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Sorted Weekly Tweets

China

 

  • Pettis: I would argue that until Beijing has cleaned up its debt problems and its very unstable balance sheets, it cannot move quickly. $$
  • Pettis: Reducing the [interest] subsidy by raising rates would cause them all to bleed money. (DM: thus fin’l liberalization difficult) $$
  • Pettis: Far more than 100% of total SOE profits come from the interest rate subsidy (not to mention other subsidies…) $$
  • Target loopholes in pension system firststks.co/fVB7 China pensions exceeds the stupidity of US but not Greece: ret ages 2 low $$
  • Chinese steel association seeks to tackle ‘vicious competition’ stks.co/pBzz A lot of words trying to explain away 2 much steel $$
  • China Slowing Reserves – A reverse QE?stks.co/hUjH Hu Jintao ate sour grapes & Xi Jinping’s teeth r set on edge $$#dealtabadhand
  • Policy battle rages in China as slowdown feeds ‘sense of crisis’ stks.co/qBXa Hard to overcome bureaucracy stifling the economy $$

 

Europe

 

  • Germans Splurge on Italian Homes Locals Can’t Afford stks.co/iUpP Pushes $$ into Italian economy, don’t kvetch
  • German euro founder calls for ‘catastrophic’ currency 2b broken upstks.co/tBWC The political experiment should end; harm>good $$
  • Eurozone crisis deepens as German ‘sado-monetarists’ refuse to back QEstks.co/gUXD Either centralize or dissolve the Eurozone $$
  • Southern Europeans Flock to Germanystks.co/cTEw Cheaper labor emigrates to Germany to benefit from their capital invested $$
  • Sweden a Crisis Casualty No More Shows How to Get Haven Glowstks.co/bTBH Which inflates asset values in their economy, great $$

 

Rest of the World

 

  • Egypt’s Wheat Farmers Hobbled by Fuel Shortages as Silos Run Lowstks.co/pCGK Who would have the courage 2free Egypt’s economy? $$
  • Dollar Buying Continues Apace After ¥100 Break stks.co/iVEm & stks.co/jV1mstks.co/fVAg Three on #Japan $$
  • Iran Cracks Down Ahead of Electionstks.co/gV0Q The Ghanoon newspaper says. “Only in Iran: Election comes and Internet goes.” $$
  • SAT Scandal Shines Harsh Light on South Korean Academics stks.co/qC0LSAT exams cancelled in S. Korea, a first for any country $$
  • Egypt Investment Collapsing as Citizens Turn Into Vigilantes stks.co/eTds It was smart 2 topple Hosni Mubarak & Saddam Hussein $$
  • In India, a Quixotic Fight Against Car Honks stks.co/sBQj Makes me want 2 create a bumper sticker, “Honk if you love India!” $$ ;)

 

Companies & Industries

 

  • Blackstone Targets Bulging Corporate Coffers Via New Unit stks.co/sC9w W/ MMFs under threat, alternative S-T income funds arise $$
  • Temporary Workers Near US Record Makes Kelly a Winner stks.co/rC9qStaffing firms benefit from need 4 fewer full-time workers $$
  • And, as an aside, once PPACA [Obamacare] really kicks in, part-time work may become even bigger; very ill-thought out law, unforced error $$
  • Delta Capital-Return Plan Puts Focus on Cash Flow stks.co/cThy Airlines r2 capital intensive 2b run 4 free cash flow; dubious $$
  • Scor lead bidder for Generali USA in $800m deal stks.co/qC1o Not surprising 2c Scor overpay; $RGA is conservative $$ | FD: + $RGA
  • Some Insurers Turn Away Variable-Annuity Money stks.co/eTaG When a life company does this, fund it, & don’t surrender; you won $$
  • Merged Bonds May Spur Fannie, Freddie Revamp stks.co/dT4a Offer the equity interests a kiss goodbye & merge them into GNMA $$
  • Cheapest Way to Rob Bank Seen in Cyber Attack Like Hustle stks.co/tBQ6Start Denial of Service attack, raid $$ during distraction
  • New technology propels ‘old energy’ boom stks.co/rBPp Alternative energy will make sense when conventional energy gets scarce $$
  • Amazon’s growing threat 2 H-P, Dell and Oracle stks.co/qBQR It’s amazing how you can beat your competitors w/no profit FD: + $ORCL
  • Some Verizon Investors OK With Paying Premium 4 Vodafone Stake stks.co/bTAjSome large $VZ shareholders ok paying $130B FD: + $VOD

 

US Politics & Economics

 

  • Deficit Reduction Is Seen by Economists as Impeding Recovery stks.co/eTyxEconomists have not been right, y listen 2 them? $$
  •  “Big banks get a great deal when they borrow from the Fed,” Warren said on the Senate floor. “In effect, the American taxpayer… (1/2)
  • …is investing in those banks. We should make the same kind of investment in our young people who are trying to get an education.” (2/2) $$
  • Private Student Debt Refinancing Could Help Economy, CFPB Says stks.co/fV03Elizabeth Warren is a dangerous loony in this case $$
  • @AllenSammey When a politician lobbies to use the borrowing power of the Fed for narrow political ends, that is dangerous, no?
  • @AllenSammey Also, read the two prior tweets. They were meant as a group. I like a lot about Warren, but there is a lot 2 worry about also
  • @AllenSammey That’s y I lend to my own children @ 0% in place of student loans; that they r not dischargeable in BK is another neg feature
  • Blacks Surpass Whites in Voter Turnout, Census Data Show stks.co/hVAA Helps explain the last election’s results $$
  • Colleges Soak Poor US Students While Funneling Aid to Rich stks.co/bTURColleges r funded by donations. Poor people can’t donate.
  • What was Gallagher thinking?stks.co/dTHw Difficult 2harm muni bonds w/strong economic purpose/pledges behind them $$ by @munilass
  • Time for Americans to Rethink Retirement? stks.co/rBX4 If u have not concluded that u won’t retire, u r not paying attention $$
  • Federal Reserve Blows More Bubblesstks.co/eTLo Ron Paul minces no words about the foolishness of current Fed policy $$
  • If this was a pill, you’d do anything to get it stks.co/jUPk Simple: have a nurse check on sick elderly at home once a week $$
  • Gore Is Romney-Rich With $200 Million After Bush Defeat stks.co/pBWE An utter hypocrite, pursuing his politics 4 financial gain $$
  • US Non-Farm Payrolls – The Hidden Weaknesses – not +165k but -376k?stks.co/rBPu A pessimistic alternative view of jobs report $$
  • Too Much Asset Inflation stks.co/eTGDTakes on Paul Krugman’s blather about there not being enough inflation, given asset bubble $$
  • Everything You Think You Know About the Fed’s Exit Plan May Be Wrongstks.co/rBOX Fed may try 2 tighten &hold down long yields $$
  • Reverse Revolving Door: How Corporate Insiders r Rewarded, Leaving Firms For Congress stks.co/gUMN Y the Purple Party rules DC $$

 

Market Dynamics

 

  • Seth Klarman Warns of False Calm in the US stks.co/jUu8 It is far easier 2b lax in $$ policy than it is to remove laxity#klarman
  • Investor Demand Propels Cheap Corporate Debt stks.co/dTcm Note that borrowing is not going on to fund organic growth, generally $$
  • Yields on Junk Bonds Reach New Lowonline.wsj.com/article/SB1000… When the average yield on junk bonds drops below 5%, we should run away $$
  • Listening to Harry Markowitz drone on about MPT, while I have 2 questions pending. stks.co/aTco Webinar:Arizona CFA socieities $$
  • As Sohn gears up, is it open season on Paulson and other hedge funds?stks.co/qBls Hedge funds have a weak liability structure $$
  • This graph is 1 of many reasons y I follow the credit cycle: stks.co/iUiM Not perfect, but credit is the heartbeat of commerce $$
  • “Putting Dow 15,000 in Perspective” by@ReformedBroker stks.co/qBe9 Round numbers fascinate us; processes behind them r unclear $$
  • Spinning single-family home investments into mortgage-backed securities stks.co/iUe9 Better idea than securitizing rents $$
  • Current Account: Cheap Junk Leads to Expensive Mistakes stks.co/aTNl A lower coupon on a junk bond means more refinancing risk $$
  • Wall Street’s trading businesses turn to survival of the least dead stks.co/gUR6You want 2b the last man standing: monopoly $$
  • Rush for gold coins, jewels peters outstks.co/hUcf Looks like the drive to own physical precious metals has finished 4 now $$
  • Speedy Robots Still a Wall Street Perilstks.co/gUQe Anytime a strategy gets too large, the non-linearities kick in, w/crisis $$
  • Chart of the Day: NYSE Margin Debt Raises Eyebrows stks.co/hUcAAsset/Liability mismatch invites trouble; margin debt goes up $$

 

Other

 

  • Better Than Buffett, This Investor Made Me Rich for Life stks.co/bTj3@davidweidner ’s tribute to his late mother $$ Love > Money
  • If Spending Is the Goal, Try Use-It-Or-Lose-It Gift Cards stks.co/iUpXSeiniorage should b distributed to the people per capita $$
  • The Internet Kills More Jobs Than It Creates stks.co/fUm6 It is shrinking the cash/taxable economy, but not the economy. $$
  • Today’s CEOs Are Too Timid for the Times stks.co/aTbG The marginal productivity of capital is falling b/c of debt deflation. $$
  • David Ferrucci: Life After Watsonstks.co/dTER Creator of IBM’s Watson goes 2Bridgewater 2apply Big Data & AI 2forecasting econ $$

 

 

Berkshire Hathaway

 

  • $BRK.A CEOs Spend Quietly, Match Buffett on Heinz Deal stks.co/dTmE FD: +$BRK.B | Clever subsidiary CEOs grow BRK organically $$
  • New book teaches children ABCs of Buffett’s Company stks.co/iUpW There would b a Hebrew version, but the Gecko isn’t kosher $$ ;)
  • I think reinsuring Long Term Care is stupid almost always. Insureds know more than insurer, who know more than reinsurer cc @retheauditors
  • BRK knew *far* less than SwissRe about the policies they were reinsuring. On life re, meh, but 2 reinsure LTC takes real knowledge $$ + $BRK
  • Buffett’s Ribbing About Swiss Re Dispute Is Fibbing stks.co/bTGH SwissRe took BRK 2 the cleaners FD: + $BRK/B cc@retheauditors $$
  • Warren Buffett worries about Fed’s ‘huge experiment’ stks.co/eTFv Reliable: removing accommodation is harder than providing it $$
  • Munger: It’s time to break up the banksstks.co/hUcC Munger knows that you should mix deposit insurance w/investment banking $$
  • A Lesson From Warren Buffett: Doubt Yourself stks.co/sBPW Many great investment teams encourage disagreement 2 test theses hard $$
  • “We Want to Win”:Berkshire Hathaway Ann’l Meeting, 2013 Edition stks.co/gUPpBuffett could help $VZ buy VZ Wireless FD: +$BRK $VOD

 

 

Wrong

 

  • @creditplumber My article is about insurance companies; u r taking my words out of context
  • Wrong: Fed in 2008 Showed Panic of 1907 Was Excessive stks.co/jV1r If/when the tightening cycle ends & things r fine, then crow $$
  • Wrong: Earnings Seen Lifting S&P 500 to Real Record stks.co/bTjd Profit margins would have 2 rise from record highs 2 do this $$
  • Wrong: Y I Have Never Said 2Invest With Warren Buffett stks.co/qC02 U don’t tug on Superman’s cape, u don’t spit in the wind… $$
  • Unsure: Chanos sees downturn in hard disk drive industry stks.co/iV3L Will b hard to fight all of the free cash flow $$
  • Wrong: Larry Fink’s radical retirement recommendation stks.co/fUaf Please do *not* constrain people 2save; failure is an option $$
  • @AllenSammey I mean that people should be free 2 take care of current needs rather than being forced to save, even if it means poor when old
  • Wrong: House Democrats Seeking Control Eye 17 Split-Ticket Seatsstks.co/gURH This article asserts, it does not prove $$
  • Wrong: Bond Buyers See No 1994 Rout Helped by Bernanke Clarity stks.co/qBQsNo one saw 1994 coming either; we r flying blind $$
  • Wrong: Crises Before and After the Creation of the Fed (2013-13, 5/6/2013)stks.co/gULU Very premature 2 run a victory lap $$

 

Replies, Retweets & Comments

 

  • @SarcasticBull I agree.
  • That is funny & weird. Very, very weird $$ RT @izakaminska: Meme time:Hitler finds out about negative interest ratesstks.co/fUfN
  • @munilass The danger 4 those that seek notable media coverage: media likes bold predictions, b/c they are “newsy.” Kind of a trap $$
  • @ScrollnKey 6x prior premium? Thanks. Post-Cyprus I think many people are analyzing how they can preserve their wealth.
  • Building a bigger, badder, bubble RT@kmac: RBA statement herebit.ly/12cL7Kk
  • @ScrollnKey How is it compared to six months ago?
  • +1 Houses r expenses RT@cullenroche: Rarely do I disagree with Rick Ferri, but I do here.rickferri.com/blog/investmen…
  • @OffRoadFinance I will accept the premise of the paper once we get through the ultimate tightening cycle, which may not b 4 decades
  • Van Hoisington, Lacy Hunt & Gary Shilling would agree RT @carney: …a lot of people making bets on rates rising could get burned badly …
  • @ReformedBroker thanks
  • @The_Analyst @ReformedBroker There are levels of trust; this one ain’t so high, but it’s a straw blowing in the wind
  • @ReformedBroker What was the forward PE on the cyclicals?
  • @gmacd18 Too early to say. Japan has been given a temporary free pass from the G20. When more nations try2 weaken their currencies, we’ll c
  • RT @volatilitysmile: “The tax deductibility of interest played its part in creating this mess, both in the corporate and mortgage markets.”

 

FYI

 

  • My week on twitter: 51 retweets received, 1 new listings, 87 new followers, 61 mentions. Via: 20ft.net/p

 






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