Market Impact

• Old-School Stock Picker Weitz Struggles With Index Craze?stks.co/gYnx?Weitz has a really good long term track record, good guy $$
• High-Yield Companies Cash In on Dividend Deals?stks.co/cXCJ?W/the rise in interest rates, junk corporations move 2 refinance $$
• IRS Reconsiders What Qualifies for REIT Status?stks.co/jYiU?There should b1 tax law for all things like corporations in the US $$
• New Revenue Recognition Rules Arriving Soon?stks.co/rFvA?I’m afraid the new rules will b less clear than current GAAP rules $$
• How the Robots Lost: High-Frequency Trading’s Rise & Fall?stks.co/gYk9?Every investment strategy has a capacity limit, even HFT $$
• Sam Zell says sell?stks.co/rFr3?1 month old; he also thinks that efforts by corporations 2 manage single family homes will fail $$
• Banks will take hit on mortgage refi buststks.co/pFwq?This may true 4 whole industry, but some banks will profit via MSRs, ALM $$
• FASB?s Seidman: Americans Prefer Rules to Principles?stks.co/pFpb?We should stick w/GAAP & ditch IFRS convergence. We know GAAP $$
• IFRS Makes Progress Around the Worldstks.co/tFir?Incomparable Financial Reporting Standards r less converged than many realize $$
• 401(k)s Are Doing Great Except For A Few?stks.co/eX9U?Fine,except 401(k) users don’t put enough away 2 care 4 their retirements $$
• Why Low Volatility Is Losing Its Alphastks.co/cX0J?Any strategy can be overfished. Monoculture rarely leads to good results $$
• “Any strategy can be overfished. Monoculture is a recipe for disaster. How many analogies do I?” ? David_Merkeldisq.us/8dev71?$$
• Money-market fix is a flawed compromise?stks.co/dWtx?My proposal was cleaner and far better:?stks.co/dWty$$
• Bet on CDOs Returns to Wall Streetstks.co/bWy4?Synthetic CDOs take the field again, just in time to fleece anxious yield hogs $$
• Bruce Berkowitz Places Bet on Fannie, Freddie?stks.co/jYCL?A lot of this rides on political future of F&F, w/Berkowitz unsure $$
• Don?t Sell Your Soul for Yield, Pimco?s Simon Says?stks.co/qFRi?He retires @ 52 2pursue philanthrophy & fun; bond risks high $$
• Rise in US Bond Yields Jolts High-Dividend Stocks?stks.co/qFIa?If they r used as bond substitutes, will trade more like bonds $$
• Brokerage firms debate value of Certified Financial Planner title?stks.co/dWU1Interesting 2c firms asking CFPs to decertify $$
• The 100% Stock Solution?stks.co/sEyrOnly the stoutest souls should try this; best time to start is after a meltdown, if u can $$
• The Intelligent Investor: How Funky Is Your 401(k)? by?@jasonzweigwsjstks.co/dWKf?Unusual bond funds not recommended 4 novices $$
• Why Hedge Funds Aren’t Worth the Money?stks.co/iXxM?Double-alpha & leverage r great in theory; in practice they don’t work well $$
• ‘?@Matthew_C_Klein?@felixsalmon?But I disagree:?blogs.reuters.com/felix-salmon/2??Cov-lite loans r a sign of general credit degradation $$
• Interesting argument by?@felixsalmonthat cov-lite bonds are good because they give borrowers greater flexibility:blogs.reuters.com/felix-salmon/2?

 

US Politics

• The NSA Doppelganger?stks.co/jYiY?Govt has been collecting records on every phone call made in the US ever since Patriot Act $$
• Will New Health Insurance Be Too Expensive 4 America’s Lowest-Paid?stks.co/rFvF?Law of unintended consequences teaches $$ lessons
• Trading Dollar Bill for Coin Big Savings, No Small Change?stks.co/iYrY?This could makes sense if we eliminate the penny as well $$
• Fed Hurdle of 4 Straight 200,000 Payrolls Sets Bernanke View?stks.co/iYrW?I don’t think the Fed has a coherent policy response $$
• An Insider’s Guide to Obama’s Summit With China’s Xi?stks.co/sFp7?Makes me think that nothing much will come out of this summit $$
• Start Your Engines: NatGas Revs for Transportation?stks.co/hYwm?This is more complex than it looks b/c liquification low temps $$
• Obama’s Civil-Liberties Record Questioned?stks.co/qFu9?Obama is not a change agent; he is merely Bush-plus & we r the losers $$
• US declassifies phone program details after uproar?stks.co/hYwd?Terrorism is an unlikely threat – doesn’t justify the snooping $$
• Alan Greenspan’s Epic Incompetence: Another Shoe Drops?stks.co/jYXF?This piece provided the link 4 the last tweet $$#greenspan
• How Elite Economic Hucksters Drive America?s Biggest Fraud Epidemicsstks.co/eXA3?Of course fraud should b a crime, it’s theft $$
• NSA seizes phone records of Verizon customers?stks.co/jYXC?Shouldn’t a warrant b required 4 such indiscriminate investigation? $$
• Jefferson County, AL, Reaches Bankruptcy Deal?stks.co/gYbR?$JPMloses most, then taxpayers. “gross incompetence, waste, graft” $$
• Debt Deal in Alabama Will Cost JPMorgan?stks.co/aX7U?Sewer rates rise. Everyone loses except the speculators who bot debt cheap $$
• Warplanes to Tankers Delayed by Contested US Contracts?stks.co/gYUYLosers contesting contracts is now normal & slows things $$
• FHA Losses Could Hit $115 Billion in Extreme Scenario?stks.co/gYLJ?4 political reasons, FHA guaranteed lousy loans, losses come $$
• Jefferson County Paves Way for Bankruptcy Exit?stks.co/cWky?The biggest losers r taxpayers, but then they elected the schmoes $$
• Mistake:?$AIG,?$PRU,?$GE?Named Systemically Important by Panelstks.co/jYCN?Focus should b: financing long assets w/short loans $$
• The Real Scandal at the IRS?stks.co/sFMf“…larger threat of abusive behavior by a fearsomely powerful government agency.” $$
• ObamaCare Bait and Switchstks.co/jYCG?Obamacare was never meant 2 make healthcare affordable 2all, only 2 those w/o insurance $$
• It really annoys me, because the key of financial safety is asset/liability mgmt & all of new regulations do not tighten this up $$
• Risk that the Feds should care about is the toxic mix of illiquid assets funded by liquid liabilities; long liability structures r safe $$
• Feds close to picking ?risky? non-banksstks.co/iY88?Really looks like the Feds r going2goof again & call non-risky firms risky $$
• Overstated: Risk-Averse Culture Infects US Workers, Entrepreneursstks.co/eWev?Generally moderate risk-taking leads2best result $$
• Little Cause for Inflation Worriesstks.co/jXms?Far better 2 use median or trimmed mean CPI, than the more doctored core PCE $$

 

Europe

• France demands emergency EU summit over China’s wine tax threat?stks.co/dX8ATrade wars have 2 start somewhere, however small $$
• Moody?s Casts Doubt Over Nordic Havens Amid Housing Risksstks.co/bXCh?Rest of world adopts bad monetary policy of US, EZ&Japan $$
• Central Banks Put More Scandinavian Currencies in Reserve?stks.co/jY4tEnables the Nordic countries to import asset inflation $$
• Swiss Seen Passing US Bank-Tax Law to Avoid Worse Fate?stks.co/qFJY?Most compromises r better than seeing many banks die $$

 

Companies & Industries

• Tyson CEO Says Smithfield Deal Could Aid Pork Exports?stks.co/iYnc?Many Chinese might like 2 buy high quality American food $$
• $COST?CEO Craig Jelinek Leads the Cheapest, Happiest Company in the World?stks.co/gYk1?Investing in workers vs cheap workers $$
• Wells Fargo Will Benefit From Interest-Rate Increase, Sloan Says?stks.co/eX42Could just b brave words, few give up income $$
• Fannie Shares Seen as Worthless Surging in Disconnect?stks.co/dWtw?The politics of the situation r in flux; no margin of safety $$
• Goldman Wants You to Forget About Too Big to Fail?stks.co/gYUx?There is a subsidy to the big banks, not as large as some think $$
• Like Berkshire, Markel thrives on buy&hold?stks.co/rFbN?Thomas Gayner, like Buffett is a compounder w/underwriting float $$?$MKL
• Alcoa Junk Downgrade Is Rare Trauma for Dow Stocks?stks.co/iYYW?Time2 modernize & create News Corp Indexstks.co/gYUZ?$$
• Whale of a Trade Revealed at Biggest US Bank With Best Control?stks.co/iYYVLong but definitive article on?$JPM?credit trade $$
• Scor to Buy Generali Reinsurance Unit for $750 Million?stks.co/tFMQ?How do u say “Scottish Re” in French? “Scor”?$RGA$$?#spitspit
• Apple Saves $724 Million With Well-Timed Sale?stks.co/qFCo?20-20 hindsight, but?$AAPL?timed their debt sale well $$
• Kinder Morgan Cancels $2 Billion Pipeline Plan?stks.co/iY7O?Sending crude via rail costs same & does not require LT contract $$

 

Asia

• Hedge Funds in Japan Ride Small-Cap Rally on Abenomics Boost?stks.co/eX41Be wary here, because there is no clear macro path $$
• The Wonk With the Ear of Chinese President Xi Jinping?stks.co/qFfh?A modernizer who wants the Communist Party 2 keep control $$
• Topix Profits Percentage Increase Tripling World Even in $400 Billion Wipeout?stks.co/qFUz?Wait. Weak yen also has bad effects $$
• Poultry-Plant Fire in China Kills Dozensstks.co/jXzF?Sad, but it is common 4 firms that hire low wage workers 2 cut corners $$
• Muddy Waters to Jupiter Seek Profit as Risk Rises?stks.co/eWeV?Convoluted financial systems can’t handle as much debt b4 crisis $$
• Heard on the Street: Let Me Not See Old Age in China?stks.co/qFCr?Elderly poor who live away from the coasts suffer in China $$

 

Other

• Co-hosts of radio show ‘The Pursuit of Happiness’ commit suicide togetherstks.co/sFhK?Happiness pursued as its own end fails $$
• Harvard Humanities Fall From Favor Among College Students?stks.co/rFgfThere is no one more unrealistic than a humanities prof $$
• To Catch a Thief: Banks Try Using Big Data?stks.co/jYPf?The banks try 2 detect correlated behavior among fraudsters & succeed $$
• How Retirees Pay Zero Taxesstks.co/eX3v?If you r older & have little wage income there r often ways 2 reduce your taxes $$
• Bermuda With Ireland Targets of Tax Vigilantes, Minister Says?stks.co/hYTPThey were really surprised when NATO blockaded them $$
• Marriage Advice: Sharing a Hobby Is Good for Your Relationship?stks.co/tFMwOur hobby is raising kids, will have2find a new one $$
• Meredith Whitney?s ?Great Migration?stks.co/fYHh?Disliked by genuine muni experts?@catelong?&Joe Mysakstks.co/gYGr?$$
• Government 2 Hold Back Growth for Years?stks.co/qFJ0?Balancing the budget may have far less drag than most suppose, lowers risk $$
• Vatican says Pope Francis got it wrong, atheists do go to hell?stks.co/iY8I?Adults @ Vatican correct Pope’s wishful thinking $$
• Wrong: Smartest Decision Ever Made by Bill Gates, Warren Buffett?stks.co/rFAj?If u raise your children right, they can handle $$
• Behind the ‘Internet of Things’ Is Android?and It’s Everywhere?stks.co/tF9hAmazing how 1can change the world on lo profit mgns $$

 

Finance

• Has BIS Found the Solution to Too Big to Fail??stks.co/fYcY?Has issues, but much better than what was done in 2008. Worth a try $$
• The rise of the real collateral ?mining? business?stks.co/bX4T?Overproduction of commodities feeds the shadow banking system $$
• What is the opposite of helicopter money??stks.co/eX43?Negative interest rates suck liquidity, as people seek stores of value $$
• World Chasing U.S. Yield With 25% Deal Jump: Real Estate?stks.co/hYUF?Enough inventory 2 pick from & seems 2b recovering $$
• A World Awash in Credit with Much Work to Do?stks.co/gYHW?Increasingly hard to find safe yield; EM still seems promising,but… $$
• i’d like to see: zip code level correlation between house price growth from 2011 to 2013 against absentee purchase share during same period.
• Hedge Funds Boost Gold Bull Bets Most in Two Months?stks.co/jY4r?Makes me a little edgy for gold prices $$
• Mortgage Investors Get Blindsidedstks.co/pFMV?Bonds Backed by Subprime Loans Had $1B Previously Undisclosed Losses $$?#surprise
• Emerging-Market FX Gets Ugly. Very Ugly.?stks.co/qF1e?Yeah, I feel it, just look at the chart in?$EDD?of which I am long $$

 

FWIW

• My week on twitter: 51 retweets received, 58 new followers, 34 mentions. Via:20ft.net/p