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Sunday, May 11

11th May - W/E: Linkfest

Previously on MoreLiver’s:

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They saved the eurozone; they just forgot to save the peoplevox
Nobody thinks the eurozone is going to collapse anymore, and nobody thinks there will be a worldwide banking panic. The only problem is vast swathes of the continent remain an economic disaster area. They saved the eurozone, but not the economies that it comprises or the people who live there.

Eurozone Fiscal MythsKrugman / NYT

The euro zone: One currency, divergent economiesThe Economist

Beware of europhoriaThe Economist
Stagnation and a looming political backlash make optimism about the euro overdone

A Bond Bubble In Peripheral Europe?Forbes
Ultimately, the crisis highlighted that too much price convergence without economic convergence and reform in the eurozone can actually be a bad thing, with resulting perverse incentives and negative outcomes. While the price action in peripheral bonds might not yet count as a ‘bubble’, investors and politicians would do well to remember these lessons when interpreting the record low borrowing costs.

Expanding Influence: EU Parliament Has More Power Than You ThinkSpiegel
European voters generally pay little attention to European Parliament, but over the years, the body has become increasingly powerful. Already, a representative in Brussels wields more influence than one in Berlin. And the gap is growing.

SMEs’ Access to Finance in the Euro Area: What Helps or Hampers?IMF

Dallas Fed’s Fisher: Low Rates Will Stay as Long as Inflation Under 2% - WSJ

U.S. Chartbook: Heating UpMoody’s
April’s jobs report showed strong payroll growth across a variety of industries * The unemployment rate dropped sharply, but more because of those exiting the market than to job creation * Fourth quarter GDP came in below expectations, mainly as a result of slower business investment and a weak external sector * Domestic consumption is keeping pace, helping auto sales to reach prerecession levels

Macro Review: Positive But Moderate GrowthFat Pitch

The diminishing usefulness of the Fed Funds rateSober Look

Shadow banking in China: Battling the darknessThe Economist

The lure of shadow bankingThe Economist
Special report: International banking - Shadow and substanceThe Economist
A non-bank by any other nameThe Economist
[video] Special report: Shadow bankingThe Economist
Shadow banking contributed to the financial crisis. But with better regulation, says our correspondent, it could help reduce the severity of the next.

Global Macro Outlook 2014-15Moody’s
Role Reversal, as Advanced Economies Emerge as Engine of Recovery

Is the Dollar at a Turning Point?Marc to Market
On the most basic level, the key issue facing investors is whether the markets are at a turning point. The dollar had looked like it was going to break down, with the euro and sterling poised to have taken out the $1.40 and $1.70 levels respectively… Then, the US dollar staged a strong recovery last Thursday and Friday.

Lars Kroijer on having a market edgeAbnormal Returns
An excerpt from Investing Demystified

Hedge funds, fortunes and meritFT

Can't be bothered to read Piketty? Here's a cheat's guideThe Telegraph

What has worked in investingTweedy
Studies of Investment Approaches and Characteristics Associated with Exceptional Returns

Global value chains and ‘Factory World’
Global value chains play an important role in many nations’ globalisation and development policies. Using a new indicator based on a global dataset – the World Input-Output Database – this column shows that international production networks have, since 2000, spread across regional blocs faster than they have spread within them. ‘Factory World’ is still a work in progress, but the construction is progressing rapidly

Inflation targeting vs. price-level
Inflation targeting and price-level targeting have excited economists for decades. This column reviews a survey on the merits of price-level targeting. The latter could potentially help monetary policy deal with the zero bound on nominal interest rates. Such beneficial effects depend on rational expectations and a New Keynesian structure of the economy.

Fact, Fiction and Momentum InvestingSSRN
We aim to clear up much of the confusion by documenting what we know about momentum and disproving many of the often-repeated myths. We highlight ten myths about momentum and refute them, using results from widely circulated academic papers and analysis from the simplest and best publicly available data.

Momentum Has Not Been “Overgrazed”: A Visual Overview In 10 SlidesSSRN
The return to "momentum" does not seem to be the victim of “overgrazing”. Conceptually, overgrazing occurs when too much capital chases too few investment opportunities which in turn leads to low returns. The “equity risk premium”, the “size premium” and the “value premium” seem to be getting close to a no-man’s land of return-free risk. A high degree of belief in “the kindness of strangers” could be driving the low equity risk premium, size premium and value premium. A high degree of disbelief in momentum could be driving what appears to be a trend large cap momentum excess return of about 7%.

The Ultimate Cheat Sheet to Become a Great NegotiatorJames Altucher

xkcd: Randall Munroe asks “what if?”The Big Picture

The solutions to all our problems may be buried in PDFs that nobody readsWaPo

The Real Butlers of the .001 PercentGQ
Call it Downton Abbey syndrome: The newest trend among the world' s ultra-rich—like, royalty-grade, private-plane-owning Scrooge McDuck rich—is to have a butler. But what type of person would willingly give over his life to serving the outrageously moneyed? As David Katz discovers, these are men and women with boundless grace, innate propriety, and the wherewithal to quickly hide six hookers on a mega-yacht

Inside the Strange New World of DIY Brain Stimulation - Wired

What Happens When a Neurosurgeon Removes Your HippocampusWired

"Euro on vuosisadan virhe"TE

Täysimittainen liittovaltio tai rahaliiton purkaminenPaavo Väyrynen / US

Europyörällä päästäänSami Miettinen / US

Poliittisesta vastuustaPiksu
Marko Karttusen väitöskirjan mukaan Suomen vei EMUun hyvin pieni joukko poliitikkoja ja virkamiehiä. Omasta mielestäni Suomen vei euroon tasan kaksi poliitikkoa, Lipponen ja Niinistö.

Negatiivisen talletuskoron vaikutukset: Case TanskaNordea
Toukokuun korkokokouksen jälkeen muutimme EKP-ennustettamme. Odotamme EKP:n nyt laskevan ohjaus- ja talletuskorkoja kesäkuussa. Toimet painaisivat korkoja ja euroa alhaisemmalle tasolle. Talletuskorko painuisi negatiiviseksi.

Tiedot Irlannin toipumisesta liioiteltujaTyhmyri
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