Previously on MoreLiver’s:
Euro Money Market
Study Dec-2012 – ECB
(pdf)
Global safe assets
Will the world run out of ‘safe assets’ and what would be the... – Alea
The future of
financial globalization – BIS
Abstract of "The future of financial
globalisation", proceedings of the 11th BIS Annual
Conference, 21-22 June 2012.
Modern Portfolio Theory is for Nitiots – Mercenary
Trader
Counterparties 2012 - The year of bank fraud – Felix
Salmon / Reuters
The Economy and Stocks: A Big Disconnect – NYT
Invert, Always Invert – The Psy-Fi
Blog
Charlie
Munger uses the Pythagorian proof that the square root of 2 is irrational as an
example of inversion – because they started by trying to prove it wasn’t
irrational and wound up with a contradiction that could only be resolved by
assuming it was. This idea – that we
should try to prove the opposite of what we really want – is the key concept behind inversion.
Dark Pools, Internalization, and Equity Market
Quality – CFA
Institute / The Big Picture
Investment Fads and Themes by Year, 1996-2012 – The
Reformed Broker
Damodaran’s 10 Rules for Addressing Uncertainty
in Investment Valuations – CFA
Institute
Part Two – The
Aleph Blog
This book
is complex. It’s a great book, but you
have to appreciate why it was designed the way it was. Buffett is a complex guy, as you might expect
from the only man to become ultra-rich from investing alone. That’s why the
book is long.
CHART: 27 Years Of Failed Wall Street Earnings
Forecasts – BI
This Is Not a Profile of Nassim Taleb – The
Chronicle
The muddled consequences of negativity – alphaville
/ FT
Visual History Of The S&P 500 – ETFdb
Eight investment maxims – Greenbackd
…to
generate extraordinary returns investing in the unknown and unknowable.
Outrageous HSBC Settlement Proves the Drug War
is a Joke – Rolling
Stone
Despite the
fact that HSBC admitted to laundering billions of dollars for Colombian and
Mexican drug cartels (among others) and violating a host of important banking
laws (from the Bank Secrecy Act to the Trading With the Enemy Act), Breuer and
his Justice Department elected not to pursue criminal prosecutions of the bank,
opting instead for a "record" financial settlement of $1.9 billion,
which as one analyst noted is about five weeks of income for the bank.
In a World Full of Risk, Why Are Investors So
Calm? – Businessweek
Guest post - US Equities' Long Term Real
Returns – Macronomics
'The rating agencies have been the all-purpose
bogeymen for the crisis' – The
Guardian
Ex-Moody's analyst: 'By 2006 it was toxic
everywhere' – The
Guardian
The safe asset shortage – Free
exchange / The Economist
'The Physics of Wall Street': The Most Arrogant
Book in the World?
– Minyanville
Why don’t bad ideas ever die? – WP
Bleeding the Patient: A Drama – Krugman
/ NYT
From High Frequency Trading To A Broken Market:
A Primer In Two Parts
– ZH
My Fine Fifteen – Above the
Market
The financial websites and blogs I used the most and
found the most indispensable during 2012.
Experience, Rare Events and Risky Choice – The
Psy-Fi Blog