Market Dynamics

• Gold, backwardation and the ‘time cost of money’ http://t.co/AauT82dWoE Many players want 2 make $$ off gold financing but conditions shift May 04, 2013
• The sultans of swing http://t.co/rItrBNwPej Short vol pays income & loses in bad times, long vol loses income & wins in bad times $$ May 04, 2013
• Public Pensions Underreporting Liabilities?​ http://t.co/IdEnrkdcXc Milliman is incented 2 make things look good, or they would lose biz $$ May 03, 2013
• It’s Time to Fight the Fed http://t.co/rAnFWIwctu Makes the case that stock market has decoupled from economic reality $$ cc @MicroFundy May 03, 2013
• JPMorgan Caught in Swirl of Regulatory Woes http://t.co/RFuywRTw0s When finance gets complex there r many opportunities 4 mischief $$ $JPM May 03, 2013
• Why is Doug Kass bearish on Buffett’s Berkshire? http://t.co/aCQVRoxEzv My challenge is2ask original questions that have never been asked $$ May 02, 2013
• High-Speed Traders Exploit Loophole http://t.co/aMdRBW72x3 Y can’t the same data feed be provided to all participants? $$ May 02, 2013
• Treasury Is Readying Floating-Rate Debt http://t.co/d2ybajZWWO First new Treasury debt product in years. Wonder what the index will be… $$ May 02, 2013
• Don’t get me wrong, QE is bad policy. Rather than having a short sharp recession that clears the way 4 growth, Fed traps us in malaise $$ May 02, 2013
• When Defensive Stocks Plays Offense http://t.co/aF6MIrTzyQ @ReformedBroker describes effect of $$ flowing in2 low vol stocks, erasing safety May 01, 2013
• Gold Rush From Dubai2Turkey Saps Supply as Premiums Jump http://t.co/2I3a2B5npH True in the US too: http://t.co/AmkUqn639p $$ #takedelivery May 01, 2013
• Canadian banks r largely shielded from effects of housing downturn b/c government-owned Canada Mtge & Housing insures 64% Canadian mtges $$ May 01, 2013
• Meet the man who’s selling Canada short http://t.co/HqStfr9CCe Shorting bank common stocks, & the Loonie. Market prices / rent – high $$ May 01, 2013
• My Edge and the Crossroads http://t.co/KfcVQUCCjc @ReformedBroker gives us a glimpse of how he synthesizes disparate market data $$ May 01, 2013
• The Great Gold Debate Continues, And It’s Serious http://t.co/Xwtar2rlWE As central banks debase fiat $$ ,gold standard gets more attention Apr 29, 2013
• Big Number: Revenues Missing a ‘Beat’ http://t.co/IwTCtzSUZS Only 44% of companies have beaten revenue estimates, rally could slow down $$ Apr 29, 2013
• Gold Climbs as Higher Physical Demand Counters Decline From ETPs http://t.co/2c6WAxC5Yn Negative real cost of carry favors gold here $$ $GLD Apr 29, 2013
• Gold Bears Defy Rally as Goldman Closes Short Wager http://t.co/WRNWV4MayC Demand 4 physical gold continues while ETPs c outflows $$ $GLD Apr 29, 2013
• Market’s $20T Yielding 1% Shows Austerity Mistaken http://t.co/NnEbi5SshB Monetary policy papering over budget deficits aids stagnation $$ Apr 29, 2013
• Stock Analysts Tell All! http://t.co/I4ixQlTBeU Follow the $$ | C how analyst comp affects their actions; hedge funds matter, retail doesn’t Apr 29, 2013
• The Mind of Jeffrey Gundlach http://t.co/aLmhR5gEuB @eddyelfenbein takes us on a brief tour of how Gundlach came 2b a clever contrarian $$ Apr 29, 2013
• Oil demand at lowest level since Oct http://t.co/X6qhQnYOS8 More signs of global sogginess $$ Apr 29, 2013
• When Safe Havens Become Bubbles In Disguise http://t.co/XTPtp4jgGa Good article if you view the investing alternatives @ end skeptically $$ Apr 29, 2013
• Gold Rout for Central Banks Buying Most Since 1964 http://t.co/Zzkd0slUS8 Gold overshot, but negative real cost of carry favors a rise $$ Apr 28, 2013
• Bank-Loan Funds Pose New Risks http://t.co/V0F6rX4TSV This is a minor mania — expected future returns are low to negative. Avoid. Avoid $$ Apr 27, 2013

Other

• Cicadas, the Wedding Crashers Who Can Jitterbug http://t.co/jcnOqeJeY0 Will b going2an outdoor wedding in late May, should be a scream $$ May 03, 2013
• Note, Shodan can be used positively 2 identify security flaws in your own systems $$ http://t.co/PmMo1IWcrp May 03, 2013
• SHODAN – Computer Search Engine http://t.co/5stvEHa6Js Why be the last person on your block w/o ability to unprotected computer networks? $$ May 03, 2013
• NO PIZZA FOR YOU!!! http://t.co/6BxRJtamn2 Mayor Bloomberg runs into his “Personal Slice Limit,” & has to go to another pizza purveyor $$ May 03, 2013
• 5 Twitter tools to Unfollow Inactive Users http://t.co/o467OjGtgA Interesting utilities cc: @carney @reformedbroker $$ May 02, 2013
• Billionaires Flee Havens as Trillions Pursued Offshore http://t.co/Lbmk1sofQC Politicians interested protecting tax havens 4 their owners $$ Apr 29, 2013
• Run or walk: Why science hasn’t determined which exercise is best http://t.co/nFB6BgCPzf Equal expending of calories -> similar results $$ Apr 29, 2013
• Texas Town’s Blast Crater Shows Risk From Patchwork Zoning Laws http://t.co/LHYMiBq3l7 Necessary dirty industry has 2 go somewhere $$ Apr 28, 2013
• Can You Get a Refund From a Bad Hedge Fund? http://t.co/VO3AsaooVO If your hedge fund has lost $$, u may be able 2 rescind your purchase Apr 28, 2013
• Are Bachelor’s Degrees Worth It? http://t.co/AxAWgZmWge Bachelor’s degrees may not b worth it, but community college can bring a return $$ Apr 28, 2013

Rest of the World

• Too-Big-to-Fail Danish Banks Seek Bailout Text in Sifi Law http://t.co/jRJigpfsW1 Overleveraged housing sector & banks challenge Denmark $$ May 03, 2013
• Chinese Way of Doing Business – In Cash We Trust http://t.co/pGEcUDgMTa More corrupt ur nation is, the more u want 2do cash transactions $$ May 02, 2013
• Denmark Exhausts Stimulus Avenues as Housing Losses Persist http://t.co/MjtLztxIeg Denmark is the poster child 4 mtge excess, then Canada $$ May 02, 2013
• Japan household spending surges as Abenomics gains momentum http://t.co/9wehqDMxde Inflation genie comes out of the bottle, what next? $$ May 01, 2013
• Where the Chinese credit is going… http://t.co/lYHxHMCNeZ “financial distress is another reason why credit expansion has not worked well” $$ May 01, 2013
• Why the China Dream Might Be a Mirage http://t.co/hO4YupHbJl Economic change w/o political change will not work much longer in China $$ Apr 30, 2013
• Factories to face headwinds from enlarged TPP http://t.co/dbPXgxlqzr Chinese businesses build factories elsewhere 4 cheap labor $$ #surprise Apr 29, 2013
• European Leaders’ Softening on Austerity May Accelerate http://t.co/VnLL4Npykr Ending austerity is one thing; sharing losses is another $$ Apr 29, 2013
• Silvercrest’s Patrick Chovanec http://t.co/H2RgxU16Kq Excellent interview w/ @prchovanec on the difficulties w/old Chinese growth model $$ Apr 29, 2013
• Japan’s ‘wall of money’ proves elusive for global markets http://t.co/l9d8RVnqks So far, most of the credit inflation recycled in Japan $$ Apr 29, 2013
• The hole the mutual fund industry has dug for itself http://t.co/MEYDxqJgy5 Huge mutual fund fees in Canada shortchange investors $$ #Wow Apr 29, 2013
• Europe: Aging deepens debt-laden region’s economic woes http://t.co/jWqDYPaDSO Economic growth relies on a population not shrinking $$ Apr 29, 2013
• Danes as Most-Indebted in World Resist Credit http://t.co/PPfvdn12tT Denmark is the poster child 4 what happens w/2 much mortgage debt $$ Apr 29, 2013
• Japan’s Abenomics New Export By-Product: Deflation! http://t.co/0YMovyM2Br Growth does not come as more reserves build up in the banks $$ Apr 29, 2013
• Japan’s Yen Unintended Consequences – Fukushima and the Yen – Hara-Kiri http://t.co/TRqa9gjIUs Higher fuel costs begin 2 bite in Japan $$ Apr 29, 2013
• Europeans Are Thinking the Unthinkable: That Debt Defaults Might Make Sense http://t.co/BQdfWoGknw Only if u can stiff foreign creditors $$ Apr 29, 2013

Companies & Industries

• Buffett Bets on Business Insurance ‘Big Time’ http://t.co/tlcMeszcWJ Rounding out underwriting book; more conservative version of $AIG $$ May 03, 2013
• Quite a first day of trading for CST Brands, Inc. Common Stock Finance http://t.co/nFzrkovLWN Spun off from Valero | FD: + $CST & $VLO $$ May 02, 2013

·  Endurance Reports First Quarter 2013 Financial Results http://t.co/VC4x9cUQBh I have never seen an earnings beat this big b4 | FD: long $ENH May 01, 2013

• How Wall Street Defanged Dodd-Frank http://t.co/FzgwKpOvBh Long, worth a read, describes financial industry’s strategy 2 kill Dodd-Frank $$ May 01, 2013
• I don’t like D-F b/c it’s weak in areas that matter, & strong in areas that don’t matter. &, study committees shouldn’t have lotsa power $$ May 01, 2013
• I was serious on that last comment. Actuaries serve as honest, semi-neutral advisors to the regulators, & have a significant ethics code $$ May 01, 2013
• That makes insurance regulation significantly more brainy than banking regulation. Also tougher, b/c harder 2 co-opt 50 state regulators $$ May 01, 2013
• New Ajit Jain Signals in the Berkshire Hathaway Tea Leaves http://t.co/k5sikoCKGM Is Ajit preparing 2b CEO or retire? FD: long $BRK/B $$ Apr 29, 2013
• Apple doesn’t deserve top credit rating: Fitch http://t.co/ardXsKVuoB Problem is that the $$ is overseas & the debts r in the US $AAPL Apr 29, 2013
• Tech Stocks Are Cheapest in Seven Years http://t.co/InmrCkKmVw Question should b how sustainable revenue streams r in a soggy economy $$ Apr 29, 2013
• States Object to ‘Payday’ Lawsuit Lending http://t.co/ZL7vvCz3GQ This looks like a good market 2 avoid; 2 much risk from legal changes $$ Apr 29, 2013

US Economic Policy

• Deflation, not inflation, could bedevil markets http://t.co/seyOKKmSZV Watch global weakness weigh on the US, also inventory drawdowns $$ May 03, 2013
• US Economy : 6 Critical Indicators of Potential Recession Flashing RED http://t.co/32jNZ3SNrC A stroll through the bearish economic view $$ May 03, 2013
• A possible step towards numerical guidance for QE? http://t.co/fjNXmEMPPk Volume/Clarity of Fed communications doesn’t matter $$ #deadend May 03, 2013
• Fed weighs tighter cap on bank leverage http://t.co/oLiw2XZdqf Maybe adapt well-designed RBC formula life insurance industry uses $$ #noway May 01, 2013
• Obama to Name Congressman Mel Watt to Housing-Finance Post http://t.co/LClhqyLnij This seems like a mistake; Zandi would have been better $$ May 01, 2013
• There Will Be Haircuts http://t.co/uGuDijhW7d @pimco gives 4 ways govt will fleece us: negative real rates, inflation, default, cap ctrls $$ May 01, 2013
• Roubini: Money supplies holding back economy, but run could last 2 years http://t.co/kaoOK1Nd41 Monetary policy is weak in a liquidity trap Apr 30, 2013
• Powerful Union, Upstart Battle Over Shrinking Pie http://t.co/z5N7DME5sT Another sign that unions are a thing of the past. Good riddance $$ Apr 30, 2013
• Ebbing Inflation Means More Easy Money http://t.co/32RIuQeX1f Fed’s new job is 2 push the marginal productivity of capital to zero $$ Apr 29, 2013
• Wall Street is full of ‘crooks,’ Jeffrey Sachs told Philadelphia Fed audience http://t.co/V8LhcyX8qg Evidence would help, many assertions $$ Apr 29, 2013
• US Growth comes Mostly from Inventories http://t.co/WJnRbUGfiJ The current expansion is not robust, IMO will not persist at rates >1.5% $$ Apr 29, 2013
• The Federal Financial Triangle http://t.co/tc8vEvK7QP The Fed, the Treasury, & GSEs have mispriced financial risk -> deeper US deficits $$ Apr 29, 2013
• Are You Ready for the New Investment Tax? http://t.co/yDSIkClF5H Make a lot of many from investments? This tax could surprise u in 2014 $$ Apr 28, 2013

Fixed Income

• DoubleLine’s Gundlach seeks more risk in new closed-end fund http://t.co/EaBoKhCGCv I like the strategy, wonder when will get 2 crowded $$ Apr 29, 2013
• Fitch US High Yield Default Insight — March 2013 http://t.co/8KnB3v1uN7 Lots of good data on the stretched junk bond market $$ $HYG $JNK Apr 29, 2013
• Junk Bond Daily Yield Snapshot: 5.289% (Yes, Another Record) http://t.co/1GiDYWac74 Further price gains should b incremental due 2 calls $$ Apr 29, 2013

At the Bloomberg Washington Summit

• Bloomberg Washington Summit http://t.co/t1pgPaRBRg The videos from the event can be found here. 5.5 hours of video #BBwash $$ May 03, 2013
• At the Bloomberg Washington Summit, Part 5 http://t.co/k3a3maTPST Alan Krueger (Chmn Council of Economic Advisers) & Other Stuff #BBwash $$ May 03, 2013
• At the Bloomberg Washington Summit, Part 4 http://t.co/lQVo1drGbc Economics, US Postal Service, Lunch & China #BBwash $$ May 03, 2013
• At the Bloomberg Washington Summit, Part 3 http://t.co/i3KmSxbKmz Infrastructure, Corp Tax Reform, Dodd-Frank, & Garry Gensler $$ #BBwash May 03, 2013
• At the Bloomberg Washington Summit, Part 2 http://t.co/6m43ZgCm8X Unemployment, Healthcare Spending, & the State of the states $$ #BBwash May 03, 2013
• At the Bloomberg Washington Summit, Part 1 http://t.co/Rjgb8zY60u US Budget, Sequester, dysfunctional politics & economics #BBwash $$ May 03, 2013
• Back home from #BBwash, watch for a summary post later tonight at http://t.co/HQR2bRfS06 Thanks 2 @bgov, @BoozAllen, @Visa, @Bloomberg Apr 30, 2013
• Final panel optimistic about tax reform over the next 2 years Prob over 50%. Can’t say I’m that optimistic #BBwash Apr 30, 2013
• John Rogers of the CFA institute asks Q on differential taxation of dividends/interest, of course panel goes 4 ending dbl taxation #BBwash Apr 30, 2013
• Take back my last tweet. Panel agrees on every corporate tax cut, but shies away from anything that might affect their interest #BBwash Apr 30, 2013
• Final Panel at #BBWash on corporate tax reform, the significant disagreements of panelists indicate y reform will b tough Apr 30, 2013
• Last tweet made 2 counter what the VA Governor said about his budget being balanced, along with the rest of the states #BBwash Apr 30, 2013
• States only balance on a cash basis. Various pension, healthcare and other liabilities r not fully funded all states in the Union #BBWash Apr 30, 2013
• VA Gov McDonnell speaking of the US “Don’t you know we are broke?” Then goes on 2 talk about our unfunded public benefit liabilities #BBwash Apr 30, 2013
• VA Governor makes case that sequestration cuts r unfair b/c they disproportionately affect VA. But VA benefited when spending rose #BBwash Apr 30, 2013
• #hello still waiting on sequestration’s effect on Virginia #BBWash Apr 30, 2013
• Waiting 2 get 2 the main topic w/the VA governor on sequestration, interviewer still grilling on perceived conflict of interest #BBwash Apr 30, 2013
• @cate_long Cool, if you were here, I would say “hi.” Instead, I type “hi.” Apr 30, 2013
• Gov McDonnell of VA speaking @ #BBWash about sequestration, Instead, gets grilled by interviewer on perceived conflicts of interest Apr 30, 2013
• @cate_long Are you here at BBWash or watching on television? Apr 30, 2013
• Ravitch says the threat of BK can make all of the parties focus; biggest state risk is confiscatory tax levels, not reduced benefits #BBwash Apr 30, 2013
• Rendell makes case 4 telling truth & shared sacrifice. Ravitch: Muni Bankruptcy is an admission that democracy has failed #BBWash Apr 30, 2013
• RT @cate_long: Rendell “If city goes bankrupt cant borrow again” BBG’s Glasgall “Orange County went bankrupt and can still borrow” #bbwash Apr 30, 2013
• Moderator makes point about the frenzy in the junk muni market, Ravitch says cities & states have no choice but 2 have access 2 mkts #BBWash Apr 30, 2013
• Ed Rendell makes case 4 a single payer health system. Same point can be made for no health insurance, which would lower costs more #BBWash Apr 30, 2013
• Pension & OPEB panel @ #BBwash is making the case that we are in deep trouble, w/little way out Apr 30, 2013
• @cate_long Thanks, useful… Apr 30, 2013
• @cate_long Thanks, just puzzled by the moderators comments on OPEB at this panel at #BBwash Apr 30, 2013
• @cate_long Cate, most corporations don’t reserve OPEB, b/c they can walk away from it, Governments can’t do the same? Apr 30, 2013
• @CescaAntonelli Could be, I think she is the leading candidate as well, but I don’t like her seemingly reflexive dovishness Apr 30, 2013
• Never happened b4 2 VC RT @CescaAntonelli: Yellen has right of first refusal at Fed, Meyer says at @BBGlink #bbwash http://t.co/Qwn6MvlmVP Apr 30, 2013
• Krueger suggests that people have to adjust their definition of fairness. Trouble is there is no fairness, it is all based on trade #BBwash Apr 30, 2013
• @tomkeene brings up corporate tax code given $AAPL bond deal, Krueger says a deal can be done if the base can b broadened #BBWash #notlikely Apr 30, 2013
• Krueger goes on talking about inequality, has few solutions; education is slow if it works, throwing $$ @ it hasn’t worked recently #BBWash Apr 30, 2013
• Krueger spending a lot of time criticizing the sequester, suggests there is a way to do smart cuts. When have we ever done that? #BBWash Apr 30, 2013
• Krueger suggests that fixing infrastructure has the highest payoff. Problem: haven’t *ever* done it, & the budget 2 deep in deficit #BBwash Apr 30, 2013
• Kreuger implies Stockman’s opinions r not worthy of consideration #BBWash Apr 30, 2013
• Delicious food & good conversation @ #BBwash lunch. Sat w/ @tomkeene & @steve_hanke Apr 30, 2013
• @pattersonscott In my opinion, that comes down to misregulation of inv banks & AIG , they should have regulated derivs as if on B/S #bbwash Apr 30, 2013
• @pattersonscott & I argued 4 ring-fencing the derivative counterparties, & let the holding companies fail, but had 2 have mtges fail 1st Apr 30, 2013
• @pattersonscott derivatives did crater some companies taking one side of the mortgage trade, but mortgages had to go bad first Apr 30, 2013
• @pattersonscott for every winner on a derivative, there is a loser. nets to zero — on the original loan there are real loan losses #BBwash Apr 30, 2013
• Appreciate CFTC Chairman Gensler’s sense of humor, even if it burns time… #BBwash Apr 30, 2013
• #BBwash Gensler says that we will move away from Libor. Me: Any benchmark not based on trades will b gamed, as well as those based on trades Apr 30, 2013
• @pattersonscott Some were tied to the mortgages, but the real losses came from the mortgage underwriting, which came first #bbwash Apr 30, 2013
• Utterly mistaken RT @cedwaddell: #BBwash Gary Gensler, chair of CFTC, says 8 million jobs lost since 2008 due to unregulated swaps market Apr 30, 2013
• Gensler traces the crisis to the derivatives markets when it was really due to bad mortgage lending #BBwash #FTL Apr 30, 2013
• @PeterCCook Ask him why derivatives are not regulated like insurance, and require insurable interest #BBwash Apr 30, 2013
• @PeterCCook Ask him why derivatives are not regulated like insurance, and require insurable interest Apr 30, 2013
• RT @cate_long: “I believe that the role of the Post Office is universal service and overnight delivery is part of that” Sen Cardin #bbwash Apr 30, 2013
• USPS CFO thinks there is a long-term solution, needs regulatory changes, allowing delivery of alcohol, etc. wants more independence #BBwash Apr 30, 2013
• CFO of $UPS talks about two scenarios for rises in interest rates: good: improvement in productivity, bad: stagflation #BBwash #duh Apr 30, 2013
• If business were already agreed on tax policy, tax policy would have changed already #BBwash Apr 30, 2013
• Mistaken concept that the business community has 1 clear goal in tax policy, one man’s tax expenditure is more valuable than others #BBwash Apr 30, 2013
• Eclectic panel Sen. Ben Cardin (D-Maryland), Kurt Kuehn, CFO UPS & Joseph Corbett, CFO & EVP, USPS — don’t think this goes far #BBwash Apr 30, 2013
• PA gov Corbett leaves benefits/fees of fracking to local governments where it is needed #BBwash Apr 30, 2013
• Corbett wants to be the “Texas” of Natgas, TX ain’t what it used 2b #BBwash Apr 30, 2013
• 1 in 6 people in PA on Medicaid would b 1 in 4 under Obamacare, according2 Tom Corbett, PA 2nd highest in Medicaid b/c optional covs #BBWash Apr 30, 2013
• @fbonacci @incakolanews @felixsalmon Easy come, easy go, little high, little low… nothing really matters, anyone can see… Apr 30, 2013
• At #BBwash , Tom Corbett talks about selling the state liquor stores, when it barely moves the needle in terms of the NPV of the liabs Apr 30, 2013
• John Rogers of the CFA Institute asks Engle why we should invest in a new bubble created by the Federal Reserve? Engle waffles. #BBWash Apr 30, 2013
• @incakolanews Galileo, Galileo, will you let me go? Apr 30, 2013
• Engle correct in noting that the tea party has made washington a 3-party game, which creates a complex blocked situation #BBWash Apr 30, 2013
• Gotta give Scaramucci credit for getting on this #BBWash panel, he has said some notably odd things Apr 30, 2013
• Federal Reserve less independent since Dodd-Frank, & not in a good way, it supports the US financial sector & government #BBwash Apr 30, 2013
• Pitt: if I were a college professor, I would give Congress an “F” 4 Dodd-Frank #BBWash Apr 30, 2013
• Humorous panel w/Harvey Pitt, Robert Engle, and Anthony Scaramucci — Engle is clueless, thinking Fed policy can b easily removed #BBwash Apr 30, 2013
• Wargaming in economics is impossible; there is no way to predict next economic crisis, writ small. Overlevered systems r risky #BBwash $$ Apr 30, 2013
• Too much discussion over bailing out the system. Too little discussion over how to limit overall debt and debt complexity #BBWash $$ Apr 30, 2013
• Good discussion @ #BBwash where they describe how more complex laws & regulations make markets more complex rather than clear $$ #worse Apr 30, 2013
• Panel on Dodd-Frank arguing about bank capital, arguing that higher capital isn’t so bad. #BBwash $$ That said, liquidity is more important Apr 30, 2013
• Panel on Dodd-Frank arguing about bank capital, arguing that higher capital isn’t so bad. #BBwah $$ That said, liquidity is more important Apr 30, 2013
• Really disappointed in the lack of reasoning from Larry Meyer, not disappointed in Chris van Hollen, nothing to expect there $$ #BBwash Apr 30, 2013
• At the Bloomberg Washington Summit: definitely a liberal bias to first two panels, saying that the current deficits must continue #BBWash $$ Apr 30, 2013

Wrong

• Wrong: Fed Seen Slowing Stimulus With QE Cut by End of This Year http://t.co/h2ckgPDc3e Sorry, but the Fed will increase its QE in 2013 $$ May 02, 2013
• Wrong: Europe’s New Path: Austerity with a Human Face http://t.co/HXzbWFx2v9 Real austerity hasn’t been tried yet, only debt monetization $$ Apr 29, 2013
• Wrong: ‘Peak Fossil Fuels’ Is Closer Than You Think: BNEF – Bloomberg http://t.co/XoKYF1qoEW No way; governments of world won’t cooperate $$ Apr 28, 2013
• New York Times Moves Toward Netflix Model as Ads Tumble http://t.co/rHrbxxAe8e I think $NYT is eventually a zero as the internet eats it $$ Apr 28, 2013

Replies, Retweets & Comments

• 5.5% annualized growth $$ RT @EddyElfenbein: Nominal S&P 500 earnings are expected to be roughly double this year compared with 2000 May 03, 2013
• @EddyElfenbein http://t.co/FvBzLDzuGI On the IBM Industrial Average, where I propose the News Corp Industrial Average May 03, 2013
• @H_X_S Thanks, Janetter looks interesting. May 03, 2013
• Liked the old Tweetdeck better $$ RT @danprimack: Does Twitter know that some of us probably would have paid to keep tweetdeck alive? May 03, 2013
• @AndreCimini It’s all a part of the current “race to the bottom” monetary policy game. Trying to figure out how this one blows up May 03, 2013
• @fsmontenegro Thanks, missed that, relied on a friend May 03, 2013
• ‘ @JayLeonard No doubt, & realize these are marginal rates, which few pay because of the Swiss cheese nature of the corp tax code $$ May 03, 2013
• @alestuma I get that — that’s y some investors co-locate servers at the exchanges. But not getting the same feed initially is different May 02, 2013
• ‘ @WarrenBuffett Good 4u, Mr. Buffett. We all await your wise counsel, especially me, a student of yours & a shareholder. $$ FD: + $BRK.B May 02, 2013
• @TheStalwart I don’t think much happened overnight, but I did publish a five piece set of articles on the Bloomberg Washington Summit May 02, 2013
• @notgunnamatta Yes May 02, 2013
• @dpinsen There r no good solutions in the bust. The only sane thing is to try to prevent booms from getting out of control, a la Martin $$ May 02, 2013
• @CardiffGarcia If I had the data, would be interesting to try a parabolic fit, & look at the coefficients, looks like it would flop May 01, 2013
• @rubicon59 @PlanMaestro @SajKarsan I think I was the only one that did public analyses of the 3 Maiden Lane trusts, but I was wrong there 2 May 01, 2013
• @rubicon59 @PlanMaestro @SajKarsan Yes, I did; I presumed that the really junky assets that they had would default far more than they did May 01, 2013
• Cool $$ RT @jasonzweigwsj: our great Fed-speak comparison machine: see how the FOMC’s statements change over time http://t.co/CubyVqQ6KL May 01, 2013
• @Matthew_C_Klein Next in line r colonialists who exploited Belgium/Congo, Germany/SW Africa, Spanish in the new World, Black Slavery $$ May 01, 2013
• @Matthew_C_Klein Historically, it is fascinating how many attempts at forced collectivization led to massive deaths, Ukraine, Cambodia $$ May 01, 2013
• His rhetoric usually leaves me cold $$ RT @TheStalwart: Some folks asking who, exactly, Krugman has persuaded. Fair question. May 01, 2013
• @Matthew_C_Klein I’ve seen higher estimates on the deaths c book “Hungry Ghosts;” the statistics r hard 2 come by; most don’t want 2 talk $$ May 01, 2013
• “Any anomaly can be overfished. The low volatility anomaly was one of the more durable ones, but…” — David_Merkel http://t.co/syjdr5nHDU May 01, 2013
• @CFAevents Honored that you would mention me. Thanks. Osband’s book was one of the best I have read on the topic. May 01, 2013
• @djoalpha11 @tomkeene What flash crash? Apr 30, 2013
• @csissoko But most of the issuance of bad mtges were prime, not subprime — the issuance of Fannie & Freddie were more responsible 4 crisis Apr 30, 2013
• @csissoko Yes, the lust for yield drove willingness to enter into CDS, taking risk, receiving premium, which led some issuance of bad mtges Apr 30, 2013
• @Nonrelatedsense I read otherwise in an article yesterday… but thanks for the correction Apr 30, 2013
• Apologies, you are right RT @Nonrelatedsense: @AlephBlog DSL is absolutely a Closed End Fund. Prospectus: http://t.co/vXcUpTEZi9 Apr 30, 2013
• @Nonrelatedsense It’s an ETF, not a CEF Apr 30, 2013
• Also leads 2 creation of more shares, grows the fund $$ RT @vzban123: Per doubline website, IPO price is almost 5% premium to NAV. Apr 29, 2013
• Yeh, saw that. Just another symptom of yield lust. $$ RT @vzban123: @AlephBlog Per doubline website, IPO price is almost 5% premium to NAV Apr 29, 2013
• It’s a great job if you have the skills to get it; it’s even better if you have business skills as well… http://t.co/ji5jgSLPA9 Apr 29, 2013
• @aneiro Any stats on what %age of the market is trading to call, rather than maturity? Apr 29, 2013
• @codywillard I suspect there r a lot of games going on w/ETPs, certainly in Europe, regulation is tighter here, collateral issues & arb Apr 29, 2013
• @codywillard I was against the bailouts dear friend; what I puzzle over is how many games r *presently* being played on Wall Street Apr 29, 2013
• @EddyElfenbein model 2 minimizes the sum of squared ratios between actual & modeled prices. Model 2 more reliable, IMO, though fits worse Apr 29, 2013
• @EddyElfenbein model 1 minimizes the sum of squared differences between actual & modeled prices. Apr 29, 2013
• @Jesse_Livermore Emerging Market Government Bonds, maybe Long Treasuries — it is a deflationary environment, kinda, maybe, sorta, meh $$ Apr 27, 2013

FWIW

• My week on twitter: 47 retweets received, 48 new followers, 89 mentions. Via: http://t.co/cPSEMLXpb8 May 02, 2013

Market Impact

• Gold Buyers Throng Indian Stores for Second Week on Rally http://t.co/ilkuosl43D Physical gold is receiving much attention, futures not $$ Apr 26, 2013
• Renaissance Funds Take a Tumble http://t.co/U3x0uboqPA Hedge Funds in aggregate r2 large &2 similar. They r an inferior way 2 invest. $$ Apr 26, 2013
• Investors Say No to Sallie Mae Bond Deal http://t.co/ZOmyJpDWJL Another sign of bad credit building up $$ Apr 26, 2013
• Silver — The Poor Man’s Gold Crossing Wall Street http://t.co/CTWhiJTXNX @eddyelfenbein retells the attempted corner on silver story $$ Apr 25, 2013
• Cleveland Fed leads in measuring stress http://t.co/sdL7KsNSax Aggregate financial stress gauge measures current risks daily $$ #kicksthevix Apr 24, 2013
• Emerging-Market Returns Unhinge From Developed http://t.co/Ml8iBjGkPy Perhaps a sign that the risk trade is getting past the peak $$ Apr 24, 2013
• TradeBots, Social Media Form Volatile Combination http://t.co/QTiRnL6ZKt U mean u can’t trust everything u read on Twitter? $$ #scandal Apr 24, 2013
• Watchdog: Banks R Still Too Intertwined http://t.co/8hkaUWCJyg TBTF not solved, mortgage assistance may have harmed more ppl than helped $$ Apr 24, 2013
• Pimco’s Rising Stars Pull in Money for Future After Gross http://t.co/Xda08qQ8U4 Pimco is a quant bond shop; not reliant on 1 person $$ Apr 24, 2013
• Hulbert on Investing: How to Time the Market http://t.co/QfH1yd8J70 Value Line’s Median Appreciation Potential is 50%; yellow/red light $$ Apr 22, 2013
• Hedge funds: Launch bad http://t.co/tLk5swElr7 Breaking into the hedge-fund world is harder than before, fees coming down, game 2 tough $$ Apr 22, 2013
• Apollo-to-Goldman Embracing Insurers Spurs State Concerns http://t.co/uMylWdF9pE Newcomers to life insurance invest more aggressively $$ Apr 22, 2013
• Reminds me of bad old days of life insurance investing, thinking the old rules don’t apply, using novel capital structures & investments $$ Apr 22, 2013
• BTW, the bad old days were 1982-2002. Other similarities r the use of too much leverage & scrimping on actuarial/other specialty talent $$ Apr 22, 2013
• Why Does Financial Innovation Sometimes Make System Riskier? http://t.co/WbEHfNyiUc something new to wager on, can amplify bets elsewhere $$ Apr 22, 2013
• Other reasons — regulatory arbitrage, relief frm accounting rules, tax advantages, agency problems (heads I win, tails the company loses) $$ Apr 22, 2013
• JPMorgan Said to Plan CMBS Deal With Sales at Post-Crisis Peak http://t.co/elhMy69Q2O If u could borrow @ ~4%, u might buy commercial RE2 $$ Apr 22, 2013
• Lurching Gold ETF Veers From Metal Most in Year Amid Selloff http://t.co/8CyKR7Ptsr Less of a factor now, as $GLD is trading near NAV $$ Apr 21, 2013
• Gold slide flashes warning signs for global economy http://t.co/x5w7HWaZ1s Significant but just one sign, Long US Tsys have also rallied $$ Apr 21, 2013

Rest of the World

• Japan’s Investment Banks Once Ugly Sisters Turn Into Cinderellas http://t.co/GuRw6T3LLG When finance is expanding, it is not prosperity $$ Apr 26, 2013
• The Poverty Lie: How Europe’s Crisis Countries Hide their Wealth http://t.co/F3OikdTHs6 Germany getting restive over requests 4 bailouts $$ Apr 24, 2013
• After the Flash Crash http://t.co/elcHKBo6hX Andy Xie bullish on Agriculture & Gold, bearish on Japanese monetary policy $$ Apr 24, 2013
• Xinhua: Overcapacity troubles Chinese economy, reform needed http://t.co/UU2Guow1M5 2 much investment in heavy industries 4 export $$ #Japan Apr 24, 2013
• Bernanke Peer Quits in Sweden as Inflation Targeting Tested http://t.co/uM6zq4Gjw0 Apostle of salvation via inflation finally quits $$ Apr 24, 2013
• Spain’s population falls as immigrants flee crisis http://t.co/aNHDMURxqq Foreigners came in good times, now leave in hard times $$ #byebye Apr 24, 2013
• China alert to debt risk fears http://t.co/BjyjB1rEXw Local governments keep borrowing $$ & selling land; how will it get paid back? Apr 24, 2013
• Greece’s great fire sale http://t.co/X6LXA5Wbhd Selling pristine beaches to palaces, entire islands & its London embassy $$ #regretitlater Apr 24, 2013
• Inside Merkel’s Bet http://t.co/uNdfdGUR0U Merkel pushes dirty work to the Troika, stays popular in Germany resisting bailouts 4 fringe $$ Apr 24, 2013
• Japan’s population suffers biggest fall in history http://t.co/I48upsEBQM Japan, Germany, China, Russia lose vitality as populations drop $$ Apr 24, 2013
• Why the US is looking to Germany http://t.co/OtxDy8W5g0 With their labor market, the US is suffering from a rising case of ‘German envy’ $$ Apr 22, 2013
• China’s cooldown: Charting a new path for commodities http://t.co/L5aFpZ8jml Feels like the global economy is slowing, debt-heavy $$ #soggy Apr 22, 2013

Companies

• Jim Grant on the Most Undervalued Stocks http://t.co/xz9K18lKbo Someone must have given him a double-shot of espresso b4 this lively chat $$ Apr 25, 2013
• Few $1-Salary CEOs Make a Buck as Ellison Gets $96MM http://t.co/9HisNA97zH Avg comp 4 S&P500 CEO is $1.1MM, which sounds low $$ #avoidenvy Apr 25, 2013
• Verizon-Vodafone Chatter Picks Up Again – Corporate Intelligence http://t.co/cFu4NsKLYI $VZ should buy $VOD , &sell off what it doesn’t want Apr 25, 2013
• Last tweet full disclosure: long $VOD Apr 25, 2013
• Apple, the Fed and the financial fallacy http://t.co/FdjDLxLoEt @jamessaft compares the Fed’s & $AAPL ‘s willingness2dabble in fin’l mkts $$ Apr 24, 2013
• Illinois Tool Works’ Plan Faces Major Test http://t.co/aF3lEsa1x5 Probably being done 2 meet management ROE incentives $$ $ITW #wouldnotdoit Apr 24, 2013
• Netflix Shows It Pays to Buy Index Flotsam – Focus on Funds http://t.co/3aRurKK4bw Index departees often rally hard after forced selling $$ Apr 24, 2013
• He’s Not Short: Dude Likely Cheered On IBM Plunge http://t.co/CQLhwgusLn Warren the wonderful has $$ 2 reinvest, likely buying more $IBM Apr 24, 2013
• U.S. Aid Drove Fisker to Overreach http://t.co/X4hrc1quB9 It would b cheaper 4 the Govt 2 finance alt energy research, no companies $$ #duds Apr 24, 2013
• Hewlett-Packard and Its Obstinate Director http://t.co/WCqgabIayk Easier 2 toss out a sitting congressman than a public company director $$ Apr 22, 2013
• More than 90 pct of NY, NJ Sandy claims settled -trade group http://t.co/cvnVlJLEwo 3rd largest loss event in real $$ terms v Katrina,Andrew Apr 22, 2013

Wrong

• Wrong: Health Insurance Actuaries In the Hot Seat On ‘Rate Shock’ http://t.co/HQDkLjzfF4 Actuaries r generally honest, unlike politicians $$ Apr 25, 2013
• Wrong: Boston and the Un-Bush http://t.co/AuUBsA1zTH Obama is Bush-plus. That doesn’t make it right. Free societies take losses $$ Apr 25, 2013

US Politics & Economics

• It’s A Bit Early To Declare A Winner In The Economic Debate http://t.co/5NAAQJbI8F High debt levels do slow growth; they create uncertainty Apr 26, 2013
• Bombing Victims Get Millions as Internet Redefines Giving http://t.co/mgy3peyEmA It works 4 now, b/c it’s new. Donor fatigue will set in $$ Apr 25, 2013
• Americans Paying Up Wherever They Reside Beseech Congress http://t.co/h9QPtCgpw5 Congress forgets expatriates, IRS remembers $$ #youlose Apr 24, 2013
• Rand Paul Tries to Transform a Moment Into a Movement http://t.co/PbAV8wu4JK Libertarianism rarely wins in the US; here goes another try $$ Apr 24, 2013
• Deflation – A Three Act Play http://t.co/0VvU2Qi8E1 Fed’s lengthy battle w/deflation 2 weaken the $$ & rejuvenate inflation expectations Apr 24, 2013

Other

• If u want 2learn best tonality 4 your voice, sing the highest note u can clearly, then the lowest note, best tone is 25% from low 2 high $$ Apr 24, 2013
• Changing the Sound of Your Voice http://t.co/xh2ABsnKfw The quality of your voice affects how people perceive u; retraining can help $$ Apr 24, 2013
• Chili Peppers Seen Helping 36 Million Migraine Sufferers http://t.co/RSg5Zk0iHU This is the next hot idea in pharmaceuticals $$ #sorryihadto Apr 22, 2013

Replies, Retweets & Comments

• Thx 4 realspeak $$ RT @jckhewitt: but you don’t understand man. They made a spreadsheet error. Infinite debt is infinity plusgood now. Apr 26, 2013
• Not surprising, almost all fail for lack of volume $$ $MKTX RT @Alea_: BlackRock Crossing Bond Platform KAPUT http://t.co/U7Thmd1API Apr 25, 2013
• @AppFlyer Capital needed to escape one’s country during times of panic to obtain a safe life in the US Apr 25, 2013
• @VCEO_Vision I am a life actuary by training. Living benefits r not adequately reserved, & r improperly priced; regulators should ban them Apr 25, 2013
• “Not only was it short, it was small.” — David_Merkel http://t.co/rI3NOhOD2w Regarding the twitter “Flash crash” Apr 25, 2013
• ‘ @timmelvin @TimABRussell MD searches 4 $$ , then 4 a justification; more imperial overreach in the People’s Republic of MD #raintax Apr 24, 2013
• ‘@dpinsen @EddyElfenbein Here’s my article on the topic: http://t.co/HkHilkN5rV At the end I conclude that 1.5x growth is the outer limit $$ Apr 23, 2013
• Owners of bank common stocks RT @MattGoldstein26: This CSFI, Cleveland financial stress index, is fascinating stuff. So who is shorting it? Apr 23, 2013
• @kyith I would never buy a dread disease policy; typically the claim pmt/premiums ratio is low. People overestimate incidence Apr 22, 2013
• @fundmyfund My wife says @theEconomist always tries to save money on pictures by using funny captions $$ “Plan B for finding seed capital” Apr 22, 2013
• RT @Galrahn: One terrorist had over 1,000,000+ Americans across 100+ square miles hiding in houses for safety. Boston is how not to do Home… Apr 22, 2013

FWIW

• My week on twitter: 22 retweets received, 4 new listings, 67 new followers, 25 mentions. Via: http://t.co/cPSEMLXpb8 Apr 25, 2013

Market Dynamics

• Gold Volatility Beats US Stocks and May Last: Chart of the Day http://t.co/7Bo9dvOKaN Bodes ill 4 gold in short-run, good in the long-run $$ Apr 19, 2013
• S&P500, & their friends: Market Fatigue? Confirmation Signs?http://t.co/OCmnASBP4b Momentum failing in small cap stocks, not a good sign $$ Apr 18, 2013
• Some (more) crushing news for goldbugs http://t.co/PQOeK0IRxp Depletion is the bane of gold producers, pushing up the cost of ore $$ Apr 18, 2013
• Just Before the Crash http://t.co/8t7EYWI5mP Institutions create their own crises by herding into risky asset classes & fleeing en masse $$ Apr 18, 2013
• End of the supercycle looms: commodities, stocks sell off http://t.co/PvQzo907SZ Calling end of cycle is gutsy when resource demands r up $$ Apr 17, 2013
• Commodities Crushing Stocks http://t.co/nh08C1eAIJ One day does not make a market; that said, increased volatility is a negative $$ Apr 17, 2013
• Gold’s fair value is $800 an ounce http://t.co/w3AYvPu1Qn Way too low, unless inflation will remain negative 4 some time $$ Apr 17, 2013
• 4 Signs That The Housing Recovery Is Stalling http://t.co/R0Q8VoGbgX Interesting set of charts; feels like a dead cat bounce in Res RE $$ Apr 16, 2013
• Busting Sell in May and Go Away Myth http://t.co/QrNPXFLLYo Buy&Hold best in LR, then buy November, sell April $$ C: http://t.co/eoV7EtmcSv Apr 16, 2013

Companies & Industries

• Caterpillar and Federal Express: Two Global Bellweathers, Two Worries  http://t.co/GKzv0om5Ia Where did all the ppl go talking of growth $$ Apr 19, 2013
• Chevron Defies California On Carbon Emissions http://t.co/edOiu38VaJ California’s policies r2 strict, another reason y CA state is failing $$ Apr 19, 2013
• $VZ Says Tax Hurdle 2 $VOD Wireless Buyout Fixable http://t.co/9loiR5KxCl $VZ should buy $VOD, spin off what it doesn’t want | FD: + $VOD $$ Apr 19, 2013
• More Cracks Undermine the Citadel of TV Profits http://t.co/3ilOm7dN19 How 2 keep information bundles together, good subsidizing mediocre $$ Apr 16, 2013

United States

• Boston Bombings Bring Americans Closer to Living on Edge http://t.co/zpkw58VB4v Free societies have to live w/risk or we destroy freedom $$ Apr 18, 2013
• Clinging to Guns—and Abortion http://t.co/2W3Dvh9WyR Hadn’t heard story about Kermit Gosnell; really surprised it isn’t a bigger story $$ Apr 18, 2013
• Route Change Forces Keystone Foes to Shift Focus http://t.co/pbrXMdWBYt Environmentalism is intellectually bankrupt, a prime example here $$ Apr 18, 2013
• Is making US banks foresee trouble more trouble than it’s worth? http://t.co/b6IBN7AA5v Done fairly, no. If abused, yes. Analysts needed $$ Apr 17, 2013
• Retirement Account Cap With Obama Budget Buoys Insurance http://t.co/wsK7ZSj8cQ A positive for life insurance among the most wealthy $$ Apr 17, 2013

China

• Chinese Go Nuts After a Bumper Crop http://t.co/CGbhVKwYe1 knew Chinese liked peanuts so much; thought their favorite nut was cashews $$ Apr 19, 2013
• China’s Potential growth may slow later in decade: Older population shrinks labor force http://t.co/Okz3WtKwnD Pop growth -> Econ growth $$ Apr 19, 2013
• Study Finds Massive Europe Investment by Chinese State Companies http://t.co/e33I5YwjVJ Does China get how difficult it will b2 get out $$ Apr 18, 2013
• China Local Authority Debt ‘Out of Control’ http://t.co/wpO6dmaJ7H Yet another sign of debt disarray in China; Govt will take losses $$ Apr 18, 2013
• Has China’s Economy Hit a ‘Dead End’? http://t.co/Cbb4dMdNcj You bet. it is similar to Japan in 1989, and the USSR in 1965: Stagnation $$ Apr 18, 2013
• Slower China Growth Signals Days of Miracles Are Waning http://t.co/Bp1zuogXWO Capital productivity declining in China; hard landing $$ Apr 16, 2013

Rest of the World

• Risky Economic Plan for Japan Inspires Hope and Fear http://t.co/airp5vkGJL Gambler Abe presumes that inflation can help Japan $$ #FTL Apr 19, 2013
• Chavez Heir to Be Sworn in as Vote Dispute Roils Investors http://t.co/ZxI0disbOc Somehow this doesn’t feel stable. Electronic vote audit? $$ Apr 19, 2013
• Spanish Squatters Invoking Robin Hood Deter Investment http://t.co/sKuX9C6S87 What is not paid 4 is not valued, Spain is dying slowly $$ Apr 18, 2013
• Spanish Pension Reserve Fund:All In For Spanish Debt! http://t.co/wYG9HBLR7L Not all that different from Social Security; backed by taxes $$ Apr 18, 2013
• The ECB Fragmented Monetary Policy http://t.co/w9lFbXbJSf DIfficult 4 the EZ 2b anything other than a 2-tier capital mkt: feast & famine $$ Apr 16, 2013
• The riddle of Europe’s single currency with many values http://t.co/W8n5p7YOXL A euro isn’t equal everywhere in EZ, time 2 end the euro $$ Apr 16, 2013

Other

• 10 things Coke, Pepsi and soda industry won’t say http://t.co/IRvqvnqvTm Avoid sweetened fizzy drinks; they aren’t good 4u $$ #simple Apr 17, 2013
• The spreadsheet error in Reinhart and Rogoff’s famous paper on debt sustainability http://t.co/hPdw3VPh4Q Oops, even professors goof $$ Apr 16, 2013
• Inside Bloomberg’s Twitter A-List (Well, At Least a Fraction of It) http://t.co/zCeVLZM2nB Brings best tweets of the moment to BB users $$ Apr 16, 2013

Wrong or Late

• Wrong: To Boost Retirement Savings, Stop Giving Tax Breaks on 401(k)s http://t.co/JnZPEDvn7W “Nudges” eventually fail, tax breaks don’t $$ Apr 19, 2013
• Late: Efforts to Revive the Economy Lead 2 Worries of a Bubble http://t.co/RpfWgT2v9w Bubble will b revealed when Fed 1st hints 2 tighten $$ Apr 18, 2013
• Wrong: Economic Data Galore, but No Certainty http://t.co/My3ixW60y9 1 thing is certain, the ability of economists 2 forecast is abysmal $$ Apr 17, 2013

Replies, Retweets & Comments

• W/all the white flower petals falling off trees, it looked like a blizzard 4a while. I said 2 my youngest, “Look, Snow.” She just smiled $$ Apr 19, 2013
• @Tubulus In the short-run, no. In the long-run, yes. Those who need more spending $$ will eventually undo the enrollment & move 2 cash Apr 19, 2013
• @finemrespice No, not sure, but to me slowly is a number of years, which we are well into. Cyprus was fast. Apr 18, 2013
• “You didn’t ask him about the purchase of Scottish Re, which lost a lot of $$ . Y the free pass?” — David_Merkel http://t.co/esyopPA0U4 Apr 18, 2013
• “Sadly, neither really succeeded. The debt started growing uncontrollably in their terms, leading…” — David_Merkel http://t.co/0YFxMOUJGM Apr 18, 2013
• ‘ @StockGravity It is not certain that money will b printed, though I believe that will happen. I do think gold is cheap here. $$ Apr 17, 2013
• RT @LauricellaTom: Pimco’s El-Erian: Easy money policies mean stocks, bonds “trading at very artificial levels” @MoneyBeat @Pimco #WSJ … Apr 16, 2013
• @edwindearborn How do you define viral? I get that level almost every day when you add in everything… and I am not that big. Apr 16, 2013
• @portfolio14 @Greenbackd I said no in my piece, but here is the advice for market bottoms: http://t.co/d13GQgp7TI $$ Apr 16, 2013

FWIW

• My week on twitter: 42 retweets received, 2 new listings, 53 new followers, 25 mentions. Via: http://t.co/cPSEMLXpb8 Apr 18, 2013

Market Dynamics

• The Scary Risks of Safety Bubble Up http://t.co/Tv3tG8TwSH Never forget that dividend stocks r stocks & that assets r risky if overpriced $$ Apr 11, 2013
• Cheap Mortgages Are Hiding the Truth About Home Prices http://t.co/bQoXGHWVwO If Mtge rates r artificially low then housing prices r high $$ Apr 11, 2013
• Suckers! Tech Execs Selling Stock as Nasdaq Hits High http://t.co/6lPnjk7sxu Fed is the tide; who will b found swimming naked when it ebbs $$ Apr 11, 2013
• Banking Business: Complexity Cubed http://t.co/N1itJvjmbx If you want to simplify corporate structure, start simplifying the tax code $$ Apr 11, 2013
• The 14% Rate of Corporate Profits Will Eventually Revert 2 Mean, Spoiling the Party http://t.co/6TZXKn29uX Don’t use P/E 2 measure cheap $$ Apr 10, 2013
• Most big companies, unless they r simple start to underperform at mkt cap > $100B. Managing the complexity is virtually impossible. $$ Apr 10, 2013
• How The Equity Q Ratio Anticipates Stock Market Crashes http://t.co/2LiEi9zFzR & The Q Ratio and Market Valuation http://t.co/9tM6srmneq $$ Apr 10, 2013
• Check Here to Tip Taxi Drivers or Save for 401(k) http://t.co/cNg8wSSDmh Stupid efforts at manipulating behavior eventually fail $$ #quitit Apr 10, 2013
• Questions to Ask Your Adviser About Fees http://t.co/78kLdmlTGN Main things what do you pay & find out who else is paying him Apr 09, 2013

Europe

• Merkel’s No-Nuke Stumble May Erode Re-Election Support http://t.co/B8c0441GDR An unforced error; far better 2 invest in Nuke plant safety $$ Apr 11, 2013
• Swedish Banks Make Money Ditching Cash as Krona Goes Virtual http://t.co/pcWOQztjwL It is a mistake to make $$ disappear. Ask Cyprus why $$ Apr 11, 2013
• Economic Crisis Hits the Netherlands http://t.co/63VuWJta03 Imagine a nation where 120% LTV loans & trading homes every 3 yrs is common $$ Apr 10, 2013
• ECB Survey Challenges Image of Poor Southern Europe http://t.co/ITmwyBr5ng I suspect this study is wrong or measuring the wrong thing $$ Apr 10, 2013
• Why Thatcher Wouldn’t Succeed in Our ‘Lean In’ Culture http://t.co/CKpMa4GYov U have to + in the concept of killing sacred cows w/courage $$ Apr 10, 2013
• Portugal austerity plan frays http://t.co/ukBVsCYNeE Top court struck down wage cuts and lower pensions for state workers; what now, Troika? Apr 09, 2013
• Soros: Europe faces ‘slow death’ Japan is trying to escape http://t.co/SEtqiNEBBU Seems 2 argue for massive QE, but no sign that QE works Apr 08, 2013
• Why Rescue Fragile Banks? Outsource Them Instead http://t.co/ixYB95jHug Exile TBTF banks to the E-Zone; let them pay 4 the bailouts Apr 08, 2013
• Europe Builds Own Chapter 11 http://t.co/kHrgFmMHc2 Moves closer to the US, but still is not as flexible in rehabilitating corporations Apr 07, 2013

Credit Markets

• Foreclosures Jump in New York as US Sees Decline: Mortgages http://t.co/oaz5prhQVA Judicial f/c states catch up w/the rest of the US $$ Apr 11, 2013
• Pimco’s Gross Turns Positive on 10-Year Treasurys http://t.co/8uBxkzWxgK Guessing what central banks will want 2 buy, mug’s game Apr 10, 2013
• Bank Investors Press Breakups to Add Value, Burnell Says http://t.co/DQefb93MB5 Biggest banks r worth more broken up; can’t manage well $$ Apr 10, 2013
• Banks rethink the branch, but will it work? http://t.co/JwDHF22Re4 This article is just another way 2say there r2 many banks & branches $$ Apr 10, 2013
• The leverage story banks want to hide http://t.co/yebYHRCxn5 To avoid bank insolvency focus on liquidity of assets/liabs in stressed times Apr 09, 2013
• Contagion Starts Small http://t.co/0PeQhSd6Qb Small->large requires domino debt failures, needing liquidity for illiquid, or safety mismatch Apr 09, 2013
• Time bomb to the next crash is ticking as debt sales surge http://t.co/zn41h2eJ8E Investors requiring safety mismatch buying unsafe debt Apr 09, 2013
• Where Bank Regulators Go to Get Rich http://t.co/hGnGn3hpwt An astounding array of former regulators aiding “end arounds” on regulation Apr 08, 2013

Rest of the World

• Ghost of Suharto Seen in Boomtowns Leading Indonesia Growth http://t.co/nYsu2yuN5L Indonesia often booms near end of global econ cycle $$ Apr 11, 2013
• Low bond yields luring global central banks into equities: survey http://t.co/HoeVX2qHbY This is so unorthodox & cronyist it beggars belief Apr 09, 2013
• Why Capitalism Won’t Change North Korea’s Regime http://t.co/dSxzrFaCgz Current leaders will lose out if people learn how badly they live $$ Apr 10, 2013
• Clashes Highlight Egyptian Divide http://t.co/oaMtZkIbjC Hippocratic Oath applies to diplomacy w/”regime change:” “First do no harm!” Apr 08, 2013
• Is the Global Economy Slowly Falling Apart? http://t.co/zMQx2ih1vE Good list of some of the major problems; overstated title/weak conclusion Apr 08, 2013

China

• A Day in the Life of a Beijing ‘Black Guard’ http://t.co/P8ElsIJPMM Secretive groups stop Chinese citizens complaining about local govts $$ Apr 11, 2013
• China Exports Miss Forecasts as ‘Absurd’ Data Probed http://t.co/Ycch2uQu04 Will b interesting 2c how people revise views on Chinese data $$ Apr 10, 2013
• In China, off-balance-sheet lending risks lurk in the shadows http://t.co/Vg4tBss9gV Tough Q: how do the shadow banks & municipalities fund? Apr 09, 2013
• New Bird Flu Seen Having Some Markers of Airborne Killer http://t.co/8QrkkXKaY5 No sign of mammal-to-mammal transmission, would not worry Apr 07, 2013
• China Says It Can Manage H7N9 Virus as Infections Rise http://t.co/mfgn75pOIY No human-to-human transmission yet, SARS-like most likely Apr 08, 2013

Japan

• Japanese Rush to Sell Gold as Price in Yen Jumps http://t.co/Hd8ZIANSrE Selling valuable Gold assumes that current devaluation fails $$ #FTL Apr 10, 2013
• Japan PM Abe aide: BOJ has further easing options http://t.co/JB7Ea2qC0d Dangerous loonies in Japan lead world devaluation $$ #currencywars Apr 10, 2013
• The Japanese Abenomics Experiment: A Fukushima Kind of Result! http://t.co/c5hj2l8tPL Waiting for the BANG moment when rates rise, can’t pay Apr 09, 2013
• Japan: http://t.co/koNpj8ZmO0 & http://t.co/bQfnsDTUM3 & http://t.co/eAsUZqUkcX Starting twist, 99 yen = $$ & Current acct surplus Apr 08, 2013

US Politics & Policy

• Options Few as US Leaders Told Saturday Mail Can’t End http://t.co/317ANktRxp Raise all postage prices, & double 4 junk mail $$ Apr 11, 2013
• Boomers Push Doctor-Assisted Dying in End-of-Life Revolt http://t.co/kTfahFMOwh It’s almost like the Boomers want to corrupt everything $$ Apr 11, 2013
• Medical School at $278,000 Means Even Bernanke Son Has Debt http://t.co/VrYkFx2Lcr Bad idea 2 invest where rules can b changed against u $$ Apr 11, 2013
• Obama seeks to reduce US subsidy of crop insurance http://t.co/LfxfYeC63n It is time 2 end ALL Ag subsidies; just goes 2 Big Agriculture $$ Apr 10, 2013
• FOMC Minutes Show Several Members Saw QE Over by Year-End http://t.co/xkcGOm2ly1 Don’t think so, but if true, lighten up on risk assets $$ Apr 10, 2013
• Andy Kessler: The Pension Rate-of-Return Fantasy http://t.co/MzvTrYHBFh Excellent piece: bad pension assumptions; will lead2 benefit cuts $$ Apr 10, 2013
• Interview with Harvard Economist Carmen Reinhart on Financial Repression http://t.co/XkB8Mf5R1Z Sane words amid macroeconomic snake oil $$ Apr 10, 2013
• USDA asks White House to approve sugar-for-ethanol program http://t.co/g2Ldt5ge3s Utter corruption, $$ in the pockets of the US Sugar lobby Apr 09, 2013
• A Primer for Understanding Obama’s Budget http://t.co/O9DgmLFQQD This is y Federal Debt always goes up by more than the planned deficit Apr 09, 2013
• Evangelicals Push Immigration Path http://t.co/KCaNhFnhGd Governments limit immigration 4 selfish reasons; migrants come b/c desperation Apr 09, 2013
• U.S. Plans New Laser Weapon for Persian Gulf http://t.co/ZdzZZTwSs4 Don’t get too excited; it only works at short range #studyphysics Apr 09, 2013
• O’Malley Wins on Guns, Taxes Seen as 2016 Resume-Packing http://t.co/74fFr0oKkf Raided liability funds 2 finance current spending #phony Apr 09, 2013
• How Obamacare Will Distort the Health-Care Market http://t.co/o0yHYcgESu This was easy2c in advance; ability to adjust premiums very limited Apr 08, 2013
• Rhode Island’s Scary State Treasurer http://t.co/ib56cMDhWI Raimondo fires back after Forbes contributor attacks her http://t.co/qHeAUIw7P7 Apr 08, 2013
• Workers Stuck in Disability Stunt Economic Recovery http://t.co/G0gqpP8pLM Many of these people should be called unemployed, not disabled Apr 08, 2013
• Chicago Mayor’s Pension Conundrum http://t.co/iE5grwyd14 Tip of the iceberg; this is going on in different ways in all US states Apr 08, 2013

Wrong

• Wrong: This Underused Metric Points To Big-Name Bargains http://t.co/MpAgxDmzsN 4 of 8 “bargains” r insurers; no way 2calc free cash flow $$ Apr 10, 2013
• Wrong: Kill the 30-Yr Mortgage http://t.co/XKm9fRJXaR You don’t finance long-term assets like homes w/short-term debt. Badly thought-out $$ Apr 10, 2013
• A better long-term solution to make the residential RE mkts more stable would be to ban mortgage insurance & second lien mortgages (HEL) $$ Apr 10, 2013
• Wrong: Stalking the Silent Financial Killer in Our Midst http://t.co/HVOm4GCjHM Please kill this while little: LTC not underwritable $$ Apr 10, 2013

Other

• Mmm, the Flavors of Fermentation http://t.co/i7sNTIixK4 Interesting article that points out the many ways we use fermentation 4 flavoring $$ Apr 11, 2013
• Gates Helps Australia’s Richest Man in Bid to End Slavery http://t.co/UMUOLJ8nvT Noble goal 2 free those who r essentially kidnapped $$ Apr 11, 2013
• How Thatcher Saved Britain http://t.co/Re3BWfPvPx She did not give in 2 the Unions, nor Argentina, nor USSR, nor the media; she stood alone Apr 10, 2013
• Wood: the fuel of the future http://t.co/QZC54Ud6gy Having lived in a town where wood was the most common winter heat source, air was dirty Apr 09, 2013
• Tour Data Suggest Tiger Woods Owes His Comeback to One Basic Skill—Sinking Putts http://t.co/WSOTrhn0iU Drive 4 show; Putt 4 dough. Apr 09, 2013
• Label Decoder | Protein Additives http://t.co/HAx2Ta4UEu I think we are creating more health problems by eating processed foods Apr 09, 2013
• 10 Insanely Overpaid Nonprofit Execs http://t.co/gH0Fa7EszO Caught btw managing a large enterprise & charitable mission; fight each other Apr 08, 2013
• The Golf Shot Heard Round the Academic World http://t.co/EeFl5NFoMz Multiculturalism that cannot tolerate the ideas of conservatives Apr 07, 2013

Insurance

• As an aside, SCOR’s balance sheet is more levered than it seems. Reminds me a little of Scottish Re (spit, spit) RGA’s looks solid FD:+ $RGA Apr 11, 2013
• RGA, Scor in final race for Generali US unit-sources http://t.co/MUbVuvMpZv SCOR aggressive, will likely overpay | FD: + $RGA $$ Apr 11, 2013
• Ace’s Greenberg Says Takeover Spree Beats Share Buybacks http://t.co/lwYLCLUg45 Seems like Evan is trying 2 create a mini- $AIG $$ $ACE Apr 11, 2013
• Record levels for global reinsurer capital http://t.co/y70eA0H6Xz Listen 2 1Q conf calls, listen 4 pricing, divs, buybacks. EZ $$ been made Apr 10, 2013
• Metlife on Offensive Against Systemic Tag http://t.co/NgBhd6I1p7 Life Ins cos shouldn’t b SIFIs unless they have short-dated funding $$ $MET Apr 10, 2013
• Insurers see promise in pay-for-performance health plans http://t.co/Hrpy0KEk4M Skeptical: does not remove incentives 4 overuse by doctors Apr 09, 2013

Banks

• Banks Are Not as Bad as You Think: Pettis http://t.co/rPWAZy1GbD Afraid I have to disagree, bad banks set back growth in 1870s & 1930s $$ Apr 11, 2013
• Crapo Says He Opposes Setting Capital Standards With Legislation http://t.co/SshephsE7y Far better2focus on liquidity analyses under stress Apr 09, 2013

Technology

• Regulators Feeling ‘Social’ Pressure http://t.co/sylIMHMQ65 In Age of Twitter, Old Rules That Don’t Address New Media Pose Challenges $$ Apr 11, 2013
• Drug Conjugates: ‘Guided Missiles’ to Treat Cancer http://t.co/eA3EatBo7M Drug conjugates attack tumor cells, rather than just any cells $$ Apr 10, 2013
• The Future Of Mobile [SLIDE DECK] http://t.co/iLu3Cr3uQ7 Long, but data-packed & a breezy read. cc @hblodget thanks, I learned some stuff Apr 09, 2013
• Sponsors Now Pay for Online Articles, Not Just Ads http://t.co/wDOd0t57nd I get ~10/week of these at my blog. Have never taken any of them. Apr 09, 2013
• We Just Took A Big Step Toward Having Super High-Definition Desktop Displays http://t.co/VL5LYGWACt So fine u won’t notice the pixels Apr 09, 2013
• This Simple App Could Put E-Books On Millions Of Phones In The Third World http://t.co/wOFojOf6N2 Software & Cheap phones promote literacy Apr 09, 2013
• Hypothermia Cure: Cooling Infants to Battle Brain Damage http://t.co/EG0o8qRu1H Interesting & Odd technology may benefit 0.1%+ of births Apr 09, 2013

US Economy

• Murdoch-Diller Showdown Threatens to Make Fox Cable-Only http://t.co/pcIriVUDYw Endgame for the separation of content & transmission $$ Apr 11, 2013
• North Dakota Undergoes Refining Renaissance http://t.co/UTFF2277sz U know things r hot when a new crude refinery is built from scratch $$ Apr 11, 2013
• You Got In; Now, Please Come http://t.co/GWCQyqnIGV Speaks 2 the overcapacity problem in colleges; high fixed costs r driving pleading $$ Apr 10, 2013
• “Everyone believes that, given where we are with interest rates, the only eventual direction is up” I c this said daily maybe more $$ Apr 10, 2013
• US Transports Economic Pulse : Trucks — Boats – Planes – Trains http://t.co/0kriEgfKnt Two up, two down — all in all, we muddle along Apr 09, 2013
• I am become Ron Johnson, Destroyer of Worlds http://t.co/YUxa84LUKT @reformedbroker sets up future biz school case study. I + my $0.02 $JCP Apr 09, 2013

Replies, Comments & Retweets

• Commented on StockTwits: Not really. At present I own the following for clients & me: $NWLI $RGA $AIZ $SFG $AFL &… http://t.co/q0v0UYfVRp Apr 11, 2013
• Ouch RT @ReformedBroker: Gundlach: Forget Fed Minutes, QE is not stopping anytime soon, talk is just talk. Yellen’s down to do this til 2025 Apr 11, 2013
• RT @ReformedBroker: “Japan is important to watch, it’s a pace car for stock market peaks, weird policy responses and currency debasement … Apr 11, 2013
• I think so too $$ RT @ReformedBroker: Gundlach: “Emerging market corporate debt is THE best area of investment grade fixed income right now” Apr 11, 2013
• @fundmyfund If “Everyone Ought to be Rich” then who will deliver the pizzas? Apr 11, 2013
• @LaurenLaCapra Another idea: http://t.co/Gw1UKjS66Q DB available 4 pay: http://t.co/L2kLOZUlr0 League Tables cost $6 http://t.co/EG0FGgb6pu Apr 11, 2013
• @LaurenLaCapra Thy this http://t.co/L9ZkQztxzD and if that’s not enough try this Google query: http://t.co/mO3CEmQwiM Take care Apr 11, 2013
• ‘@PensionDialog 2003 vs now, interest rates were higher & valuations 4 risk assets lower. Pension returns will b lower over next 10 years $$ Apr 10, 2013
• @ritwik_priya Saw that, though housing values have fallen across much of Europe, particularly where mortgage debt is high Apr 10, 2013
• @PensionDialog That’s backward looking, while interest rates are forward looking. In 2003, 10Y Tsy yields were more than 2% higher than now Apr 10, 2013
• ‘@EMostaque To some degree, others will let funding levels stay low (& hope), some will pay more $$ , some will cut benefits where possible Apr 10, 2013
• @IraApfel Sadly, proposal will reduce assets in MMFs, which r usually more stable than banks in a crisis. Better: http://t.co/nC8D4TetbQ $$ Apr 10, 2013
• Yes RT @asymptotix: So, if anyone must leave, it should be Germany (and Finland), not Italy, Greece, Ireland, Portugal or Spain.. Apr 09, 2013
• @jarrodwilcox A free trade zone in Europe is a good thing & might prevent war; a common currency, the way it is going could start one Apr 09, 2013
• @jarrodwilcox But I think WW 3 is a boogeyman. Sandwiched between Russia/USSR & the US, that big of a war wouldn’t be likely 2 happen. Apr 09, 2013
• Probably the latest peak blossom since I’ve been here RT @EddyElfenbein: Cherry blossoms in DC http://t.co/IG9XiDIYrc Apr 09, 2013
• RT @jarrodwilcox: @AlephBlog Euro looks like a disaster until you remember WWII. Political will to overcome divisions may still be will … Apr 09, 2013
• Those are succinct insights in why the Euro would fail. There were other saying similar things at the time… http://t.co/7B0cpWcIhO Apr 09, 2013
• RT @AndreCimini: @AlephBlog Yes, absolutely. Here’s a couple of very interesting articles on Canada: 1) http://t.co/HEXt7c8HKH 2) htt … Apr 09, 2013
• @AndreCimini Cam Hui is a good guy; I usually agree w/him. Second article makes some very good points; I learned from it, tho I knew some Apr 09, 2013
• @AndreCimini It was an interesting article. Interesting to contrast US/States v Canada/Provinces. Provinces do more; linked tighter2Canada Apr 09, 2013
• RT @AndreCimini: @AlephBlog Here’s why CDN gov’t debt deceiving; add in provincial debt and total debt is around 86% of GDP. http://t.c … Apr 09, 2013
• @AndreCimini Thanks, I had forgotten that. Apr 09, 2013
• 1 straw blowing in the wind, some go other ways RT @ReformedBroker: Forward Earnings Estimates Set a New Record High http://t.co/4OxyGoYQcX Apr 08, 2013
• @groditi Also factor in the drag from pension liabilities, reductions from spending rules from lower interest rates; I think it washes Apr 08, 2013

FWIW

• My week on twitter: 34 retweets received, 2 new listings, 61 new followers, 34 mentions. Via: http://t.co/cPSEMLXpb8 Apr 11, 2013

US Fiscal & Monetary Policy

• Obama’s Budget Would Cap Romney-Sized Retirement Accounts http://t.co/3xC4YflVFO Might indirectly harm smaller accounts, article states Apr 05, 2013
• Obama Budget Plan Would Curb Social Security Growth http://t.co/3wvyDuN3tE Small curbs; reinforces idea: can’t trust Govt on inflation Apr 05, 2013
• Obamacare Sticker Shock: Are You Ready to Pay Double? http://t.co/hKaBmRzQMZ Getting bad enough that the Democrats might undo Obamacare… Apr 04, 2013
• ‘Greatest bond bubble in history’ will burst in economic chaos, says Stockman http://t.co/SuFObaenCK Collins & Aikman makes him Cassandra Apr 04, 2013
• How the Fed fueled an explosion in subprime auto loans http://t.co/g7r3Likl56 Cheap AAA financing + personal stories of aggressive lending Apr 04, 2013
• Who will be the next Fed chair? Here are Wonkblog’s odds. http://t.co/44Bqhho05m Every one of these is a horrible idea, especially Yellen $$ Apr 03, 2013
• Krugman should be careful tossing out the phrase “cranky old man stuff.” It tosses like a verbal Boomerang. #livesinaglassshouse $$ #stones Apr 01, 2013
• Stockman Warns of Crash of Fed-Fueled Bubble Economy http://t.co/wsxbP1tsTe Krugman called Stockman’s piece “cranky old man stuff” $$ Apr 01, 2013
• Fannie Mae and Freddie Mac Face New Problem: Profitability http://t.co/KobaLaMezt Some in Govt plan on keeping F&F under govt control $$ Apr 01, 2013

North Korea

• Understanding Kim Jong Un’s Tantrums http://t.co/EeGXEUuvcH Has 2 prove tough guy bona fides to generals, while pushing modest reform agenda Apr 05, 2013
• North Korean Nukes: How Worried Should We Be, and What Is Kim Jong Un Thinking? http://t.co/vsoaHvzQvI Mutual deterrence of first move Apr 04, 2013
• Scooping Up North Korean Coins http://t.co/Sokc9jIfZe Jimmy Rogers picks up some unusual numismatic coins from North Korea. $$ Apr 01, 2013

Eurozone

• Merkel Losing Allies in $700 Billion Shift to Renewables http://t.co/CEh2j8TE4p For a science PhD, she certainly tends 2 magical ideas Apr 05, 2013
• Draghi Considers Plan B as Sentiment Dims Post Cyprus Fumble http://t.co/Wbu9ggM2cd Unwinding the Euro would be appropriate #unforcederror Apr 05, 2013
• Le Fracking for Geothermal Heat Drawing Ire of French Oil http://t.co/5KHqRtfdO9 The French tie themselves in knots: irrational policies Apr 05, 2013
• EU Unemployment: Titanic in Perspective http://t.co/uSxKOfNLn5 Summary of the EZone unemployment problem, culled from many websites Apr 04, 2013
• A weakening Germany in a weaker EU http://t.co/CsuZ3KQ86x But can Germany rescue itself; whole EZone slowing down; time 4 action Mario! Apr 04, 2013
• World from Berlin: ‘Germany Isn’t Living Up to EU Responsibility’ http://t.co/ozzZJbr5xR But what will Germany do when it has2rescue France? Apr 04, 2013
• Audi Wants to Change a 45-Year-Old U.S. Headlight Rule http://t.co/V0aOqzGRi0 Only high & low-beams r allowed; Audi wants more variety Apr 04, 2013
• Cyprus Turks Share Pain as Banking Crisis Revives Talk of Unity http://t.co/VmHELItCED Serious talks will come through younger politicians Apr 04, 2013
• The ECB Fragmented Monetary Policy http://t.co/o8o8d0nucY Eurozone no longer has single monetary policy; euros not worth same everywhere $$ Apr 03, 2013
• Euro Zone Unemployment Hits Record High http://t.co/lLgg6ZQVKg Fringe Europe suffers from the political dreamers post-WWII $$ #breakup Apr 03, 2013
• Money Funds Meet Zero Yields by Breaking Buck Taboo: Euro Credit http://t.co/uD672kwCfP Short-term finance hits the wall in Eurozone $$ Apr 03, 2013
• Slovenia’s Jazbec Inherits Bank System to Avert Bailout http://t.co/MDrCmuYmEk Don’t care how smart u r; pain involved in deleveraging $$ Apr 03, 2013
• Texas wants its gold back! Wait, what? http://t.co/HuH7vg53Z8 This is a rational response to kleptocracy a la Cyprus. $$ Apr 02, 2013
• Developing Nations Retreating from Euro as Reserve Currency http://t.co/tH91Uw76SC Predictable; can reserve currency allow confiscation? $$ Apr 02, 2013
• President Hollande Failing to Control Unemployment Crisis http://t.co/XojVG1pZMl It would require considerable deregulation 2fix France $$ Apr 02, 2013
• Sundown in America http://t.co/hpeIDbcvzl Much as I have not liked Stockman, the logic is decent; he is arguing for the free markets. $$ Apr 02, 2013
• Mitch McConnell Prepares To Give Barack Obama The Political Shellacking Of A Lifetime http://t.co/AqOqm1Vwey Worth a read, PPACA is a dog $$ Apr 02, 2013
• Wrong: Confessions of a Keynesian heretic http://t.co/MnUyIqdIZ2 Another believer in monetary alchemy, but not fiscal alchemy $$ #endthefed Apr 01, 2013

Japan

• Wrong: Japan’s Brave New Monetary Era http://t.co/NxIU0Ovc4J Doing the same thing over & over & expecting a different result. Won’t work Apr 05, 2013
• Japan’s Yen UnCompetitveness – Fukushima and the Yen – Hara-Kiri http://t.co/4UfjiH40XM Export > Import favors yen fall; now is vice-versa Apr 05, 2013
• Kuroda to Bernanke: My Bazooka Is Bigger Than Your Bazooka http://t.co/4d2ocM3BJN “I can destroy my nation faster than u can. Nyaah! Nyaah!” Apr 05, 2013
• Bank of Japan in Bold Bid for Revival http://t.co/DyKXQFLpsC We must devalue & inflate our way to prosperity! Apr 04, 2013

Church v State

• Next few tweets will b controversial: Founder’s thoughts on “No establishment of religion” applied to the National govt, not the states Apr 04, 2013
• Laws favoring certain churches persisted in various states until 1850s, & some had religious test oaths for officeholders into 20th Century Apr 04, 2013
• The “test oaths” died for lack of use, clean up in the 1900s, was largely perfunctory. The next tweet contains today’s story Apr 04, 2013
• Proposal would allow state religion in North Carolina http://t.co/SZIXiT2Xht Won’t pass modern constitution muster, but would in early 1800s Apr 04, 2013

Other US Politics

• Seven Dumb Things Bankers Say http://t.co/2A5GTQn59w Among them that the big banks aren’t too big, & that the economy is not 2 financialized Apr 06, 2013
• Deep in the Red of Texas, Republicans Fight the Blues http://t.co/UP2ZmRA4Fi Texas, future blue state, must motivate voters to care Apr 05, 2013
• ‘Dear Airline, Here’s the Problem…’ http://t.co/6fBnR48kb0 Customized surveys home in on problems so airlines can fix complaints fast Apr 04, 2013
• Pro-Gun Laws Gain Ground http://t.co/QXGXNbDwyZ Since Newtown Massacre, More States Ease Regulations Than Bolster Them Apr 04, 2013
• Tough Calls on Prenatal Tests http://t.co/I4037KsAt8 Beware false positives; If u get a positive, do a 2nd invasive test 2 check Apr 04, 2013
• 5 big Dodd-Frank battles http://t.co/Z7CfTuUVUA Volcker Rule, consumer bureau battle, random ratings, derivatives fight all on agenda Apr 04, 2013
• Health Insurers Prevail in Medicare Fight With Washington http://t.co/Z8TskpLoi6 Another example of the perversity of the PPACA $$ #abolish Apr 03, 2013
• Court says Stockton, California may proceed with bankruptcy http://t.co/DTgMt85Er1 Largest muni bankruptcy will challenge guarantors $$ $AGO Apr 02, 2013
• Banks Win Dismissal of Substantial Portion of Libor Suits http://t.co/HzdRoTIYS8 Difficult 2 prove particular damage 2 claimants. $$ #toobad Mar 31, 2013
• Frats Worse Than Animal House Fail to Pay for Casualties http://t.co/ViKN3I1Tb8 Very long article: national fraternities avoid liability $$ Mar 31, 2013

Financials

• Wrong: Beware of those who cry ‘bubble’ about bonds http://t.co/DHvp60swjB Article argues about wrong classes of bonds; Tsys not bubble Apr 05, 2013
• As Business Lending Rises, Concerns Emerge About Profit http://t.co/D8bdwXm5Re May b no defaults now, but loan pricing tighter than exp loss Apr 04, 2013
• The Lurkers of Wall Street http://t.co/odjuKYZodt @reformedbroker Of “desk analysts” that turn to Stocktwits when they can’t find news Apr 04, 2013
• Freeh Says Corzine’s Risky Strategy Helped Fell MF Global http://t.co/wSDrswvoYB B wary when companies pursue biz askew from main biz Apr 04, 2013
• HSBC Converts Loan Clients to Enter Junk Top 10 http://t.co/2yj8hHMW4E Pay more in yield, but gain flexibility from fewer covenants Apr 04, 2013
• Bond Traders Club Loses Cachet in Most Important Market http://t.co/7Hw4frsFOn It’s just not worth it 2b a primary UST dealer w/direct bids Apr 04, 2013
• Financial ETF Falters Amid Bearish Bets as Bank Earnings Loom http://t.co/axMByUp3Zd Ratio of $SPY to $XLF is rising http://t.co/zz0tdIslzq Apr 04, 2013
• I miss working in a life ins investment dept. You get to see all of the prospectuses for bizarre credit deals; u *feel* the credit cycle $$ Apr 04, 2013
• Bitcoin’s largest market crashes after wild price swing http://t.co/SAEdfFOmAN Smile when u say Bitcoin & “crash course” in same sentence $$ Apr 03, 2013
• Gross Says Buffett, Soros Careers Fueled by Expansion http://t.co/1WaBuu49bu Honest Gross; Taking 2much credit risk briefly looked good $$ Apr 03, 2013
• Mortgage Gamble Pays Off for Wells http://t.co/S82N3MwglF Doing balance sheet lending w/an option to sell if conditions r good $$ FD: + $WFC Apr 03, 2013
• Willow Fund as a Cautionary Tale for Investors http://t.co/UUsO9xUE2n Large strategy changes r always red flag; invalidates track record $$ Mar 30, 2013
• Does Blame Predict Performance? http://t.co/K79d7gJgqS “Blame cultures” can improve investing by identifying &fixing problems w/foresight $$ Mar 30, 2013
• Carl Icahn Unleashed: Wall Street’s Richest Man Is On The Attack — Just Ask Michael Dell http://t.co/Nck6h50plR Was interviewed 4 this $$ Mar 30, 2013

Other

• Is Jeffrey Loria the Worst Owner in Sports? http://t.co/B5qrnvM9c3 & Rent-seeking in professional sports http://t.co/QmhopqxwAw  cc @munilass Apr 04, 2013
• Gold Slumps Toward Bear Market as Investors Cut Holdings http://t.co/2dOeIfPl4r Positive self-reinforcing liquidation of ETF units, mebbe Apr 04, 2013
• A Man in the Mirror http://t.co/85QSn5dSSM Bill Gross says great investors have had a huge tailwind from growth of credit. What comes next? Apr 04, 2013
• Firefox 20 is giving me fits w/a Javascript bug keeps popping up boxes that say “Error: missing ( after for” Also no posting 2 stocktwits Apr 04, 2013
• Visa Demand Jumps http://t.co/MlszY9pJ9y Employers Set to Quickly Reach Cap on Skilled Foreign Workers $$ Companies race to get ltd # visas Apr 02, 2013
• Republican Born Roosevelt Digs Deep for Texas Oil Found With CO2 http://t.co/DJ0DBx6YGV CO2 injection liberates tight oil in West Texas $$ Apr 02, 2013
• Buffett’s Missed Airlines Bet http://t.co/eEf37K7iOI Remember Buffett invests like baseball w/”no called strikes.” No fat pitch 2 swing @ $$ Apr 01, 2013
• Suzy Weiss: To (All) the Colleges That Rejected Me http://t.co/5jzMZGzSe9 Satirical article:useless things colleges look 4 in applicants $$ Apr 01, 2013
• Airline Returns Refute Buffett Aversion 2 US Carriers http://t.co/CD3fFjhcOo Dead cat bounce & that qualifies2undo the history of losses? $$ Apr 01, 2013

Overly Large Nonbank Financials

• $NLY $GLD $SPY $VWO ticker list 4 publicly traded Miscellaneous Financial Services companies w/ > $50B in assets $$ http://t.co/OIrnSfE5jY Apr 04, 2013
• $AMP $BLK $BAM $SCHW $MS $UBS list of tickers 4 publicly traded Investment Services companies w/ > $50B in assets $$ http://t.co/6QiByewpnV Apr 03, 2013
• $AIG $BRK/A $CB $CNA $HIG $L $TRV list of tickers 4 publicly traded P&C Insurance companies w/ > $50B in assets $$ http://t.co/2jVlnE5oVT Apr 03, 2013
• $GNW $LNC $MET $PL $PRU $UNM list of tickers 4 publicly traded Life Insurers companies w/ > $50B in assets $$ http://t.co/cSoZnSL3LZ Apr 03, 2013
• $AFL $CI $PFG $UNH $WLP list of tickers 4 publicly traded Acc & Health Insurance companies w/ > $50B in assets $$ http://t.co/5JFJCzxZOm Apr 03, 2013
• $DFS $GE $SLM list of tickers 4 publicly traded Consumer Financial Services companies w/ > $50B in assets $$ http://t.co/4KPicolqgc Apr 03, 2013

Replies & Retweets

• @probability_wtd Many things concern me, including this. Really difficult 2c the government keeping their hands of pension monies. Apr 06, 2013
• Buffett isn’t simple RT @researchpuzzler: my latest #wsjexperts comment, on lessons from Buffett http://t.co/vA3sdSIp11 HT @alephblog Apr 05, 2013
• @LaMonicaBuzz They have both assets & liabilities in the yen; they try 2 keep it even, effect should b small | FD: + $AFL Apr 05, 2013
• All significant energy use improvements have been more efficient use of oil, gas&coal RT @finemrespice: http://t.co/oBrHYmgszO <- Insanity. Apr 05, 2013
• I would be fine w/that RT @Nonrelatedsense: @AlephBlog strikes me as better to eliminate dividend taxes for C corps Apr 05, 2013
• “Just a market for speculators, because nothing physical is traded that producers want to hedge…” — David_Merkel http://t.co/2IvwG2nAt9 $$ Apr 05, 2013
• @neilbarofsky Really glad for you. I rarely get to meet any heroes. She was prescient. Apr 04, 2013
• RT @DavidSchawel: MOAR mREITS: Blackstone backed Ellington Mortgage $EARN files for $100mil IPO. Let no yield hog be left without a 12% … Apr 02, 2013
• @The_Analyst 15-20 years ago Apr 01, 2013
• ‘ @The_Analyst Real-time, this is 18-20 years ago, but it illustrates modern problems. It will get closer to the present as I move along $$ Mar 31, 2013
• RT @DavidSchawel: CS lessons from Cyprus: sr. bank debt no longer safe, uninsured bank deposits have been nailed in, and capital control … Mar 30, 2013

FWIW

• My week on twitter: 44 retweets received, 3 new listings, 58 new followers, 45 mentions. Via: http://t.co/cPSEMLXpb8 Apr 04, 2013

Cyprus & The Eurozone

• Betray Your Bank Before Your Bank Betrays You http://t.co/H0nRJk7pLB Deposits over insured limit r a sitting target 2b taken in a crisis $$ Mar 29, 2013
• Demolishing some myths about the single currency http://t.co/F34IpRQIbF A euro in Nicosia isn’t worth the same as a euro in Berlin $$ #ulose Mar 29, 2013
• http://t.co/cbKK6ZNfW6 Neatest thing about the Eurozone interactive graphic: crisis comes in fits & spurts; u think it is over,& it’s not $$ Mar 29, 2013
• Eurozone crisis: three-and-a-half years of pain http://t.co/VI8BUD48I8 Cool graphic that allows u2 explore the Euro-crisis blow-by-blow $$ Mar 29, 2013
• Lines Form as Cyprus Banks Reopen http://t.co/0XxAiCFrwq How 2 destroy your banking system & bungle rescue, courtesy of the EZ & #Cyprus $$ Mar 28, 2013
• MANDATORY CREDIT: BLOOMBERG SURVEILLANCE http://t.co/7bORsyhW8b Marc Faber talks2 Tom Keene & Alix Steel on stocks, Europe, Cyprus & gold $$ Mar 28, 2013
• Italy’s failure to form a government doesn’t bode well for the euro http://t.co/V9nPcWFR60 EZone a political creature w/lousy economics $$ Mar 27, 2013
• Money fled Cyprus as president fumbled bailout http://t.co/gl1J9z80MV Give the Russians credit (figuratively) 4 squeezing $$ out of Cyprus Mar 27, 2013
• Euro zone overrates ability to curb contagion: Moody’s http://t.co/LpRdQ5RG2B Taxing insured deposits has opened up a can of worms $$ #dumb Mar 27, 2013
• As a kid, we had a rule, “You can’t beat up my little brother. Only I get to beat up my little brother.” Cyprus: deposit insurance & levy $$ Mar 27, 2013
• Cyprus banks remain closed to avert run on deposits http://t.co/JLDXoGD0T8 Won’t help; trust broken. Better 2 take money home, buy gold $$ Mar 26, 2013
• Cyprus: It’s not over yet http://t.co/2qiIs9aN1b There will be a lot of pushback from Russia & wealthy Cypriots. Taxing Insured deposits? $$ Mar 26, 2013
• Spain’s Swelling Debt Seen Impeding Rajoy Deficit Battle http://t.co/mapViHkfpk Unsure how Spain can escape. After that comes France $$ #woe Mar 25, 2013
• Cyprus: crossing the green line http://t.co/whW4YR5a9t If I had $$ in a Greek, Italian, French or Spanish bank, I would withdraw some #theft Mar 25, 2013
• Cyprus: The Operation Was a Success. Shame the Patient Died. http://t.co/79agrH1Mb5 Misery of Cyprus is a feature, not a bug $$ #norelief Mar 25, 2013
• Cyprus weighs big bank levy; bailout goes down 2wire http://t.co/rm0fHJIfBo Small depositors lose 4%, big 20%. Policymakers gain new tool $$ Mar 25, 2013

Financial Sector

• Why Bad Directors Aren’t Thrown Out http://t.co/ZuzGVZk99A Large Institutional Shareholders go along 2get along. Y irritate powerful ppl? $$ Mar 29, 2013
• Surging Student-Loan Debt Is Crushing the System http://t.co/ckFHBbDc4R Avoid student debt if u can; most onerous form of debt in US now $$ Mar 29, 2013
• Wells Fargo Beats Rivals to Oil-Boom Deposits, Study Says http://t.co/Ygt4ENMJqz FD: + $WFC | WFC bot little banks, grew them organically $$ Mar 29, 2013
• Swiss Re settles dispute w/Berkshire Hathaway http://t.co/ADJ0zdufv9 Hasn’t developed same expertise U/W life policies as P&C $$ FD:+ $BRK/B Mar 29, 2013
• 5 Financial Advisor Red Flags http://t.co/EKFVgc0poP There r2 many fake “credentials” in investing; the person matters more than letters $$ Mar 28, 2013
• 5th Anniversary of Credit Crisis: Should u Buy CLOs? http://t.co/2sJzKv6LEi All loan participation funds@ prem2NAV http://t.co/qCRczPY0Mu $$ Mar 28, 2013
• We’ve Already Built the Next Banking Disaster http://t.co/QjYzT4A9gz At minimum, we need to break up biggest 4 banks $C $JPM $BAC $WFC $$ Mar 28, 2013
• Citigroup looks to cut cash holdings to boost earnings http://t.co/5FAoe3egno Every bank hates 2 keep slack liquid assets. Lowers ROE $$ $C Mar 27, 2013
• The Best Way to Save Banking Is to Kill It @Matthew_C_Klein http://t.co/UP6c1DsMox Separating deposit-taking from credit creation $$ #yes Mar 27, 2013
• A successful failure by @researchpuzzler http://t.co/cOC4Cpu9L1 Amazing what @pimco can do when it has less money to invest $BOND $$ Mar 27, 2013
• US Cracks Down on ‘Forced’ Insurance http://t.co/MiWI6a5C1X Restrictions on banks profits on force placed insurance won’t harm insurers $$ Mar 27, 2013
• Warren Buffett and Goldman Sachs: Explaining the Math http://t.co/H6AZImEyTl Buffett receives $GS shares equal 2 his profits on the trade $$ Mar 27, 2013
• http://t.co/1a1TUDLI6H 44% of Americans think they’re covered 4 weather-related floods. Only 15% have bought a supplemental flood policy. $$ Mar 25, 2013
• Falcone Follows Michael Jackson Path Taking Fortress Loan http://t.co/697JnVvocq $HRG Falcone tapping every loan source he can $$ #desperate Mar 25, 2013
• Dealer inventory slump threatens market stability http://t.co/XpsoTJkrl0 Intermediation brings stability 2 mkts if intermediaries solvent $$ Mar 25, 2013
• Mortgage Securitizers Didn’t Know Housing Was Going Bust http://t.co/rbw2qR2z8H Many drank the same poison Kool-aid they served to others $$ Mar 25, 2013

Rest of the World

• US Writes Its Worries About Buying IT Gear From China Into Law http://t.co/OZJt59gZ80 Just imagine the backdoors that could be installed $$ Mar 29, 2013
• Grooms at $18 Fuel IPO Ambitions for Indian Matchmaker http://t.co/liu9239lyU India needs 2 have dowry go reverse way; husband pays $$ Mar 28, 2013
• How Asia and Robotland have dramatically changed the US labor market http://t.co/Clo8eqpM3w Biggest thing killing off low-end jobs: tech $$ Mar 28, 2013
• Mr Yen cautions on Japan’s ‘unsafe’ debt trajectory http://t.co/iX4GAYAfoR Takehiko Nakao warns of consequences from 2 much govt debt $$ Mar 27, 2013
• John Mauldin:”Might I suggest that a good trade would be to be long German government debt, short French debt? ” $$ neg carry, long disaster Mar 27, 2013
• North Korea’s Economic Outlook: Cloudy with a Chance of Statistics by @steve_hanke http://t.co/XXWyKDffB9 Communism often cre8s inflation $$ Mar 27, 2013
• Japanese Investors Start to Cut the Cord http://t.co/9oDHAhiSp8 Mrs Watanabe starts to buy stocks, even foreign & many other investments $$ Mar 27, 2013
• Chinese housing bubble fears grow http://t.co/sejx6Yaj0P China grew its economy by forced investing, & the central planning is failing $$ Mar 27, 2013
• Abe’s Inflation Exceeds Merkel’s After 14-Year Lag http://t.co/4s9838al6a All a race to the bottom; sound $$ will produce greater growth. Mar 27, 2013
• US shale no panacea for Japan’s crippling energy bills http://t.co/siPd1kiheZ Infrastructure doesn’t exist 4 getting lotsa LNG 2 Japan $$ Mar 27, 2013
• Brazil Soy Boom Bottlenecked as China Left Waiting http://t.co/sUtvoyp8yw Need 2invest transport infrastructure; tax importers/exporters? $$ Mar 26, 2013

Companies

• REITs Trigger Fed Warning as Kain Tops $100 Billion http://t.co/4Lq6xm6Ka3 Shadow banking returns amid unconventional Fed policies $$ #panic Mar 28, 2013
• M&A Stumbles Amid March Deal Drought http://t.co/sJlM7ndlnr “Can u say overvaluation, boys & girls? I thought u could; you’re special.” $$ Mar 28, 2013
• Here’s Why Marissa Mayer Is About To Spend ~$200 Million On A YouTube Wannabe http://t.co/E5A42QAZac Buy small $ grow organically, smart $$ Mar 27, 2013
• Is the $DELL Stub the Right Investment for You? http://t.co/ut9Mg65gLa Gun to the head, I would say “no.” 2 much leverage & excess supply $$ Mar 27, 2013
• Summaries of What’s Wrong w/ $YHOO ‘s Summly Buy http://t.co/npVsxAj7Hj & http://t.co/KudImnOcdL & http://t.co/OhZfXoUwM3 $$ Mar 27, 2013
• How the Maker of TurboTax Fought Free, Simple Tax Filing http://t.co/CYUea9aT8O Intuit benefits from complexity in the tax code $$ #simplify Mar 27, 2013
• Fredriksen Bets $2.6B New Ships Will Beat Glut: Freight http://t.co/QtxTQaxJZF A bold bet that may fail 4 lack of sufficient capital $$ $FRO Mar 27, 2013
• The Scariest Stock Chart in Town @ReformedBroker http://t.co/mg54zsX9s8 Good example of analyzing balance sheet strength of stockholders. $$ Mar 27, 2013
• Cisco Is Keeping Its Promise Not To Buy Companies In The US http://t.co/GtWyy2bLpx Makes sense given US Tax laws | FD: + $CSCO $$ Mar 27, 2013
• T-Mobile Becomes First Major Carrier to Drop Subsidies http://t.co/7tJ0FdJYmJ Probably a good strategy; differentiates & unbundles $$ Mar 27, 2013
• Customers Flee Wal-Mart Empty Shelves for Target, Costco http://t.co/PAvNMUUVEP I see it also http://t.co/83s4J9aGA2 $$ Mar 26, 2013
• Dell Says Blackstone, Icahn Offers May Be Superior http://t.co/jgHkKo6Jna Not sure I would want 2 win $DELL game; fixing ops very hard $$ Mar 25, 2013
• Blackstone’s $DELL Bid Sets Stage for Rare Buyout Bidding War http://t.co/8KAGIEETOw Michael Dell may lose control of company he built $$ Mar 25, 2013
• Heinz Sells $3.1B of New Bonds http://t.co/kMUfvlkyys Deal upsized, rated B1/BB-/BB-, lowest financing cost ever 4a LBO@ 4.25% 7.5yrs $$ #no Mar 25, 2013

US Monetary & Fiscal Policy

• How the Fed Can Create a Market-Friendly Exit Strategy: Jeremy Siegel’s Proposal
  http://t.co/2VPzaCDnyg Listen 2 bank shareholders scream $$ Mar 29, 2013
• Pentagon to Cut $41B After Getting More Funding http://t.co/SrcDNN4Fbn We could a lot of dead wood @ the Pentagon, expensive non-soldiers $$ Mar 29, 2013
• Big Business Spars Over Rewriting Tax Code http://t.co/CRjZZzwLix Importer, Exporter, Services, REIT, MLP, PE: no common corptax position $$ Mar 29, 2013
• The Exhausted US Consumer http://t.co/QgSkYM2onj Spent-up, not pent-up $$ Looks at Disposable Personal Income, which recently dropped Mar 28, 2013
• Restaurant Chains Cut Estimates for Health-Law Costs http://t.co/Ed00DMDXAX Test Q: List all the ways that the PPACA fails $$ #needmorepaper Mar 28, 2013
• Best Predictor of Financial Crisis: Huge Inflows of Foreign Money http://t.co/uOrBJ4OI96 Long assets financed w/short liabilities is why $$ Mar 28, 2013
• Stockton Deficits May Total $100 Million, Forecast Shows http://t.co/Pu8oqu3zQA That’s the cash pmt curve of generous employee benefits $$ Mar 27, 2013
• Stockton Bankruptcy Decision to Come Monday, Judge Says http://t.co/dulFxXxNwm $BEN $AGO & $MBI argue city didn’t negotiate in good faith $$ Mar 27, 2013
• US Retail Sales: Very Soft Indeed! http://t.co/XSJSyChEHW Unusual in that seasonal adjustments typically go away on YOY figures $$ Mar 27, 2013
• Brenner and Fridson: Bernanke’s World War II Monetary Regime http://t.co/RnHpvMlPL3 Sad but true. Bernanke robs savers to fund US Govt $$ Mar 26, 2013
• States Build Cash Reserves, Raising Rainy-Day Debate http://t.co/uSiYVMjPGi State budgets should balance on an accrual basis. None do $$ Mar 25, 2013

Wrong

• Wrong: Gold Declines in Worst Run Since 2001 as Economic Concerns Ease http://t.co/uB8EhvfpPk Gold is falling because of debt deflation $$ Mar 28, 2013
• Wrong: Proving Greenspan Wrong Shows Why Rey Became Worthy to Bernanke http://t.co/PHHmWJpRgJ Proving Greenspan wrong is trivial $$ #tiny Mar 28, 2013
• Wrong:Key US senator blames speculators for high ethanol RIN price http://t.co/PNvhTvVmXt Note Senator is from Iowa, which benefits most $$ Mar 27, 2013
• Wrong: Why the Rich Don’t Give to Charity http://t.co/aHdPMnjTt1 The missing variable here is Christian faith; media is blind to that $$ Mar 27, 2013

Market Dynamics

• Everybody is Furiously Looking for Bubbles http://t.co/gx4GTwxnTV Bubbles are financing phenomena; look 4 short finance of long assets $$ Mar 29, 2013
• Morningstar: Stocks Are Close to Fair Value http://t.co/TLDpVrjF1M “US stock market is some 50 percent above its historic mean value” $$ Mar 28, 2013
• Crises exist 2 eliminate things that don’t need 2b done; governments interfere w/ this process b/c they r in league w/those who skim society $$ Mar 28, 2013
• When will the Bond Bubble Finally Burst? http://t.co/WomjY44B9I Fund flows, Fed, other CBs, Banks, & measured inflation supportive 4 now $$ Mar 27, 2013
• Investors face a shrinking stock supply http://t.co/bC1ECjt2Xg Maybe we can get rid of Sarbanes Oxley b4 it kills the equity mkt entirely $$ Mar 27, 2013
• Investing in a High Debt Environment http://t.co/3PxNmNg1Oz Concentrate on inflation, study interest rates & focus on business fundamentals Mar 27, 2013
• Low Volume = Good Investment? Analysis of David’s “Neglected Stocks R Typically in Strong Hands” Thesis http://t.co/wbseitIGZF Good Stuff $$ Mar 27, 2013
• Use free cash 4 buybacks when price < 90% of franchise value [FV], issue dividends above that. FV is where u rather issue stock than debt $$ Mar 26, 2013
• Not Everyone Loves Dividends: Guy’s Argument is Worth Hearing http://t.co/BsMDyzazLZ Buybacks vs Divs: depends on undervaluation of stock $$ Mar 26, 2013
• Warren Buffett and John Hussman On The Stock Market http://t.co/ynAhtJrDAY The Market Cap/GDP ratio indicates significant overvaluation $$ Mar 26, 2013
• Investors Pile Into Housing as Landlords http://t.co/rteDMNUl0e Anytime investors become a large part of residential RE-> trouble $$ #bubble Mar 25, 2013
• Buttonwood: Credit watch http://t.co/53WR3r3BW0 New book argues that investors should focus on the credit cycle, not economic growth $$ #duh Mar 25, 2013
• How to Unlock That Stashed Foreign Cash http://t.co/qNOnrjyrVD If there are attractive foreign companies 2 buy, would b best use of $$ Mar 25, 2013

Other

• Corn Supply Slumps Most Since ’75 on Ethanol Profit http://t.co/ScQ3slOlQ6 Corn supplies may tighten by summer, tough if another bad crop $$ Mar 29, 2013
• Business Insider Just Told College Students Their Secrets of Success http://t.co/Yd1jLTzEl3 Sprinter & marathoner, act dumb, ask Qs, etc. $$ Mar 28, 2013
• Leaked Photos of Johansson Expose Cloud’s Vulnerabilities to Social Engineering http://t.co/keayvi3iDL Take security seriously $$ Mar 28, 2013
• Methadone Deaths Tied to For-Profit Clinics Prompt Bills http://t.co/GHEnOWPGpr They get paid per visit; few incentives 2 act ethically $$ Mar 28, 2013
• 6 Reasons You Should Have Cyber Liability Insurance http://t.co/LhbASLS9pD U can make your computer invisible 2 the internet in 15 mins $$ Mar 28, 2013
• Arms Race to Grow World’s Hottest Pepper Goes Nuclear http://t.co/sYW6fX5bZH I don’t get this; I eat spicy food for taste, not 2b macho $$ Mar 27, 2013
• The New US Industrial Renaissance http://t.co/18ni9ClWEF A bit overstated but cheap energy & rising wages in China aid US competitiveness $$ Mar 27, 2013
• Falling US Gasoline Demand: A Weaker US Economy? http://t.co/3QRS8G59a2 Gasoline is fairly core 2 consumption, when it goes down, trouble $$ Mar 27, 2013
• Case-Shiller: Home Prices Post Biggest Rise Since 2006 http://t.co/nzgY1dSoZs But after the huge drop, it’s really just a dead cat bounce $$ Mar 27, 2013
• Wringing Out Laundered Cash http://t.co/Ary4tMyjCF Always easier 2 press a civil suit than a criminal suit; look at the bankers 4 proof $$ Mar 27, 2013
• 3D-Printed Polymer Skull Implant Used For First Time in US http://t.co/4rRlfPiVGP Offers high degree of customization 4 surgical repairs $$ Mar 26, 2013

Retweets & Replies

• The local situation in the US can’t run too far ahead of the world. Too interconnected $$ RT @boes_ America http://t.co/8PaIt3uKR5 Mar 29, 2013
• ‘ @JaredKastriner As for me, I play banker for my children. I pay 4 tuition & unavoidable costs. They pay avoidable costs& I lend 2 them $$ Mar 29, 2013
• @JaredKastriner No, but it should make us consider whether college is needed, and maybe borrowing against the house might b better $$ Mar 29, 2013
• ‘ @AndreCimini There r many incentives 4 politicians, regulators & businessmen 2 prolong a boom; I worked 4 a firm that foresaw it & made $$ Mar 25, 2013
• I hold a CFA Charter, (and was an FSA — dues too expensive) but credentialing is overrated in almost all… http://t.co/kvogKAycVS Mar 28, 2013
• Commented on StockTwits: Banks got bailed out after so many bad mortgage & other loans. A few hedge funds properl… http://t.co/4wMpKOQ8Nb Mar 28, 2013
• @EddyElfenbein As a Christian, it embarrasses me. They misinterpret Revelation & it makes people think they can gauge when Christ will come Mar 28, 2013
• ‘ @kyles09 My point is this: in 2007, the last time I saw something like this, it was right before loan pricing fell apart. That’s all. $$ Mar 28, 2013
• ‘ @Nonrelatedsense I’m wrong, cancel that comment on the $PSX midstream assets. Thanks 4 the correction $$ Mar 28, 2013
• Bitcoin $$ RT @groditi: OK, spill it, who’s gonna be the Big Short for BitCoin?. that parabola looks like it’s about to break any second now Mar 27, 2013
• RT @SoberLook: Chart: Bitcoin’s unprecedented rally. Another way for Cyprus citizens to take funds out of the country – http://t.co/3cTt … Mar 27, 2013
• I like it, thanks $$ RT @adamjbonesjones: @AlephBlog Short Frenchies vs EFSF bonds (over-collateralised, positive carry)…. Mar 27, 2013
• Monster, yes. Greatest? No $$ RT @MattZeitlin: Whoever decided that tables and figures go at the end of papers is history’s greatest monster Mar 27, 2013
• @Matthew_C_Klein Sometimes they hand out the Nobel Peace Prize 4 what they wish the world could b, hence Obama (drones), EZ (fantasyland) $$ Mar 27, 2013
• RT @Matthew_C_Klein: For this they won the Nobel Peace Prize MT @SonyKapoor: EZ has made every country feel that they’ve been hard done by Mar 27, 2013
• Patient is dying. More morphine. $$ RT @TheStalwart: RT @CNBC: Fed’s Kocherlakota: “Monetary policy is currently not accommodative enough.” Mar 27, 2013
• Controlling system changes it RT @MatthewPhillips @CardiffGarcia:Fantastic NYFed paper financial risk monitoring http://t.co/vwJeUwzXDm $$ Mar 27, 2013
• Extra points 4 USSR & Japan parallels RT @prchovanec: Apply these last three quotes (from “This Time is Different”) to China … discuss. Mar 26, 2013
• [cute dog warning] I guess you did have to. RT @moorehn: Sorry. I had to. http://t.co/rJtgXqfQtx Mar 26, 2013
• ‘ @kyles09 Good point, the rule mostly deals with excess cash over and above a low regular dividend $$ Mar 26, 2013
• @ToddSullivan I could live with the word “moderate” Mar 26, 2013
• “Thing about low vol investing is that it is a moderate risk strategy, b/c it invests in stocks…” — David_Merkel http://t.co/NzG183hkzG $$ Mar 25, 2013

FWIW

• My week on twitter: 57 retweets received, 2 new listings, 60 new followers, 57 mentions. Via: http://t.co/cPSEMLXpb8 Mar 28, 2013

Pettis / China

• Modified Pettis: Peripheral country depositors will remember Cyprus & it will affect their future credibility w/deposit guarantees $$ Mar 22, 2013
• Pettis: the idea that urbanization creates growth may have the causality backwards. It is far more likely that growth causes urbanization $$ Mar 22, 2013
• Parsing the Words of the New Premier http://t.co/KggvVUZ0bf Li Keqiang: We need to leave to the market and society what they can do well $$ Mar 22, 2013
• Closer Look: Parsing the Words of the New Premier – http://t.co/8LIiTxxqi0 Previous quote taken from Pettis, led me to this article $$ Mar 22, 2013
• Li Keqiang: The reform is about curbing government power. As a self-imposed revolution, it will require real sacrifice and will be painful $$ Mar 22, 2013
• Pettis: It turns out that we’ve seen record growth in debt. Is it really a surprise then that [China's] economy is still growing quickly? Mar 22, 2013
• Pettis:It isn’t until you write down the debt associated with the second bridge that you end up with a more meaningful measure of GDP. (3/3) Mar 22, 2013
• official measures will have them contributing the same amount to GDP, even though the former creates real value & the latter does not (2/2) Mar 22, 2013
• Pettis: If you spend $100 million each on two separate bridges, one of which is actively used and the other rarely used, (1/2) Mar 22, 2013
• Biggest Solar Collapse in China Imperils $1.28 Billion http://t.co/yYgYpSpjAv Even w/subsidies solar is an inefficient technology $$ #duh Mar 21, 2013

FOMC

• FED Optimistic Forecasts… http://t.co/MjilXrTSX1 The FOMC is always overoptimistic; they consider that 2b a part of their jobs $$ Mar 22, 2013
• Wrong:US economy needs a third term of Ben Bernanke http://t.co/fStUDLjy7g A lunatic praises a dangerous lunatic leading US 2 Stagflation $$ Mar 22, 2013
• That’s all folks! #FOMC $$ Mar 20, 2013
• FOMC Central Tendency for Year end Fed Funds forecast: 2013 0.29%, 2014 0.55%, 2015 1.30%, Long run 4.01% $$ #FOMC Who can tell? Mar 20, 2013
• FOMC Central Tendency 4 PCE inflation fcst since December 2012: 2013 1.55%, 2014 1.75%, 2015 1.93%, Long run 2.00% $$ #FOMC Way 2 optimistic Mar 20, 2013
• FOMC Central Tendency Unemployment rt fcst since December 2012: 2013 7.35%, 2014 6.77%, 2015 6.20%, Long run 5.57% $$ #FOMC Way 2 optimistic Mar 20, 2013
• FOMC Central Tendency for real GDP since December 2012: 2013 2.53%, 2014 3.17%, 2015 3.25%, Long run 2.43% $$ #FOMC Too optimistic 2014-5 Mar 20, 2013
• FOMC Central Tendency Change in Fed Funds fcst since December 2012: 2013 -0.11%, 2014 -0.05%, 2015 -0.11%, Long run -.03% $$ #FOMC Mar 20, 2013
• FOMC Change in Appropriate Timing of Policy Firming fcst since December 2012: 2.49 yrs, which shortens by 3.4 months $$ #FOMC Mar 20, 2013
• FOMC Central Tendency Change in PCE inflation fcst since December 2012: 2013 -0.20%, 2014 -0.03%, 2015 -0.01%, Long run no change $$ #FOMC Mar 20, 2013
• FOMC Central Tendency Change in Unemployment rate fcst since December 2012: 2013 -0.13%, 2014 -0.15%, 2015 -0.08%, Long run -0.03% $$ #FOMC Mar 20, 2013
• FOMC Central Tendency Change in real GDP since December 2012: 2013 -0.10%, 2014 -0.32%, 2015 -0.13%, Long run -0.03% $$ #FOMC Mar 20, 2013
• I am shocked that the Fed doesn’t have estimates on deposit insurance subsidies. That’s either a lie, or they should have that estimate $$ Mar 20, 2013
• @pdacosta Good questions on Cyprus & deposit insurance subsidies $$ Mar 20, 2013
• Go Pedro! Mar 20, 2013
• Federal Reserve, Expected to Continue Stimulus, Tries to Reassure Investors http://t.co/DuoAg3hYTv Doing the same, expecting different $$ Mar 20, 2013
• Bernanke Tightens Hold on Fed Message Against Hawks http://t.co/JyGTM0gP1f Wondered when this would happen; naive academic focuses power $$ Mar 20, 2013
• Insights from Former Fed Chairmen http://t.co/q3RbM7sm9e Greenspan, meh. Volcker says some interesting things regarding removing stimulus $$ Mar 18, 2013
• Fed’s Fisher: Too-big-to-fail banks are crony capitalists http://t.co/t65lN4kaaU Break them up & eliminate their funding advantages $$ Mar 16, 2013

Companies & Industries

• Proto Labs seeks 1st acquisition shuns 3D printing http://t.co/56KeW8j4In Instead of creating by layers, start w/a block & cut away $$ $PRLB Mar 22, 2013
• Old Tech Stocks, New Value: Santoli http://t.co/jfDtkOAwwX Tough part: estimating moat & probability of obsolescence, margin of safety $$ Mar 22, 2013
• Health Insurers Warn on Premiums http://t.co/zzZI2s1s2h Wrote about this b4 law was passed. Was accused of bias $$ http://t.co/WCECEQYuns Mar 22, 2013
• Plywood Becomes Hot Item in Housing Recovery http://t.co/2LMfLI43L1 4 confirmation, look here: http://t.co/HbnVnGdJmO Plywood on fire $$ Mar 22, 2013
• As Crop Prices Surge, Investment Firms and Farmers Vie for Land http://t.co/B1ESXEnefd Presence of a large amount of borrowed $$ = bubble Mar 22, 2013
• Intuitive Robosurgery Training Seen Lacking in Lawsuits http://t.co/VgyqOZqLMD Accidents r common & significant training of MDs needed $$ Mar 21, 2013
• Gold Giants Shrink to Fit as Paulson Pushes Breakup http://t.co/9yXUb9Z11s Miners tend 2 overpay for marginal mines w/high variable costs $$ Mar 21, 2013
• Americans Cut Restaurant Spending as Taxes Bite http://t.co/VAZELXMwM2 Less $$ available for small luxuries like eating out. Mar 20, 2013
• Electronic Arts Ousts CEO as New Game Consoles Await http://t.co/QMDjN8uZmN Game systems shift away from use of PCs; $EA doesn’t adjust $$ Mar 19, 2013
• Revealed: The Fragility of US Wireless Customer Loyalty http://t.co/j8U5wZ9GvT May be few choices, but wireless customers r not sticky $$ Mar 18, 2013
• Corporate Cash Piles Grow to Record $1.45 Trillion, Moody’s Says http://t.co/0M84CE0tRi How much is domestic & not held 4 margin $$ Mar 18, 2013
• Intermediate hold co debt has none of the protections of sr unsec parent co debt, or operating subsidiary debt. Not worth risks, avoid $$ Mar 18, 2013
• $HRG Announces Debt Offering by F&G Life Hldgs http://t.co/APQvmAECv3 Total desperation w/intermediate holdco debt; Avoid, avoid, avoid $$ Mar 18, 2013
• Private Equity’s $36B Retail Bet Not Going So Well http://t.co/xdQ9NzdAPs Retail does not work well w/leverage aside from mortgage debt $$ Mar 16, 2013

Cyprus

• It’s Up to Putin Now: Cyprus Looks to Russia For Love—and Money http://t.co/CJdlAmyM5A Many Russians would lose $$ in Cypriot Bank default Mar 22, 2013
• Just Let the Troubled Banks in Cyprus Fail http://t.co/0lSyyTjWIJ @carney gets it right. Protect small deposits, wipe out equity, etc. $$ Mar 22, 2013
• ECB May Cut Emergency Funding to Cypriot Banks after Refusal http://t.co/jssqb7og4u If Cyprus’ banks fail, will anything else fail? $$ Mar 21, 2013
• Cyprus banks dwarf economy thanks 2funds from wealthy foreigners http://t.co/GbElR3bcTP Countries w/large financial sectors tend 2b risky $$ Mar 20, 2013
• BlackRock CEO Fink Says Cyprus Instability Will Be Resolved http://t.co/E3RYIDQENi The politics r pretty toxic; time 2end euro experiment $$ Mar 20, 2013
• Outcry over Cyprus bailout taxing bank accounts http://t.co/kQ7DJgUN7P If it can happen in Cyprus, it can happen where you are too $$ #boo Mar 20, 2013
• Daylight robbery in Cyprus will come to haunt EMU http://t.co/HsrbbJUVKk Imagine the US grabbing a portion of bank deposits in 1933 $$ #yuck Mar 20, 2013
• Deauville Zombie Strikes as Cyprus Tax Inflames Crisis http://t.co/pkStGZyh5M Hard 2 believe confiscation of deposits wouldn’t lead 2runs $$ Mar 19, 2013
• The Cyprus precedent @FelixSalmon http://t.co/EXBLMXj3by Taxing via confiscation doesn’t affect incentives, except the incentive 2 hide $$ Mar 18, 2013
• Cyprus: What Were They Thinking? and some other notes http://t.co/LJPQ7FRSaT Try 2tax depositors, esp Russians, trigger a bank run, great $$ Mar 18, 2013
• Cypriot authorities in revised deal talks http://t.co/f7NXFf5B9S This is getting desperate. Remember when they said subprime was small? $$ Mar 18, 2013
• Dejected official: “If this is successful then it will be used in the future… If this is not successful then who cares about Cyprus.” $$ Mar 18, 2013
• Depositors Pay Price in Cyprus Bailout Deal http://t.co/CssNI6QUXK Imagine waking up one morning & 10% of your bank deposits r gone $$ #augh Mar 16, 2013

Energy

• Sierra Club blasts new plan to improve fracking http://t.co/izJx8axguf Really depends on how much CO2 truly affects climate, jury is out $$ Mar 22, 2013
• Ethanol Slumps Against Gasoline on Speculation Imports to Climb http://t.co/nFGWml3HBZ Profitable to import Brazilian ethanol caps prices $$ Mar 22, 2013
• HEARD ON THE STREET: Chevron, Shell and Big Oil’s Big Divide http://t.co/zcrclj78XS FD: + $CVX | Smart move was focusing on crude oil $$ Mar 20, 2013
• Wow, North Dakota, That’s a Lot of Oil http://t.co/NzKU4rhswH Up ~1000% in 10 years, would b more w/better transport (pipelines) $$ Mar 20, 2013
• Consumers to Pay $13B Price as Ethanol Upends Refiners http://t.co/qRr3ZnGPnB Ethanol an expensive fuel; we would not use it w/o govt req $$ Mar 19, 2013
• Valero Cancels Sale of California Refineries http://t.co/tu1lXOLBe4 Now better 2 retain them, if cheap oil can b sent there via rail $$ $VLO Mar 19, 2013
• Suntech Said to Get Default Notice on $541M Unpaid Bonds http://t.co/hiA8ZfvW2K Equity likely 2b wiped out, even w/some willing 2 4bear $$ Mar 17, 2013
• Canada Wonders Why Crude Oil Is Coming From Texas http://t.co/aIKRNA7UoT This is the price of not permitting pipelines; US oil by tankers $$ Mar 16, 2013
• Three Years After the Spill, BP Gets Bullish http://t.co/owgnHfH9w5 FD: + $BP | Lots of valuable assets, but has the culture changed? $$ Mar 16, 2013

Financial Sector Issues

• JP Morgan to Issue Its First Mortgage Bond Since 2007 http://t.co/M38KF7463e Reps & warranties weakened; harder 2 put back 2 originators $$ Mar 21, 2013
• “In money management what sells is the illusion of certainty.” http://t.co/iiqXAHTRZ8 @researchpuzzler comments on words of @John_Hempton $$ Mar 22, 2013
• SumZero Honors: 14 Top Buyside Analysts http://t.co/cZRnfBQJVd @sumzero does a study of buyside analysts to find the best quietly working $$ Mar 22, 2013
• Proxy sites dump 1-click vote button on SEC concerns http://t.co/nycHC62TUa Levels the playing field a little bit; mgmt has 2 much power $$ Mar 21, 2013
• Masked by Gibberish, the Risks Run Amok http://t.co/bKvbpCRyvZ Floyd Norris can write me 4 clarity, or read this: http://t.co/bhJwuegzP5 $$ Mar 22, 2013
• Buffett Says Bet on Natural Juices of Market http://t.co/gyGA34vVMP USA is the most flexible place in the world, but stocks aren’t cheap $$ Mar 21, 2013
• DeMarco pushes for 5-year wind down of GSEs http://t.co/aApiRMzoIK Don’t c how politics work here; pols don’t like 2 give up piggy bank $$ Mar 20, 2013
• Could gold be the next Libor scandal? | Business http://t.co/gstTm7EWQA Looks like real trades take place, so it doesn’t seem the same $$ Mar 20, 2013
• Workers Saving Too Little to Retire http://t.co/tWMYk3cpg8 I know of few people who save 20% of their incomes over 40 years $$ #prettytough Mar 19, 2013
• Stock Bulls Get New Member of Club http://t.co/qEOMyG47WM I dunno, this makes me nervous. But 3% more upside in 2013 is no raving bull $$ Mar 19, 2013
• Quantitative easing does little to boost gold prices http://t.co/o42EZUMk3T Gold prices react to inflation adjusted cost of carry $$ Mar 18, 2013
• Traders Short Junk-Bond ETFs as Gains Top 100%: Credit Markets http://t.co/4CmFy3ebaC Short interest = 11.5% of total outstanding shares $$ Mar 18, 2013
• Wrong: Want to Fix the Deficit? Get Real http://t.co/3fuRoKKw6S Increasing the deficit from here would worsen our long-term problems $$ Mar 16, 2013
• Boo! Derivatives, Japan, $$ demise, pension defaults, debt jubilee RT @StockTwits: Zombie Swans from Outer Space http://t.co/jcNoTTzolI #boo Mar 16, 2013
• How to Safeguard Your 401(k) http://t.co/HRCNqz1RkJ If plan has annual match, do not count on it. Avoid employer stock; know plan rules $$ Mar 16, 2013
• Company Insiders Are Dumping Shares! Or Are They? http://t.co/D5cgLmM902 Best to look at what insiders do, not the large outside holders $$ Mar 16, 2013
• If third-party custody fails in any significant way, i.e. bigger than what happened w/MF Global, all public investing will b ruined $$ Mar 16, 2013
• Are Your Assets Safe—No Matter What? http://t.co/vWvSVno7JC @jasonzweigwsj talks about custody; strong incentive 4 present system 2 work $$ Mar 16, 2013
• Golden State Hits Golden Age Of Bank M&A http://t.co/WLFhPq8jFC Higher capital requirements create demand for banks 2 merge in California $$ Mar 16, 2013

Rest of the World

• Is Emerging Market Debt Undervalued? http://t.co/8hSOukeOKf I tend 2 think so, but performance so far this year has been subpar $$ Mar 22, 2013
• Bank of Japan vows ‘all means available’ to smash deflation http://t.co/AJ27okuZFZ Difficult 2 have inflation w/shrinking population $$ Mar 22, 2013
• BRICs: a Slowing Dilemma http://t.co/furMgL5VTO The BRICs r not a natural group; very different econ, but as GWP growth slows, so do they $$ Mar 21, 2013
• RAHN: Where will the next financial crisis begin? http://t.co/x2rBMqCJUG Numerous countries r poised 2 lead global tailspin; I pick EZone $$ Mar 21, 2013
• Spanish Banks Cut Developers as Zombies Dying http://t.co/CxRucV5Y7h Bottom not yet found for Spanish Real Estate $$ #bringoutyerdead #thud Mar 21, 2013
• Europe’s work is far from over http://t.co/JfIY5PRW4f This is a colossal example of government management of the economy gone awry $$ #endit Mar 20, 2013
• Canadian Household – Drowning in Debt http://t.co/XsdSDPBUn8 Canada: poster child 4 Central Bank-induced bubbles, amid good fiscal policy $$ Mar 20, 2013
• BRICs Abandoned by Locals as Fund Outflows Reach 1996 High http://t.co/Xv4QZrNmSX Locals r throwing in the towel on stocks; time 2 buy? $$ Mar 16, 2013
• Argentina Debates Pope’s Political Past http://t.co/FY25FtCCF2 Probably one where the truth will never b known; hard to fight a dictator $$ Mar 16, 2013

US Politics & Policy

• Stockton Creditors Face Long Odds to End City Bankruptcy http://t.co/WcEuHjJft1 Think Stockton’s gambit will lose $$ cc: @munilass Mar 22, 2013
• Gingrich-Santorum ‘Unity Ticket’ Almost Toppled Romney http://t.co/8jBjvs868Q G+S-> 0+0 = -1. Romney= -2. All R candidates fatally flawed $$ Mar 22, 2013
• Getting the CIA Out of the Drone War http://t.co/kWcxz4mooN It matters less who does it, because there is no moral basis for it $$ #enditnow Mar 22, 2013
• Mary Pat Christie Juggles Roles as Political Facilitator http://t.co/04VJb6UcbD Interesting background piece on Chris Christie’s wife $$ Mar 22, 2013
• Postal Service Can’t Cut Saturday Delivery, GAO Says http://t.co/3BbcJ1arge Loss of Saturday would b start of end 4 USPS> less relevant $$ Mar 21, 2013
• Rotten Tomatoes for a Billion-Dollar Farm Payout http://t.co/8FMfZnvqZC Ag is doing well in the US. Time to shut down much of the Ag Dept $$ Mar 21, 2013
• California Nonpartisan Districting Ousts Life Incumbents http://t.co/1edUiXyizM Minimize internal boundaries subject 2 law requirements $$ Mar 20, 2013
• Army Carbine Program May Waste $1.8 Billion, Report Finds http://t.co/WQOhHRZ5Mw Another area of DoD waste. Insiders tell me -> lots more $$ Mar 20, 2013
• The Smarter Healthcare Consumer Myth http://t.co/BSdzrzQmMu Many underinsured people do not go to see a doctor when they are sick $$ Mar 19, 2013
• Puerto Rico slides toward insolvency http://t.co/WaOVo1dWUa Puerto Rico exists to make California look responsible & Illinois honest $$ Mar 18, 2013
• Or, as the late Bob Casey (former Governor of PA) once said, “You can’t lose if you are a pro-life Democrat.” $$ Mar 18, 2013
• RNC Issues Scathing Analysis of GOP http://t.co/CsROwzkNxT Sounds dumb. Does not grasp the reliance of the GOP on moral issues voters $$ Mar 18, 2013
• It’s a Lonely Quest for Land-Tax Fans, But, by George, They Press On http://t.co/yt8tPEVgjV Candidate 4 dustbin of history, dying hard $$ Mar 18, 2013
• Republicans Foil What Majority Wants by Gerrymandering http://t.co/h2gMnsO5cp I live in MD, w/Democrat Gerrymander http://t.co/9ORTUnVjo9 $$ Mar 18, 2013
• Roadkill May Reach Montana Menus Under Bill Allowing Fare http://t.co/5UsoOXeAsr Interesting 2c differences in state policies 4 roadkill $$ Mar 17, 2013
• Obama Will Use Nixon-Era Law to Fight Climate Change http://t.co/HxRrpdoajr Expands National Environmental Policy Act to Climate Change $$ Mar 16, 2013

Other

• The Beatles vs. the Taxman: A Former Manager Recalls Yesterday http://t.co/wNikAvMAdh Union of music,culture &finance cc: @reformedbroker $$ Mar 22, 2013
• The Odd, Enduring Power of Dürer’s ‘Praying Hands’ http://t.co/QzEQsRYalP An idol 2b destroyed; far better 2 pray, regardless of hands $$ Mar 22, 2013
• ‘The Croods’: Making the Cartoons Sing http://t.co/Pj50Vytvuo As a musician, I find this article makes me optimistic on popular music $$ Mar 22, 2013
• ‘BioShock Infinite’: A Videmeogame With a Political Philosophy http://t.co/NzxQqrTXkM Americans r exceptional; doesn’t mean they r good $$ Mar 22, 2013
• The Branding of ‘Liger’: Tiger Woods and Lindsey Vonn http://t.co/AW1CGnYHLh Two attractive sports stars dating? A marketing opportunity! $$ Mar 21, 2013
• Inside the Art of Handling Negative Online Reviews http://t.co/vzsenUcvjq When negative reviews come, act quickly, it could wipe you out $$ Mar 21, 2013
• Silicon Valley looks to Amy Andersen for love, at $50K a pop http://t.co/yVj37tUL9C Awkward men seeking wives need tailored personal help $$ Mar 20, 2013
• How To Quarantine Java Like The Disease That It’s Become http://t.co/uhUcbRhFqh Sadly, I have to keep Java 4 my trading platform $$ #poison Mar 19, 2013
• Study: Delaying marriage hurts middle-class Americans most http://t.co/ynHKcN4m4x Putting off marriage often means marriages don’t happen $$ Mar 18, 2013
• Helmets Preventing Concussion Seen Quashed by NFL-Riddell http://t.co/FF4Gh6Viyn Long story on how conflicts of interest led2 concussions $$ Mar 18, 2013
• With Speech, Cardinal Set Path 2 Papacy http://t.co/rDDOXEwCA2 Argued RC Church was 2 introspective, better 2b out doing good, short talk $$ Mar 17, 2013
• The New Unmarried Moms http://t.co/1hnxyrE67R Teen pregnancy reduced, childbearing outside wedlock rising among 20-somethings $$ #bad4kids Mar 16, 2013
• New York Is Sterilizing Its Rats. Here’s How http://t.co/qryyCDiLoK Tasty stuff for rats that renders them infertile in 4 days $$ #whoknew Mar 16, 2013

Replies & Retweets

• Could work $$ RT @steve_hanke: @AlephBlog @carney or try a swap. Here’s how we did it in Latin America: http://t.co/fvT6V6dX9u| #Cyprus Mar 22, 2013
• @SconsetCapital In China, if the gov’t builds two bridges in a BOGO deal, I don’t think you’d want the free one Mar 22, 2013
• @Donald_Shekels No, not with the Asian operations Mar 22, 2013
• @Donald_Shekels I could have said worse than I did, but I worry about getting sued. Mar 22, 2013
• @JPDesloges You are off to a good start at Financial Iceberg. Keep it up. Mar 21, 2013
• @agnestcrane Global Inequality is dropping, though. Global wages converging. “Rethinking Comparable Worth” http://t.co/qBWe9kxnim $$ Mar 21, 2013
• Get well soon! RT @StockTwits: StockTwits Is presently down. Apologies for the inconvenience. We should be back up shortly. $$ Mar 21, 2013
• @exMBB No. But title insurers had a rough time after housing bubble. Fraud drives most title insurance claims. Title insurance is complex Mar 20, 2013
• @exMBB It’s all heavily depreciated. Not an issue. Mar 20, 2013
• Commented on StockTwits: You’ve got it, Charles. Where IB is good it is very, very good, & where it is bad it is … http://t.co/o4fpUt2j66 Mar 20, 2013
• @sleepyhungry It’s like a barrier option. Once it is breached it is over — this is only the 7th time I have done this. U made me smile Mar 20, 2013
• Doing what their targets do RT @rcwhalen: Foreclosure Processor Prommis Holdings Files Chapter 11 http://t.co/mE30yP1gtj $$ Mar 19, 2013
• But I think he is running out of options $$ $HRG RT @Nonrelatedsense: @AlephBlog continually amazed by Falcone. How does he do it? Mar 18, 2013
• Extracts purchase price, retains control, kills bond buyers RT @Nonrelatedsense: continually amazed by Falcone. How does he do it? $$ Mar 18, 2013
• I liked the photo RT @fundmyfund: @ritholtz what are you looking at in the new blog photo – a bird, a plane, or superman? Mar 18, 2013
• RT @Royal_Arse: Mr. Merkel @AlephBlog is far more diplomatic than I in his tweet regarding pipeline construction. https://t.co/HIE2ngC4A3 Mar 16, 2013
• @pdacosta 2 create a synthetic, u need 2 speculators: yield hog who wants a security @ a high yield, & a speculator who wants 2 short it Mar 16, 2013
• @pdacosta If that ever had to happen, would b a crisis b/c synthetics r more numerous than organic. They can b & were created @ will. Mar 16, 2013

FWIW

• My week on twitter: 54 retweets received, 2 new listings, 31 new followers, 58 mentions. Via: http://t.co/cPSEMLXpb8 Mar 21, 2013
• Here’s my NCAA Bracket: http://t.co/ZK22T2bKnV #BlindfoldBracket2013 I’m no great fan of College Basketball, but I gave it a try $$ Mar 20, 2013
• David Merkel (AlephBlog) on Twitter http://t.co/PsixuvsqiX Here’s a shout-out to my 7000th Twitter follower, Peter Saris @BMCA2461. Thanks! Mar 20, 2013

US Politics & Economic Policy

• Employers Blast Fees From New Health Law http://t.co/FfuBRO2HQp Phases in the added costs of covering sick people previously uninsured $$ Mar 15, 2013
• Conservative Groups Warn GOP Lawmakers About Deals With Obama http://t.co/vui4GOINCw If this were a 2-player game, would have been solved $$ Mar 15, 2013
• Gundlach: Investors are asking the Wrong Question http://t.co/xA1UgvCica ht: @ReformedBroker QE as a permanent affair w/which we have 2 live Mar 15, 2013
• New Group Pushes Corporate-Tax Overhaul http://t.co/P3dwgqQON6 Trying 2 End Double Taxation of foreign profits. Hasn’t worked so far $$ Mar 14, 2013
• The Almighty Dollar Is Back http://t.co/F3iP3Zblyk Skeptical. Waiting for the Fed to announce increase of QE to send the $$ back down Mar 14, 2013
• GIs Fighting Nazis Last Time Factory Workers Toiled Longer http://t.co/pVMlMGFRQ0 This is optimistic for new hiring $$ Mar 14, 2013
• Grand Bargain Taxes, Entitlements Cuts Await Deal Makers http://t.co/gJZ2c4Uc17 My sense is that we r heading 4 another deadlock $$ Mar 14, 2013
• Refusal to Expand Medicaid May Cost Employers $1 Billion http://t.co/kpxJmCeZvT Pressure is going to grow to eliminate PPACA & Medicaid $$ Mar 14, 2013
• US Growth = Inventories http://t.co/dOIp5n9sPH Much of the presumed growth in the US is just rebuilding of inventories to a peak level $$ Mar 12, 2013
• GOP Budget Establishes Contrast With Democrats http://t.co/ocLQndOvsP No chance of it being passed, but gives an idea of where 2 sides r $$ Mar 12, 2013
• SEC Charges Illinois Over Pension Funding http://t.co/MxEF6hPYPy This is how it should be. No one gets punished in the slightest. $$ Mar 12, 2013
• Note from last tweet: a lot of ppl want to punish bankers, what about state officials who lie – they r much bigger, where is the outcry? $$ Mar 12, 2013
• Fed mulls putting a ‘not for sale’ sign on its assets http://t.co/uZAcaHmLeO A sign of weakness from the Fed; they know they r trapped $$ Mar 10, 2013

Roman Catholic Church

• Jesuits Had Past Struggles With Popes http://t.co/P8Vy8YEifr In the RC church, they have top liberation theologians &their top opposition $$ Mar 14, 2013
• Ten things you probably didn’t know about the Jesuits http://t.co/tFijZNMkV9 If the Church have defined anything to be black… amazing $$ Mar 14, 2013
• The sins of the Argentine church http://t.co/FTzKlsq1I7 New Pope may have been complicit w/Military Dictators killing their enemies. $$ Mar 14, 2013
• The Changing Church http://t.co/mDPol6orR5 Interesting 2c change in locations of Cardinals. Size of RC church overstated, many not active $$ Mar 14, 2013
• How Is the Pope Elected? http://t.co/j8p5L9dB5I A little late, but I thought this was an interesting infographic on papal elections $$ Mar 14, 2013
• African Catholics Look to Black Pope to Safeguard Tradition http://t.co/vxZrJJDgvv US Media does not get how traditional most Catholics r $$ Mar 13, 2013
• Black Smoke Signals No New Pope http://t.co/9qp8nzlbRb More & less unity in RCC than commonly thought. More: Europe, Less: elsewhere $$ Mar 12, 2013

Financial Markets

• To all of the fixed income followers out there: someone asked me today to recommend good bond blogs. What would you recommend? Mar 15, 2013
• Highest Bond Yield at Auction in a Year Could Be Sign of Things to Come http://t.co/fShhD5iAlp Or it could be a buying opportunity $$ Mar 15, 2013
• $OAK Founder Knows How to Get an Edge in Investing http://t.co/TaRQSiK5gI “Experience is what u get when u didn’t get what u wanted.” $$ Mar 14, 2013
• Smallcap Stock Volatility Index Hits All-Time Low http://t.co/l6tCXV7VS4 Complacency is the rule of the the day among small cap stocks $$ Mar 14, 2013
• 5 ways Warren Buffett invests that you don’t http://t.co/AeCs8fqe6g Good job describing what parts of Buffett’s strategies can b mimicked $$ Mar 14, 2013
• Team Alpha Retirement Portfolio: Dividend Investing Vs. Annuity Purchasing http://t.co/HNHqI40vDP Example of y I don’t read Seeking Alpha $$ Mar 14, 2013
• New Carlyle Group Fund Lowers Bar for Investors http://t.co/xiCTwy07Zk As @reformedbroker aptly put it, “Muppet Bait” Avoid. Avoid. $$ Mar 14, 2013
• Fidelity to Expand ETF Relationship With BlackRock http://t.co/d4PIiCb7oh Fidelity says “Me 2,” by partnering with $BLK . No value added $$ Mar 14, 2013
• moving down-market http://t.co/qP0YSWKubG @researchpuzzler has it right, inviting small accounts in means opportunities r getting worse $$ Mar 14, 2013
• Historical S&P 500 Price to Sales (P/S) Chart http://t.co/dm2ZhDDgtE Useful little chart – around avg now, but profit margins r a record $$ Mar 13, 2013
• SP500 Bull and Bear Factors – Not so Fun Damentals! http://t.co/5OjwvLbLPw Bull factors: QE, Buybacks, Yen. Bear: Econ data, Earnings mo $$ Mar 13, 2013
• Gold Sales From Soros Reveal 12-Yr Bull Run Decay http://t.co/ze7DSsdIkN Makes me want 2 do a piece on $$ weighted vs time weighted on $GLD Mar 13, 2013
• Why (Most) People Hate Good Financial News http://t.co/PZcf1usKD1 Regret is a strong force in psyche of amateur investors: missing out $$ Mar 12, 2013
• How Much Of The Stock Market’s Growth Is Caused By Its Shrinking? http://t.co/Kfxipqvr1Y I would be skeptical here; capital changes weak $$ Mar 12, 2013
• Securities Lending: Worth The ‘Risk’ http://t.co/AZxSKFzM2T When done right, sec lending is almost free money, the risks r low. $$ Mar 12, 2013
• New ETF Underway for Distressed Debt http://t.co/Wp3ZPwaZqj Bad idea. Creating indexes for distressed bonds will be hard, Won’t attract $$ Mar 12, 2013
• Firms Send Record Cash Back to Investors http://t.co/n0vNv0ppei A sign of economic weakness; there are few places to invest for growth $$ Mar 10, 2013

Wrong

• Wrong: Amazon Preparing Bid For Barnes And Noble? http://t.co/qYB3yE6u8U Combination would not be allowed by the FTC $$ Mar 13, 2013
• Wrong: Why Insurers May Be Unprepared for the Next Big Storm http://t.co/WuJIpvtVBj Most P&C insurers have more than adequate reserves $$ Mar 13, 2013
• Wrong: The US can’t afford a Chinese economic collapse http://t.co/9vskptvxvx We can afford it; China won’t affect much in the US $$ Mar 12, 2013

Rest of the World

• China s Next Potential Bubble: Hello, Anybody Home? http://t.co/IstgcTQZCN Trapped. Potential sellers need prices 2 stay high, buyers low $$ Mar 15, 2013
• Embrace consumption, IMF’s Zhu urges China http://t.co/TAc5toyktZ Easier said than done. Party not ready to give people more freedom. $$ Mar 15, 2013
• Nordic Testicular Cancer Mystery Prompts Chemicals Probe http://t.co/LqwH8klTLq Interesting, might be a combo of genetics & environment $$ Mar 15, 2013
• Jeffrey ♥’s Japan Stocks http://t.co/lvhM6LFXAv♥s-japan-stocks/?utm_source=dlvr.it&utm_medium=twitter Weak yen drives Japan stocks up $$ Mar 15, 2013
• Recent cyberattacks could be part of a Chinese military strategy started nearly 20 years ago http://t.co/NxZ99g2ZKo Explains what is up now Mar 14, 2013
• Brazil’s Richest Family Forging $13 Billion Niobium Dream http://t.co/2MHbOkhHPd Stronger flexible steel from a Brazilian tech company $$ Mar 14, 2013
• Even Berlusconi Can’t Slow Bulls Boosting Euro View http://t.co/PV2mGvfHRr Great 4 core Eurozone, bad news 4 the fringe Eurozone $$ Mar 13, 2013
• Chinese inflation hits 10-month high http://t.co/rGZJHoZsqj The end of the cycle comes when Chinese inflation gets out of control $$ Mar 13, 2013
• Snow Causes European Travel Chaos http://t.co/tz3afCLET9 That’s one thing about weather & climate, constantly changing & always will $$ Mar 13, 2013
• Should You Bond With Azerbaijan? http://t.co/gpE429eGa8? by @jasonzweigwsj | Emerging market govts are better run than developed govts $$ Mar 12, 2013
• Norway Fund Flees Currencies Tainted by Stimulus Addiction http://t.co/X7YasIGkKn Rational response2 depreciating currencies: hail Norway $$ Mar 12, 2013

Banks

• JP Morgan’s Jamie Dimon showed too much hubris and too little humility http://t.co/4feQB2Q6Jx @moorehn highlights cultural problem @ $JPM $$ Mar 15, 2013
• Bubble Exchange: Technology vs Financials http://t.co/BJKoaFfjdo Suggests that financials, not tech, will do better in the future $$ Mar 15, 2013
• EU Said to Plan Concession on Tax Credits as Bank Capital http://t.co/Ss3J4KBGbv Deferred Tax Assets should not be allowed as capital $$ Mar 15, 2013
• Deferred Tax Assets r only valuable if a company makes $$ in the future, which for a bank in distress is less likely; should not b capital Mar 15, 2013
• Beware of a New Banking Bubble http://t.co/gr5c2S9NaI Three recent deals involved premiums of 32% to 83% above tangible book value $$ #fire Mar 14, 2013
• Fisher and Rosenblum: How to Shrink the TBTF Banks http://t.co/pNfzML2A22 Could work, roll back safety net, keep pieces small, holdcos fail Mar 14, 2013
• 5 Big Questions for the Future of Retail Banking http://t.co/sCKi6QjfCu Branches buy/sell, online/mobile, layoffs, interest margins down $$ Mar 14, 2013

Companies & Industries

• Lawmakers Examine Ethanol Credits’ Affect on Gas Prices http://t.co/5RHXnKcuFG Wasteful program doesn’t aid conservation adds 2 pollution $$ Mar 15, 2013
• 5 beloved tech products that were sentenced to death http://t.co/bg4S90UHlZ Impending death of Google Reader makes writer wax nostalgic $$ Mar 15, 2013
• Google and Bing Say the Future of Search Is Conversational http://t.co/mx2gfh6oSr Software improves ability 2 understand contextual data $$ Mar 15, 2013
• Herbalife short-seller sues banks, Icahn over alleged fraud http://t.co/NaL4X9aXW3 Losing investor throws good $$ after bad, will not win Mar 14, 2013
• Evolv, Making Hourly Workers More Profitable, Lands $15 Million http://t.co/DDEyoCk7Ay Improves retention of the employees u want 2 keep $$ Mar 14, 2013
• Lincoln’s Cooper Shuns Shoot-For-Moon Funds After Goldman http://t.co/7PdLGT5TGb This does not make me feel better about $LNC. Avoid. $$ Mar 14, 2013
• How Benjamin Franklin Invented the Mail-Order Business http://t.co/TC6DmWsZck A look at the precursors to mail-order retail. Interesting $$ Mar 14, 2013
• Lego Builds New Billionaires as Toymaker Topples Mattel http://t.co/jxkqNatzZk Family controls 75% of the operation through Kirkbi A/S $$ Mar 14, 2013
• 8 Megatrends Defining the Oil & Gas Industry http://t.co/Taz5Dsujwh Nationalization, Ending subsidies, Green, New frontiers, LNG, M&A $$ &c Mar 14, 2013
• Blackstone Said to Get $2.1 Billion Loan for Home Purchases http://t.co/qDg7DrSBGk I’m skeptical, don’t think renting homes is scalable $$ Mar 14, 2013
• Many hospitals, doctors offer cash discount for medical bills http://t.co/ckLOHxh1TH ht: @dpinsen | Sometimes ucan pay less w/o insurance $$ Mar 13, 2013
• Gas Rigs Drop to Fewest Since 1999 as Drilling Declines http://t.co/b3YztqbTqs Almost like the old days when they would flare off natgas $$ Mar 13, 2013
• Starr Proceeds With Fight Over $AIG Rescue http://t.co/WPNIOyib7B I don’t think he will win, but Greenberg will get his day in court $$ Mar 13, 2013
• Beating The Downturn By Degrees http://t.co/9BT69ix6Fs Good summary article on the for-profit educators $$ Mar 13, 2013
• Liberal-Arts Colleges Dangle Deals to Woo Students http://t.co/v3Qd07x8AD Pay for 4 years & never have 2 pay again; u *can* finish 4 free $$ Mar 13, 2013
• InTrade Online Betting Site Shuts Down Abruptly http://t.co/Rb0Ppald2u A long shot from the start, current bettors may b stuck w/the loss $$ Mar 12, 2013
• Green Cars Have a Dirty Little Secret http://t.co/wk5UfvYiYn Producing and charging electric cars means heavy carbon-dioxide emissions. $$ Mar 12, 2013
• Uninsured Americans Get Hit With Biggest Hospital Bills http://t.co/6QeybZMIz8 First value of insurance is buying power lowering prices $$ Mar 12, 2013

Other

• Jim Gaffigan Is the King of (Clean) Comedy http://t.co/RhUM30krSU Heartening 2c clean humor getting attention; certainly harder 2 do $$ Mar 15, 2013
• The Bearded Man http://t.co/ub5n07UjFZ I’m no trendsetter. If you’re out of fashion long enough, eventually u accidentally get in fashion $$ Mar 15, 2013
• Does money taint the sharing economy? http://t.co/yTjd3w8ThO If you want an organization to last, there must be a profit margin $$ Mar 15, 2013
• Scientists find how deadly new virus infects human cells http://t.co/YLfoqPbvJ1 Disease is similar to SARS. Infected 15, killed 9 $$ Mar 14, 2013
• Former Ravens May Outnumber Ravens http://t.co/SIxpATVmC6 Noticed in Baltimore; curse of the Joe Flacco contract; less $$ for rest of team Mar 14, 2013

Retweets & Replies

• ‘ @tradewins @moorehn The problems are concealing data from the regulators, & Dimon perhaps concealing what he truly knew at the time $$ Mar 16, 2013
• @TWealthMgmt Yeah, they are good, & I mentioned them. Seems many bond blogs have folded; they had a finite maturity Mar 15, 2013
• @nelson3748 Railroads r scarce; impossible to replicate; has a big moat w/pricing power; trucking has no moat; scale is needed Mar 14, 2013
• I just left a comment in “5 ways Warren Buffett invests that you don’t – Jonathan Burton’s Life Savings – MarketWat…” http://t.co/2tjAaDwkV7 Mar 14, 2013
• Yes, but the nice thing about Pi day is that it has been a round RT @EddyElfenbein: Celebrating Pi Day seems so irrational. Mar 14, 2013
• @EliHoffmann Don’t get me wrong I *like* dividends & have for a long time. They r more frail than the new advocates assume Mar 14, 2013
• @EliHoffmann There r other things he got wrong re insurance, but the faith in dividends is naive. They get cut in bad periods like the ’70s Mar 14, 2013
• @EliHoffmann Annuities r guaranteed by state guarantee funds Mar 14, 2013
• @DavidSchawel Thanks, but r u bullish on it or neutral? Mar 14, 2013
• @DavidSchawel How successful? Mar 14, 2013
• No RT @pdacosta: VZ president says Chavez, now close to Christ, had a hand in choice of South American pope http://t.co/WYR2izYIsk Mar 14, 2013
• “Pretty cool. Billy Joel took a chance on the student, and it was beautiful. Kid had moxie.” — David_Merkel http://t.co/YBUfXDNSGH $$ Mar 14, 2013
• UCan say that again RT @ReformedBroker:Muppet Bait MT @researchpuzzler:Don’t miss your chance 2 play w/big boys of PE http://t.co/5fg2tLPXS3 Mar 14, 2013
• Listening to broadcasters in Rome, it reminds me of the Super Bowl when the power went out; gotta say something, but not much to say… $$ Mar 13, 2013
• . @scott_matagrano Also, $AIG’s domestic life companies were BK until rescued b/c of sec lending… long story: http://t.co/EmnSclWqVS $$ Mar 13, 2013
• @scott_matagrano Not *quite* riskless. There were some bond trades I could not execute b/c we could not get the shares back. Mar 13, 2013
• @merrillmatter I don’t but some of my clients do. Mar 13, 2013
• @ReformedBroker Hey Josh, where is that indicator now? Mar 12, 2013
• @weelifeworkplay Saw that, but property tends not to vary in value as much as currencies do. Owning land tends to preserve value, mostly $$ Mar 12, 2013
• @prchovanec In a word, overvalued. P/E measurements of value fluctuate too much b/c earnings varies more than sales or book $$ Mar 12, 2013
• @exMBB I avoid life companies that primarily write variable business; the accounting quality is poor. No opinion on $PNX $$ Mar 12, 2013
• @SagittaCapital I’m afraid that one is a ‘No.” I don’t have a lot to say there. Mar 12, 2013
• @60Minutes @sherylsandberg That’s dumb. It could just be rudeness, or ego, and the same applies to boys. Will to power <> leadership $$ Mar 11, 2013
• @prchovanec P/E is more significant in the short-run. CAPE10 & Q-ratio more significant in the long run. $$ Mar 10, 2013

FWIW

• My week on twitter: 48 retweets received, 11 new listings, 51 new followers, 55 mentions. Via: http://t.co/cPSEMLXpb8 Mar 14, 2013

Rest of the World

• West Australia Set to Stay Liberal Highlighting Gillard’s Plight http://t.co/8Vp0mjPjJt Some Labor policies r perceived 2b anti-mining $$ Mar 07, 2013
• Top Stock Kroton’s School-Loans Growth Decelerates http://t.co/NrmeHL4hP9 Brazil goes down the student loan path US has. Better results? $$ Mar 07, 2013
• Merkel Looks East for Austerity Allies in Hollande Talks http://t.co/3uSJ5frCcm Austerity is getting 2b a tougher sell; when does it end? $$ Mar 07, 2013
• Saudi Next Generation Has US Imprint as King Picks Leaders http://t.co/GBReGpuS2x Wahabiism won’t accept cultural reforms; 2 optimistic $$ Mar 07, 2013
• Impotent Mursi Losing Grip on Egypt as Unrest Prompts Reversals http://t.co/tsm8FzIs5x Anarchy rules as Mursi putters; no 1 2 replace him $$ Mar 07, 2013
• EU Unemployment: Titanic in Perspective http://t.co/StpmdeBEm7 ~12% unemployment across the EU & still rising. Sound like a success 2u? $$ Mar 06, 2013
• Pound’s World-Worst Drop Seen Growing in Pimco Math http://t.co/4yqRnOldzj Everyone wants a cheaper currency in the race 2 the bottom $$ Mar 06, 2013
• China ‘fully prepared’ for currency war http://t.co/cdR7AWWTHw Brave words from a country w/an immature financial system $$ Mar 06, 2013
• Japan’s Economic Bad Mix : Yen, Oil and China http://t.co/ELaLyiQe9e Not a question of Japan getting into trouble, only what catalyzes it $$ Mar 05, 2013
• Reforms Stall in Athens as Troika Considers Next Aid Tranche for Greece http://t.co/P0n3aSAe9u Still don’t c how Greece avoids leaving EZone Mar 03, 2013

Energy

• Chevron Shale Bet Down Under Makes Senex Target http://t.co/GnfWLIKi98 That’s why gas found in Australasia is so valuable FD: long $CVX $$ Mar 07, 2013
• Ethanol Outpaces Gasoline on Longest Supply Drop Since 2010 http://t.co/FluutBbaoa Margins r wide enough shut capacity reopens $$ FD: + $VLO Mar 07, 2013
• Conoco Says US Should Consider Allowing Oil Exports http://t.co/D6FqHkZIvO Now that we make more than we consume, y not sell excess? $$ Mar 07, 2013

Other

• When ‘Jazz’ Was a Dirty Word http://t.co/cpipuRDcNi Fascinating 2c how jazz musicians rejected the label, but played w/great enthusiasm $$ Mar 09, 2013
• Making a Liberal-Arts Education Pay http://t.co/Ob8wZyKb7Z Trouble w/liberal arts: not enough science & math; written by an English prof $$ Mar 07, 2013
• Stress at Work: Why Women Feel It More Than Men http://t.co/AeLwohdPvL Women tend 2 ‘Tend and Befriend.’ Men tend 2 fight/act or leave $$ Mar 07, 2013
• Rice Glut Expands With Farms Poised for Record Crop http://t.co/6M5bUdEQyF I’ve heard there r animal feed shortages, can rice b used? $$ Mar 06, 2013
• In Geology, Old-Timers Can Be Worth Their Weight in Gold http://t.co/4c7TP8TKxg They analyze plants, animals, not just computer analyses $$ Mar 05, 2013
• Many Avoid Tough Path to Citizenship http://t.co/9HEiMYmQTf Costs time & $$, effort from studying, hiring a lawyer, etc. Mar 05, 2013
• As Pirates Run Rampant, TV Studios Dial Up Pursuit http://t.co/KdBMYEIpOg Story of television trying to eliminate piracy and not winning $$ Mar 05, 2013
• Glad that Venezuela does not have to suffer through more of Chavez, but sad 4 him. Now, what will the election result be? $$ Mar 05, 2013

Companies

• Icahn Unbound Takes Activism to New Peak in Deal Fights http://t.co/M2eAw3DLWc He’s having a lot of fun going after poorly planned deals $$ Mar 09, 2013
• Why Vodafone Should Head for a Verizon Exit http://t.co/0FusnV2ZzG $VOD should make $VZ pay up, they have less need 2 act | FD: + $VOD $$ Mar 07, 2013
• Boeing Said to Boost 787 Battery Tests As Carmakers Aid http://t.co/yOqFiyGlx0 2 Many batteries passing “quality control” @ manufacturer $$ Mar 07, 2013

Market Impact

• Wrong question. by @ReformedBroker http://t.co/jzY7UcQYuS Tie your hands w/asset allocation. Give yourself limited movement re fear/greed $$ Mar 07, 2013
• Proof the Fed is Juicing the Markets http://t.co/6RDGyEDueG Correlation is not proof, but the monetary base is highly correlated w/DJIA $$ Mar 07, 2013
• Welcoming, and Worrying About, a Record Market http://t.co/K3fdzRpOJ6 Last inflation adjusted DJIA high was not Oct-2007, but Jan-2000 $$ Mar 06, 2013
• Young Adults Retreat From Piling Up Debt http://t.co/FRIgpI8ELb Saving is the secret to getting the big ticket items 2 make life pleasant $$ Mar 06, 2013
• Qualified Private Activity Bonds Come Under New Scrutiny http://t.co/LHNuPoAWjQ Corporations have access to issuing tax-exempt bonds $$ Mar 06, 2013

US Government & Economic Policy

• Yale Suing Former Students Shows Crisis in Loans to Poor http://t.co/nhc0JjmEj5 Loan programs seem cheaper in the short run, deceptive $$ Mar 07, 2013
• Tom Coburn’s Campaign Against Government Waste http://t.co/SeIO1CIQI5 Coburn fights for what is right regardless of what the GOP thinks $$ Mar 07, 2013
• Nurses Spar With Doctors as 30 Million Insured Seek Care http://t.co/jgCNVanub3 These fights will be more common as Obamacare proceeds $$ Mar 06, 2013
• S&P Credibility Seen Eroded by Complicity in Soured Deals http://t.co/VsYxQL4wfw Where r the complaints about regulators forcing ratings? $$ Mar 06, 2013
• Warren Buffett Sees ‘Hair Trigger’ When Fed Shifts Stance http://t.co/28nIn3rDiw Right. Now if he would spend time speaking truth 2 power $$ Mar 06, 2013
• US Sequestration : Market Impact on financial assets http://t.co/6zUZXo2yWq Would nitially b deflationary, but lead to growth later IMO $$ Mar 05, 2013
• Dr Copper and his funny friends dont agree with SP500 – Divergence ! http://t.co/TpmemT4Ai6 Real economy not doing as well as S&P 500 $$ Mar 03, 2013
• US Restaurant Index and US Consumer Confidence http://t.co/4Bc83xsrbU Restaurants r sensitive indicators of consumer behavior: weak now $$ Mar 03, 2013
• Federal Reserve: What Happens When It Runs Out of Ammo? http://t.co/F2jHPEROU3 What happens when they need2tighten & reaction is violent $$ Mar 03, 2013
• Two Scenarios for Future of ‘Big Finance’ http://t.co/DdQwk7Jyj6 Finance still needs 2 shrink, the economy needs total debt 2b < 2x GDP $$ Mar 03, 2013
• US Incomes Fall, Spending Rises http://t.co/ldYgPDETEc What do you expect when you add back the payroll tax? $WMT takes a hit also $$ Mar 03, 2013
• Druckenmiller Sees Storm Worse Than ’08 as Seniors Steal http://t.co/A0eSwqZYab It is very bad, but I don’t get the $211T number, too big $$ Mar 03, 2013
• Obama Orders Cuts That Will Be ‘Slow Grind’ on Economy http://t.co/lgzqxK8iWw Next stop, 3/27 when the spending authorization expires $$ Mar 03, 2013
• Obama Makes Cuts Personal in Strategy to Bend Congress http://t.co/AqjKaD865f May try to mismanage sequester to embarrass Republicans $$ Mar 03, 2013

Markets

• Edge: Milevsky, Ritholtz, Zweig, Ferri & More http://t.co/N5CIsbv4x4 This year’s Edge Q is What *should* we be worried about? I’m in it 2 $$ Mar 05, 2013
• Kass Takes Buffett’s Challenge to Present Bearish Questions http://t.co/WEmq4Y57Cn @DougKass gets fun of poking holes in Warren’s theses $$ Mar 05, 2013
• Buffett’s Advice to Apple’s Tim Cook: Ignore Einhorn http://t.co/5z6QEoMBAm Warren tells him to manage for the long haul. Wise words $$ Mar 05, 2013
• Investing methods that beat the market http://t.co/1CFvZQMwLf Momentum, small cap, value, yield — can all be mimicked through ETFs $$ Mar 05, 2013
• Birinyi Says Buy Mining, Technology Shares as Bull Ages http://t.co/ywui2NoQwL Yes 4 tech, but miners have over developed, poor profits $$ Mar 05, 2013
• How much do stocks really return? http://t.co/J3u19M5AmP Good article, but I think the advantage of stocks over inv grade bonds is ~1%/yr $$ Mar 05, 2013
• Say Goodbye to the 4% Rule for Retirement http://t.co/AhWrDqfOdy Better rule: Ten-year Tsy yield +2% if bullish, +1% neutral, +0% bearish $$ Mar 05, 2013

Other

• In Florida, Sinkhole Risks Grow With Urban Expansion http://t.co/VRX7vsSqDr West Central Florida has a sinkholes, could lose 4 counties? $$ Mar 07, 2013
• Imagining a Post-Bundle World for Cable TV http://t.co/U86Jducpeg Popular shows/networks would do better, less popular would suffer $$ Mar 03, 2013

Replies & Retweets

• Why should the companies you listed pay 6%, when all of them could issue senior unsecured for less than that? http://t.co/Shc5Rq4c8F Mar 07, 2013
• @The_Analyst They would give up that much to avoid being sr unsec liability?? Mar 07, 2013
• Bigtime MT @BarbarianCap: $PRU >Annuity Fees Would Make Bankers Dance http://t.co/brvonxtRHS >> CEO touting how expensive their products r Mar 07, 2013
• You can say that again RT @munilass: This is beautiful. The use of drones is finally getting the attention it deserves. Mar 07, 2013
• Good one! RT @JMucken: @AlephBlog It would be metaphorical to give the winner a “gold” medal. Mar 06, 2013
• I agree w/that, as it says in Romans 3:8 http://t.co/wYE9utGxjD RT @cogent_rambling: Bad doesn’t erase good. http://t.co/6yCqpHp405 Mar 06, 2013
• RT @agnestcrane: I’d say credit markets feel pretty good about banks ahead of stress tests. BofA, GS, MS CDS spreads have more than halv … Mar 06, 2013
• I use that when I worry about retailer spam RT @cullenroche: On a more serious note, why in the world do I still use my Yahoo email account? Mar 06, 2013
• Maybe we could turn competitive devaluation into an Olympic sport. Send all finance ministers & central bankers 2 Sochi w/a 1-way ticket $$ Mar 06, 2013
• @Fullcarry Thanks for the info, helps Mar 05, 2013
• Jesus will surprise him RT @mattrixDOTinfo: re: Chavez and being sad. It’s a shame Chavez will now have 2b held accountable to our Maker. Mar 05, 2013

FWIW

• My week on twitter: 39 retweets received, 2 new listings, 90 new followers, 36 mentions. Via: http://t.co/cPSEMLXpb8 Mar 07, 2013

Berkshire Hathaway

• $BRK.B The preferred has 2 other features that materially increase its value: at some point it will b redeemed @ a significant premium price Mar 01, 2013
• …the preferred also comes with warrants permitting us to buy 5% of the holding company’s common stock for a nominal sum $$ FD: + $BRK.B Mar 01, 2013
• Buffett to Update His Acquisition Hunt http://t.co/OHzvc2xQBW Buffett has more than enough $$ to buy what he wants; free cash flow is huge Mar 01, 2013
• We Want Your Questions for Warren Buffett http://t.co/7GiMfdYbst Mail in your questions for Warren Buffett & do it here. I wil do so. $$ Mar 01, 2013

Full Disclosure: long BRK/B

Monetary Policy

• Federal Reserve: What Happens When It Runs Out of Ammo? http://t.co/F2jHPEROU3 What happens when they need2tighten & reaction is violent $$ Mar 03, 2013
• Fed Could Slow Bond Selloff http://t.co/HifHyKx4Su And so they dream, not realizing tightening cycles r proportionate to loosening cycles $$ Mar 01, 2013
• Bernanke Says U.S. Must End ‘Too Big to Fail’ Bank Subsidy http://t.co/ScBqYKo3oG Easy2do: keep raising deposit ins prems till banks balk $$ Feb 28, 2013
• Kuroda’s Inflation Failure Seen in Long Bond Rally http://t.co/EuDTpe0kPd Most nations of the world r trying voodoo economics, Japan most $$ Feb 28, 2013
• Bernanke’s Stimulus Spurring US Employment in Housing http://t.co/GYhrkyWGI8 I would be more optimistic if new sectors were prospering $$ Feb 25, 2013
• Trade protectionism looms next as central banks exhaust QE http://t.co/M5jJDSbxrD Weakening your currency can give a temporary advantage $$ Feb 25, 2013

US Economy

• Dr Copper and his funny friends dont agree with SP500 – Divergence ! http://t.co/TpmemT4Ai6 Real economy not doing as well as S&P 500 $$ Mar 03, 2013
• US Restaurant Index and US Consumer Confidence http://t.co/4Bc83xsrbU Restaurants r sensitive indicators of consumer behavior: weak now $$ Mar 03, 2013
• US Incomes Fall, Spending Rises http://t.co/ldYgPDETEc What do you expect when you add back the payroll tax? $WMT takes a hit also $$ Mar 03, 2013
• Obama Orders Cuts That Will Be ‘Slow Grind’ on Economy http://t.co/lgzqxK8iWw Next stop, 3/27 when the spending authorization expires $$ Mar 03, 2013
• Obama Makes Cuts Personal in Strategy to Bend Congress http://t.co/AqjKaD865f May try to mismanage sequester to embarrass Republicans $$ Mar 03, 2013

Rest of the World

• Reforms Stall in Athens as Troika Considers Next Aid Tranche for Greece http://t.co/P0n3aSAe9u Still don’t c how Greece avoids leaving EZone Mar 03, 2013
• Ivory Coast’s Women Reject Equality in Household Debate http://t.co/1AuTdZTb9r Equality means men don’t have to support their households $$ Mar 01, 2013
• Japanese Revival Seen in Honda’s First Plant in 49 Years http://t.co/oKo5aBuxhA $HMC new factory comes just as weak yen boosts prospects $$ Feb 28, 2013
• Wrong: Berlusconi’s Surge Shows Why Europe Needs a Deeper Union http://t.co/f3dQLVA6zB Rather, it shows why the Eurozone should fold $$ Feb 28, 2013
• India May Curb Widest BRIC Budget Gap for Rate-Cut Room http://t.co/kqhBm895gt BRIC should not b a group; problems r very dissimilar $$ Feb 28, 2013
• Asia s Huge Debt Growth Problem: Remember 1997? http://t.co/dZ3nAnFyXe Bank lending/GDP in Asia exceeding levels at 1997 crisis $$ Feb 28, 2013
• $20 Phone Stars at Mobile World Congress http://t.co/mbKdgSMwso And it can go 35 days without charging; $NOK – hero of developing world $$ Feb 28, 2013
• Ruchir Sharma: China Has Its Own Debt Bomb http://t.co/DaoTuJGO17 China is so bad off that no one would want to be in their position. $$ Feb 26, 2013
• China’s premature overheating http://t.co/2YBgqsA365 Need to free the economy, end force-feeding of credit to glutted sectors & cronies $$ Feb 26, 2013
• Canadian Economy Tumble http://t.co/sDbAj0uajE Compilation of articles showing the slowing Canadian consumer, & its effect on the economy $$ Feb 25, 2013
• Has Spain’s Economic Contraction Become Self Perpetuating? http://t.co/XOSFgBL6yb Population shrinkage from migration kills entitlements $$ Feb 24, 2013
• Pettis: Countries w/higher external debt levels r constrained in their ability2wage currency war w/countries w/lower external debt levels $$ Feb 24, 2013

Financial Sector & Pensions

• Two Scenarios for Future of ‘Big Finance’ http://t.co/DdQwk7Jyj6 Finance still needs 2 shrink, the economy needs total debt 2b < 2x GDP $$ Mar 03, 2013
• Druckenmiller Sees Storm Worse Than ’08 as Seniors Steal http://t.co/A0eSwqZYab It is very bad, but I don’t get the $211T number, too big $$ Mar 03, 2013
• McGraw Fighting U.S. Justice Recalls AmEx Battle to Save Company http://t.co/R6likSWxrk He fights valiantly against those who r evil $$ Mar 01, 2013
• Rule Split to Put U.S. Banks at a Loss http://t.co/BUAORxUyjt This is overstated; the real cash flow happens through statutory accounting $$ Mar 01, 2013
• Gatsby, Galbraith and the Myth of Coolidge’s Crash http://t.co/prutRWBzHS The Crash caused by debt over-accumulation, like current crisis $$ Feb 28, 2013
• Payday Loans Get US Consumer Bureau Scrutiny as ‘Debt Traps’ http://t.co/cfYHHUPsX7 This is one area where I would favor fiduciary stds $$ Feb 28, 2013
• Providence, R.I. claims firm missed $10 mln in pension costs http://t.co/GgHm2FAIIT Suing the actuarial firm for liability miscalculation $$ Feb 28, 2013
• Wells Fargo Credit Profile Hurt by Heinz Deal, Moody’s Says http://t.co/ND3APjqqfk | FD: long $WFC I think the $HNZ loan is well-proected $$ Feb 26, 2013

Other

• Imagining a Post-Bundle World for Cable TV http://t.co/U86Jducpeg Popular shows/networks would do better, less popular would suffer $$ Mar 03, 2013
• Assembly-Line Pizza Draws Hungry Fast-Casual Investors http://t.co/cozthTImDm Pizza to order will be available at reasonable prices $$ Mar 01, 2013
• Too Much OIL http://t.co/PLBMRD24Vw Provides one useful tailwind for the US economy $$ Feb 26, 2013
• Joel Kotkin: America’s Red State Growth Corridors http://t.co/ydjK0zKPyf Pro-business states tend to attract more biz & population $$ #texas Feb 26, 2013
• Dennis Gartman: Selloff More Than a Rumble http://t.co/Y9IBBPHAyf Sometimes when weak holders arrive, an event like Italy trip them up $$ Feb 25, 2013
• Generic-Drugs Court Decision Irks Businesses http://t.co/RJEEWut9Cs I don’t think this precedent will stand after the appeals process $$ Feb 25, 2013
• I finally wrote my “big think piece” regarding security pricing. Here it is: http://t.co/hE6EGgjcJZ Death 2 Modern Portfolio Theory! $$ #FTW Feb 24, 2013
• You’re Not as Good an Investor as You Think You Are http://t.co/2caH2rv5Rf We deceive ourselves to feel good $$ by @jasonzweigwsj Feb 23, 2013

Comments & Retweets

• @PScatterpatter I posted a link to a smaller document with last night’s blog post http://t.co/ndWwIgtwPC Mar 01, 2013
• @PScatterpatter Ernst & Young put it together to teach their own people Feb 28, 2013
• @kyles09 I don’t see anyone willing to outbid & pay breakup Feb 28, 2013
• @applehead72 enough refining, but not in right spots, also not enough transport abilities Feb 28, 2013
• @Nonrelatedsense Didn’t know that, thanks. Feb 26, 2013
• Anyone else have a problem that the latest Java 7 release (update 15) causes some programs to fail, like IB’s TWS? Feb 25, 2013
• “Josh, if you have 4-6 hours to read it, the book “Once in Golconda,” gives the flavor of the…” — David_Merkel http://t.co/jaZDnLqKvt $$ Feb 24, 2013
• “Well done, from dyed-in-the-wool fundamentalist. As an example, Buffett has a bin on his desk…” — David_Merkel http://t.co/1rAp8LeP85 $$ Feb 24, 2013

FWIW

• My week on twitter: 24 retweets received, 117 new followers, 37 mentions. Via: http://t.co/cPSEMLXpb8 Feb 28, 2013

Full Disclosure: long BRK/B, WFC