Financial News Aggregator and a little more!

  • Golden scenarios
    ONCE upon a time, in a world in which oil was costly and energy sources seemed scarce, the ...
  • Clarification: Boston Consulting Group
    Clarification: The Boston Consulting Group has asked to clarify the information it supplied to us about its forecasts for the uptake of automation in ...
  • Growing by shrinking
    IT TOOK more than three years, but on February 24th Finmeccanica, Italy’s state-controlled aerospace and defence group, said it had found a buyer for its ...
  • Spring tide
    The fresh, clean, premium-priced waters of Changbaishan BENEATH the frozen flanks of East Asia’s most revered mountain, in ...
  • Why Target lost its aim
    Where are the shoppers? AT ONE of Target’s shops in downtown Chicago, one recent weekend, customers congregated in ...
  • Daily DWA Indexes Wrap
    As of the close, 2/27/15: Source: Yahoo! Finance See www.powershares.com, www.ftportfolios.com, and www.arrowshares.com for more information. The performance above is based on pure price returns, ...
  • RS Chart of The Day
    Point and Figure RS Charts are calculated by dividing one security by another and plotting the ratio on a PnF chart.  When the ratio is ...
  • What You Should Focus On
    One of my favorite sketches from New York Times columnist, Carl Richards, is the following: There are a lot of things that matter and there ...
  • RS Chart of The Day
    Point and Figure RS Charts are calculated by dividing one security by another and plotting the ratio on a PnF chart.  When the ratio is ...
  • RS Chart of The Day
    Point and Figure RS Charts are calculated by dividing one security by another and plotting the ratio on a PnF chart.  When the ratio is ...
  • Sunday links: check your ego
    Book notes: Shane Parrish, “The Art of Stillness: Adventures in Going Nowhere [by Pico Iyer] is a persuasively argued case for the...
  • Top clicks this week on Abnormal Returns
    Thanks for checking in with us this weekend. Here are the most clicked on items on Abnormal Returns for the week ended...
  • Saturday links: dashboard duel
    Book news: The how (and why) of the global bestseller The Life Changing Magic of Tidying Up by Marie Kondo. (WSJ)
  • Friday links: endless mediocrity
    Berkshire books: The ultimate Warren Buffett book list including Lawrence Cunningham’s Berkshire Beyond Buffett: The Enduring Value of Values.  (MoneyBeat)
  • Podcast links: retirement optimism
    Fridays is all about podcast links here at Abnormal Returns. You can check out last week’s links including a discussion about changing...
  • ATAC Week in Review: The Backtest Called Buy and Hold
    “The one size fits all approach of standardized testing is convenient but lazy.” – James Dyson In my travels around the country presenting to and ...
  • World War ¥€$
    In a world of slowing growth, currency debasement has become the economic weapon of choice. In the last month alone, we have seen central banking ...
  • Dr. Yellen’s First Test
    It has been a year since Janet Yellen took over as Chairman of the Federal Reserve, a position widely regarded as one of the most ...
  • ATAC Week in Review: Rising Rates…Finally?
    “I’m sorry, if you were right, I’d agree with you.” – Robin Williams While January ended with a thud in risk-taking and surging defensive sectors ...
  • Is Gold the New High Yield?
    “Amazingly, people are paying Switzerland to warehouse their money for 10 years…That makes gold a high-yielder, because it yields zero” – Jeff Gundlach Jeff Gundlach ...
  • Prudence and the PBoC
    If you wanna know why China cut policy rates again over the weekend this chart from UBS’s Wang Tao goes a fair ...
  • Further reading
    Elsewhere on Monday, - “As a sophisticated serial acquirer of businesses, Warren would much prefer to deal with wet behind the ears families
  • FirstFT (the new 6am Cut)
    You can sign up to receive the email here. Tens of thousands of people marched through Moscow yesterday in
  • Meet the man who could own Aviva France
    When he was seven years old, Max-Hervé George was given a magic ticket by his father. It ...
  • When the commodity rents stop flowing…
    Ever wonder what the collapse of a commodity means for the hegemonic order that controls access to it? Look no further than the sugar trade of ...
  • A few comments on the Berkshire Hathaway letter to shareholders
    We got a nice treat this year with the “Golden Anniversary” letters included in the Berkshire report. While much of what was ...
  • Warren Buffett's 2014 Letter to Shareholders
    Link to: 
  • Links
    Eddie Lampert's letter to shareholders  (LINK)Five Good Questions for Nick Gogerty about his book, The Nature of Value: How to Invest in the ...
  • Charlie Munger on buying "moats"
    "We buy barriers. Building them is tough… Our great brands aren’t anything we’ve created. We’ve bought them. If you’re buying something at a ...
  • Links
    Value Investing Community Loses a Legend: Irving Kahn (1905 – 2015) (LINK)Webinar: Portfolio Construction, Concentration and Diversification for Value Investors ...
  • “Where’s the Wage Pressure?”
  • Kimmel: A Message for the Anti-Vaccine Movement
    Jimmy feels that all of this anti-vaccination silliness is starting to snowball, so he invited some real doctors to address it. These are actual medical ...
  • Lefsetz on Bill O’Reilly
    Karma’s a bitch. They’re out to get him, but it’s Bill’s response that has me flummoxed. Why does everybody in power double-down, why do they ...
  • Thanks for everything . . .
    The Maximus post led to a lovely outpouring of comments and emails, for which I am tremendously grateful. One tweet pointed to this very lovely but ...
  • 10 Sunday Reads
    Pour some coffee, and settle in for our hand-curated Sunday morning reads: • Corporate Borrowing Now Flows To Shareholders, Not Productive Investment (IB Times) • Texas shale boom town ...
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  • Global Asset Allocation – New Book!
    So my new book is finally done!  Sorry that took longer than expected but sometimes life just intervenes.  Publication date is officially next Monday, March ...
  • #1 Read of the Year
    I sent this to The Idea Farm last week – this is always my #1 read of the year,  the CSFB Global Investment Returns Yearbook!  This ...
  • How to Hedge Your Business
    Note: I’m holding a cover design contest for my new book out next week, feel free to enter! This is normally something I would send to The ...
  • Everything Old is New Again
    Reading old investment books is somewhat of a hobby of mine (I know probably need a better hobby).  Glancing up on my bookshelf there are ...
  • Why Don’t Asset Management Companies Hedge Their Biggest Risk?
    I had a great time this week catching up with old and new friends at the annual ETF conference in Florida.  I think I’ve been ...
  • I Literally Just Can’t Even
    What every office in New York City sounds like this month… Source: SNL...
  • QOTD: Preachers of Pessimism
    Read Also: Optimism as a Default Setting (TRB)  ...
  • America as 100 College Students
    via Visual.ly: This infographic was produced for the Bill and Melinda Gates Foundation. It illustrates what America’s demographic profile would be if the country’s population ...
  • Berkshire Hathaway’s Willingness to Kill
    I’m poring over the just-release 2014 annual letter to Berkshire Hathaway shareholders today and, as usual, I’m finding nuggets of wisdom on every single page. ...
  • This Week on TRB
    Cartoon by MStreeter, Savannah Morning News These were the most read posts on the site this week, in case you missed them: ...
  • Get your income here
    BUY bonds for income and equities for growth. That is what many a financial adviser will tell ...
  • Advise and dissent
    NEVER ask your barber if you need a haircut, Warren Buffett has quipped. But even supposed dispassionate advisers ...
  • Demography is destiny, maybe
    MOST people are aware that the western world is ageing; that we are living longer, the baby boomers ...
  • Patience: the big virtue
    ECONOMIC growth in the developed world has been sluggish for a while. In a fascinating and thought-provoking ...
  • More on debt and democracy
    THIS could be the day when Greece and the EU do a deal on debt and reform; ...
  • EEM and Commodities, updated view
    Back in early January I posted the charts of EEM and copper since 2003, with brief commentary. I think it is helpful to ...
  • Calling Out the Europe-Wags-US Bond Story
    Many, if not most point to the stunning decline in European bond yields as the primary factor driving US bonds over the past year. And ...
  • Simple is Good (EM and Commodities)
    There is a lot of talk about what the fundamental inferences from the decline in commodity prices should be. FWIW, I tend to think the ...
  • Podcast of 2015 Broad Outline. Warning: Contains Nuance
    Here’s a podcast with my fleshed-out views. Thanks to @finansakrobat and @SardonicaX for hosting me. Lively and fun! http://finansakrobat.com/a-finance-podcast/2014/12/31/a-finance-podcast-afp-episode-8-mark-dow
  • 2015 in bullets
      US – From anemic to sluggish to solid US cycle will be protracted and moderate. Disaster myopia from the Great Recession lingers and its shadow over ...
  • Twitter Digest: 2013-06-09
    Given that I block NSA & PRISM tweets, was entertaining tuning into twitter & trying to figure why everyone was on about Lord Snowdon -> ...
  • Twitter Digest: 2013-06-07
    Photo-set: Flooding Across Central Europe – http://t.co/8G6j8teCbd -> CDC Update: Severe Respiratory Illness Associated with Middle East Respiratory Syndrome Coronavirus – http://t.co/hWqN1338VN -> Col Flagg: ...
  • Twitter Digest: 2013-06-05
    FRED: Free Energy Data – http://t.co/90H7GVDazO -> Solipsisms ‘r’ us, courtesy of my friends at @thinkup: I apparently mention me a lot – http://t.co/9rTRXvBM9D -> ...
  • Twitter Digest: 2013-06-04
    The new Google Maps is truly Windows-ishly slow loading. I find myself non-clicking map links to avoid the dot-dot wait screen. -> Looking at 1980 ...
  • The upside breakouts are holding
    Trend Model signal summaryTrend Model signal: Risk-onTrading model: BullishThe Trend Model is an asset allocation model which applies trend following principles ...
  • Will Bridgewater unleash Terminator-like alpha-bots?
    There has been some buzz about this latest announcement from Bridgewater:Ray Dalio’s $165 billion Bridgewater Associates will start a new, artificial-intelligence unit next ...
  • Buy Europe?
    The storm clouds are lifting in Europe. The FTSE 100 in the UK has rallied to an all-time high. Greek tail-risk is receding, but the ...
  • Will Janet Yellen reflect the views of "many participants"?
    According to Bespoke, the market expectations for the first rate hike in the wake of the last release of FOMC minutes is late 2015, ...
  • The 2011 pattern continues
    Trend Model signal summaryTrend Model signal: Risk-onTrading model: BullishThe Trend Model is an asset allocation model which applies trend following principles ...
  • 2015 March Madness Tournament
    You may now enter the 8th annual March Madness Stock Tournament by simply posting your stock (no ETFs) in the comment section. Limited seating, only ...
  • Seasonal Trends for the Month of March
    Considered to be something of a novelty by many, seasonality trends are revered here at iBankCoin like God himself hiking down the Rocky Mountains in ...
  • Saturday Cinema with Le Fly: Rules of the Game
    Son of famed French artist, Pierre-Auguste Renoir, Jean Renoir is considered one of the best film directors of all-time. Although he was born in an ...
  • Weekend Top 100
    Here is your weekly look at the top 100 ranked stocks inside The PPT. Please note that the following list is sorted by volume not ranking: CLICK ...
  • Weekly Scorecard
    Here’s a look at the strongest industries on the week, led by Gold: _______ Here are the top individual hybrid movers on the week for ...
  • sins of memory
    A book from fourteen years ago serves as a guide to examine an under-appreciated element of investment decision making.
  • too beautiful
    Those research conclusions that are packaged so neatly and which support investment strategies and decisions may warrant some additional scrutiny.
  • confidence game
    Despite the popularity of behavioral finance, its tenets have not been used to improve organizational decision making. A case in point.
  • conceptual front ends
    The investigative and deliberative aspects of investment analysis are similar to those of spycraft, so reading some pages from the experts can provide insight.
  • dumb groups
    Despite the fact that many investment processes are dependent upon effective group decision making, there's not much emphasis on understanding how we work together.
  • JPM Investor Day 2015
    I spent yesterday listening to the JPM investor day on their website (replay).  They have a bunch of great slides so if you are interested ...
  • Loews 4Q 2014 Conference Call
    I don't normally make posts about conference calls as I tend to look at things over the long term and things don't change much from ...
  • Green Brick Partners, Inc. (GRBK)
    So here's an interesting situation.  Some people just have a knack for getting out of bad situations.  I remember when Leucadia got out of their ...
  • Buffett is Right! (About Bitcoin)
    Every now and then, people do ask me about Bitcoin.  And my usual response is, I have no idea what that's about.  But if they ...
  • Watsa's Massive Bet
    All this talk of deflate-gate got me thinking about another kind of deflation.  No, Prem Watsa (Chairman and CEO of Fairfax Financial Holdings (FRFHF)) doesn't ...
  • Fed Watch: Game On
    Tim Duy: Game On, by Tim Duy: Almost too much Fed news last week to cover in one post. The highlight of the week was ...
  • Links for 03-02-15
    The Strange Urge to Raise Rates - Paul Krugman Reasons to worry about US equities - Gavyn Davies Eurozone fiscal policy - still not getting ...
  • 'What is the New Normal for the Real Interest Rate?'
    Jim Hamilton: What is the new normal for the real interest rate?: The yield on a 10-year Treasury inflation protected security was negative through much ...
  • Links for 03-01-15
    I Do Not Understand Martin Feldstein - Brad DeLong Lucas Critique upside down - Robert Waldmann Empire of the Institute - Paul Krugman What failure ...
  • 'A Slippery New Rule for Gauging Fiscal Policy'
    Greg Mankiw: A Slippery New Rule for Gauging Fiscal Policy: the case for dynamic over static scoring is strong in theory. Yet three problems make ...
  • MCD's stock on the rise
    Morningstar's R.J. Hottovy provides insight on what's sending shares of McDonald's higher.
  • I like Michael Kors ... and Target: Retail pro
    Oliver Chen, Retail Analyst, Cowen Group, discusses improvement in the retail sector and whether there's really reason for optimism.
  • Big day for Big Blue
    Toni Sacconaghi, Bernstein senior analyst, discusses whether IBM will be able to stage a comeback and regain its status as a top tech grower.
  • What's really ailing BABA? Analyst's answer
    Robert Peck, SunTrust Robinson Humphrey, Internet analyst, explains why he thinks Alibaba has been underperforming. He says U.S. investors just don't know Alibaba yet.
  • My big worries on Apple: Analyst
    Colin Gillis, BGC Partners, discusses possible negatives for Apple. The overall growth in smartphone market is slowing down, cautions Gillis.
  • Education Is A Hard Row to Hoe
    Paul Krugman has a good article out this morning on the difficult process of changing people’s minds about certain things. He wonders how so many ...
  • When Will The U.S. Have Its Next Recession?
    Investors have to understand that recessions are an unavoidable fact of life. But they also provide investors with lower prices to buy stocks. So while ...
  • On the Extremes
    There’s a strong tendency in the financial markets to live in the extremes. That is, we often draw a line in the sand. You’re either ...
  • The Process of Elimination
    I always like to apply the process of elimination when making financial decisions because figuring out what to avoid is where most of the value ...
  • Retirement Planning for Millennials
    The USA Today ran a story about a recent college grad who is saving and investing aggressively with the hopes of early retirement. He’s 23 ...
  • When Will The U.S. Have Its Next Recession?
    From 1836-1928 the U.S. averaged a recession every 2.1 years. This included seven depressions (they were actually called panics back then) that led to an average contraction ...
  • From Great to Good
    As I’ve said before, I think Cliff Asness is one of the most interesting characters in the investment management business because he has a great ...
  • Long-Term Thinking as a Contrarian Approach
    One of the most interesting pieces I’ve come across lately deals with an investment firm that’s been managing the pension plan for Tampa’s police and ...
  • Imagination Dons Wearable GPU
    Imagination Technologies announced a suite of video IP cores for the next generation of graphic displays at Mobile World Congress. Alongside a set of video ...
  • Base Stations Go Virtual, Flexible
    Several major players in the base station market have are trying to solve the problem of increasing data rates and the need for speed with ...
  • Freescale Unveils Vision SoC for Accident-Free Cars
    Freescale has unveiled an automotive vision system-on-chip. Besides advanced vision algorithms and sensor data fusion features, the new SoC provides protection against external wireless attacks, ...
  • NXP, Freescale Plan Mega Merger
    NXP bid to acquire Freescale to create a $10 billion embedded chip giant that would be a world leader in automotive chips and microcontrollers.
  • Samsung Phones Pack 14nm SoC
    Samsung will pack a handful of new technologies -- including a 14nm Exynos applications processor -- into its new Galaxy S6 and S6 Edge smartphones ...
  • March 1, 2015
    Within the context of the strong prior move off the early-February lows, the NASDAQ Composite Index’s pullback Friday on slightly lighter volume doesn’t look like ...
  • February 25, 2015
    The NASDAQ Composite Index made it ten straight up days in a row, as we can see on the daily chart, below, before finally pulling ...
  • February 22, 2015
    Despite the at-times negative news flow and all the fretting over the indexes making higher highs on lighter volume, otherwise known as wedging action, the ...
  • February 18, 2015
    The Fed released their most recent meeting minutes today and in the process confirmed their now standard Orwellian line that the U.S. economy is so ...
  • February 14, 2015
    As we can see on the daily chart of the NASDAQ, below, the index gapped up on Thursday and held the move to close near ...
  • A simple model
    So the US economy is not, in fact, falling off a cliff...just yet.  Although durable goods orders are notoriously noisy, yesterday's solid print should assuage ...
  • Something for everyone
    Janet Yellen's testimony yesterday had something for everyone (except owners of puts, natch.)  Of course, these days 'balanced' outcomes seem to mean 'dovish', as markets ...
  • How ya left?
    So Greece is not, after all, leaving the euro....yet.  The recent agreement was as uninspiring as it was unsurprising, a classic example of the type ...
  • A multiple choice quiz
    Yesterday's minutes reveal that the Fed is:a) Justifiably concerned about the lack of global demandb) Ignoring nascent signs of recovery in ...
  • An update on leverage (sort of)
    Following on from a conversation that he had over the weekend, Macro Man got to thinking about a post he did last summer on ...
  • Fund Managers Are Very Bullish
    Chart 1: Recent fund manager long exposure has averaged above 80%  Source: Short Side of Long Contrarian investors should start to pay attention. Over the last ...
  • Breadth, Volatility & Volume
    If we observe the overall broad index performance, US investors have been enjoying a relatively uninterrupted ride higher during the current bull market. But that ...
  • Swedish Krona Under Pressure
    Chart 1: Swedish Krona is the worst performer out of all the majors...   Source: Short Side of Long Unless you have been living under a ...
  • Euro Is Extremely Oversold!
    Chart 1: European Euro has become extremely oversold vs the Dollar!  Source: Short Side of Long The European Euro originally came afloat against global currencies in ...
  • Precious Metals Shake Out
    Chart 1: Precious metals are still in well defined pattern of lower highs...  Source: Short Side of Long Precious metals continue to puzzle majority of investors. ...
  • Is the economy different this time?
    Every time we have a release of economic data, people seem shocked by the underlying trend. Recently it’s been falling unemployment (by any measure) and ...
  • Fireside Markets 03: Asset Allocation Strategies with Meb Faber
    In this episode of Fireside Markets, host James Osborne chats with Cambria Investment Management’s Mebane Faber about his new book, Global Asset Allocation. Topics covered include ...
  • Dumb Indexing
    Earlier this year my friend Ben Carlson threw up these numbers on Twitter: The S&P 500 now makes up 3 of the 10 largest ETFs pic.twitter.com/DeIC2O88XR ...
  • Playing the odds
    You only get one shot, do not miss your chance to blow This opportunity comes once in a lifetime, yo - Eminem “Lose Yourself” Face ...
  • Fireside Markets 02: Independent Perspectives with Cullen Roche
    In this episode of Fireside Markets, host James Osborne discusses the value and risks of curating an independent perspective with Cullen Roche of Pragcap.com and Orcam ...
  • A Smart-Watch Pioneer Has an Answer for Apple
    As the Apple Watch casts a shadow across the smart-watch market, Pebble preps a wrist-worn gadget with a color e-paper display.If Eric Migicovsky, founder and ...
  • Bitcoin-Inspired Digital Currency to Power Mobile Savings App
    A nonprofit experiments with using digital currency to give poor teenagers their first experience of financial services.Proponents of the digital currency Bitcoin have often argued ...
  • Nano-Architecture
    A Caltech scientist creates tiny lattices with enormous potential.Availability: 3-5 years
  • Project Loon
    Billions of people could get online for the first time thanks to helium balloons that Google will soon send over many places cell towers don’t ...
  • Brain Organoids
    A new method for growing human brain cells could unlock the mysteries of dementia, mental illness, and other neurological disorders.Availability: now
  • The Process of Elimination
    I always like to apply the process of elimination when making financial decisions because figuring out what to avoid is where most of the value ...
  • Retirement Planning for Millennials
    The USA Today ran a story about a recent college grad who is saving and investing aggressively with the hopes of early retirement. He’s 23 ...
  • When Will The U.S. Have Its Next Recession?
    From 1836-1928 the U.S. averaged a recession every 2.1 years. This included seven depressions (they were actually called panics back then) that led to an average contraction ...
  • From Great to Good
    As I’ve said before, I think Cliff Asness is one of the most interesting characters in the investment management business because he has a great ...
  • Long-Term Thinking as a Contrarian Approach
    One of the most interesting pieces I’ve come across lately deals with an investment firm that’s been managing the pension plan for Tampa’s police and ...
  • Obama vs. Savers ???
    “The White House moves to take away choices for middle-class investors.” The Wall Street Journal, 2/26/2015 This is the crux of an editorial in The ...
  • America’s Top (Real) Financial Advisors
    “We looked at assets under management, revenues generated for advisors’ firms, and quality of practices.” Barron’s 2/23/2015 As Dana Carvey’s Church Lady used to say, ...
  • Ten Wall Street Pick-up Lines to Avoid
    “If your proposed marriage contract has 47 pages, I suggest you not enter.” This quote by Charles Munger hammers home the role of trust in ...
  • What We Think… We Become
    This quote from Buddha succinctly summarizes the all-important psychological component of investing. While the term “mental toughness” is a term more recognizable in professional sports, ...
  • What’cha talkin ’bout Willis??
    “Each fund’s returns are adjusted for 12b-1 fees, which are used for marketing and distribution expenses. Funds typically factor these into returns to better reflect ...
  • Sefirot Freestyle Porfolio – Feb Performance
    Not much to report other than to say I am really happy with how the Freestyle portfolio is performing. It is well outperforming its benchmark ...
  • Sleeping Beauty
    I have been wanting to write something inspired about the markets but I have very little to say as frankly I feel like my emotional ...
  • Sefirot Portfolio Activity
    Sell 25 SPY @ the Open Buy 115 WDTI @ the Open This is Wisdomtree’s Managed Futures ETF. I am not sure if it s ...
  • Cry my Beloved Country
    There is always something about our place of birth which draws us back on a far deeper level than mere conscious memories. At the moment ...
  • Alpha Stable Distributions
    I am doing some work with return distributions. In a previous gig we did a lot of work on this subject, and I was really ...

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