jim Montier On Unsustainable Parabolic Margin Expansion For Dummies – ZH
It is widely known that US corporate profits recently hit an all time high. What is less known is that in Q4, profit margins for the first time rolled over by 27 bps, and double that if one excludes Apple (GMO’s full pdf).
STOCKS: Where are the corporate profits headed? – Pragmatic Capitalism
The key point here is that without a big debt boom and an enormous and probably historic investment boom the corporate profits picture is likely to come under more pressure as we head into 2013. And if the budget cuts are sharper than expected we can expect a substantial hit to corporate profits.
OTHER
The trouble is that China lacks external creditors or voters to hold leaders to account and make these reforms a reality.
Goldman Sachs history shows resignation naivete – Breakingviews / Reuters
By the numbers, Goldman has thrived. What the firm failed to calculate was the cost to its reputation of a success born less of helping customers than helping itself.
Craving a High: Trading on Dopamine – The Psy-Fi Blog
Neuroeconomists, that breed of behavioral researchers seeking to link actual brain function to real human behavior, are fascinated by people who exhibit what they refer to as excessive risk taking and whom the rest of us refer to as “scary”.
Former Trading Floor Professional : 'People Yell. That's Rough, But Efficient' – The Guardian
This monologue is part of a series in which people across the financial sector speak about their working lives
Babel, banks and broken business models – alphaville / FT
…his latest paper, which proposes a “common language” for all financial data, has the potential to go Biblical on many a bank’s business model. On financial intermediation itself, maybe.
…his latest paper, which proposes a “common language” for all financial data, has the potential to go Biblical on many a bank’s business model. On financial intermediation itself, maybe.
Barclays Sheds ‘Capital’ From Its Investment Bank’s Name – DealBook / NYT
OFF-TOPIC
Inside the Chinese Boom in Corporate Espionage – Businessweek
In terms of outright theft of intellectual property, there is growing evidence that China’s intelligence agencies are involved, as attacks spread from hits on large technology companies to the hacking of startups and even law firms.
Innovation History via 6,000 Pages of Annual Reports – Flowing Data
Fathom Information Design, in collaboration with GE, visualizes GE annual reports from 1892 to 2011. It doesn't sound so interesting at first, but browse the appearance of keywords, and you do get a sense of change.
Buffett Seizes Lead in Bet on Stocks Beating Hedge Funds – BB
Warren Buffett made a friendly bet four years ago that funds that invest in hedge funds for their clients couldn’t beat the stock market over a decade. So far he’s winning.
Warren Buffett made a friendly bet four years ago that funds that invest in hedge funds for their clients couldn’t beat the stock market over a decade. So far he’s winning.
Extras – BPS Research
Brain and behavior: Eye-catching studies that didn't make the final cut
How One Response to a Reddit Query Became a Big Budget Flick – Wired
* * *
Hedge Fund Market Wizards – Amazon
Jack D. Schwager, the author of the classic Market Wizards-books, is coming out with a new book, other books by Schwager here. The book is out in May, preorder now.