Previously on MoreLiver’s:
Many agree
that central banks need to rethink their objectives and tools in light of the
crisis. Few, however, agree on what those new objectives should be or what the
available tools actually are.
Time For A Spring Cleaning: The Global Economy
Will Thank You – iMFdirect
It is still
winter in the northern hemisphere, but there is never a bad time for spring
cleaning. I suggest that policymakers de-clutter their to-do lists by focusing
on three priorities. These policies will help economies grow and will significantly
improve financial and monetary stability in 2013 and beyond.
Real robot talk – Free
exchange / The Economist
What if the robots really make humans uncompetitive in
labor markets: “just because everyone could be made better off by progress
doesn't mean that everyone will be made better off. There must be an institutional
framework in place to ensure that the gains from growth are shared.”
Sovereign default and
the rules of engineering – voxeu.org
Policymakers charged with sovereign debt restructuring
would do well to take an engineer’s approach: know what’s broken, and know
exactly what your solution aims to fix. This column argues that Europe may yet
face several complex sovereign defaults and, like engineers, in dealing with
these defaults we must find a way to avoid characteristically panicked
policymaking.
Finance has always been more profitable – noahpinion
Finance,
which accounts for only about 8% of GDP, reaps about a third of all profits.
Does Dodd-Frank really end 'too big to fail'? – Wonkblog
/ WP
'How To (Maybe) End Too Big To Fail' – Economist’s
View
What do you want? The Volcker Rule! – alphaville
/ FT
When do you
want it? Last summer when you said we’d have it!
Opaque finance,
again, and solutions – Interfluidity
That existing institutions are difficult to police
doesn’t mean that we shouldn’t do our best while we are stuck with them.
IMF lending and banking crises – voxeu.org
The IMF’s
role in past systemic banking crises has been hotly debated. Indeed, prominent
intellectuals have criticised the Fund for creating or exacerbating crises.
This column discusses new evidence showing that IMF lending programmes are in
fact associated with a lower probability of banking crises occurring in future.
Booms and Systemic
Banking Crises – Economist’s
View
Banking crises are credit booms gone wrong.
Why we must cap banker bonuses – re-define
Bonuses: The Essential Guide – HITC
In Wall St. Tax, a
Simple Idea but Unintended Consequences – DealBook
/ NYT
A financial transaction tax seems to be a winner for
everyone, but a century of experience with the tax suggests that it is not as
successful as thought.
Financial Media
Wakeup Call: The Big Disconnect – The
Reformed Broker
Over 200 Market Tips From 60 Traders And Investors – bclund
Free
downloadable booklet
Hedge fund links – what we’re reading – Market
Folly
Lessons From Ray Dalio: Hedge Fund Market
Wizards – Market
Folly
Are You an Investor or a Speculator? (Part One) – Total
Return / WSJ
Are You an Investor
or a Speculator? (Part Two) – Total
Return / WSJ
What Is the Difference between Investing and
Speculation? – CFA
Institute
BUFFET
Warren Buffett’s 2012
Annual Shareholder Letter – PragCap
Warren Buffett to
American CEOs and Investors: Man Up – The
Reformed Broker
Charlie Munger: The Psychology of Human
Misjudgement – The
Big Picture
Audio of
the often referred to speech by Charlie Munger on the psychology of human
misjudgement given to an audience at Harvard University circa Jun 1995. Mr. Munger speaks
about the framework for decision making and the factors contributing to
misjudgements. c. Jun 1, 1995