Friday, July 31, 2015
Thursday, July 30, 2015
Facebook Earnings and Swap Hedges - Bloomberg View
Facebook Earnings and Swap Hedges - Bloomberg View:
Wall Street "short-termism" is just about who should get to make decisions with capital. If you are bad at investing�capital, investors will keep you on a short leash, and ask for their capital back if you have any to spare so they can put it to better uses. If you are great�at investing�capital, sure, buy a virtual-reality headset company, build driverless cars, shoot rockets to Mars, whatever, go nuts. Long-term corporate investment and deep basic research is possible, but you have to earn it.
Wall Street "short-termism" is just about who should get to make decisions with capital. If you are bad at investing�capital, investors will keep you on a short leash, and ask for their capital back if you have any to spare so they can put it to better uses. If you are great�at investing�capital, sure, buy a virtual-reality headset company, build driverless cars, shoot rockets to Mars, whatever, go nuts. Long-term corporate investment and deep basic research is possible, but you have to earn it.
Wednesday, July 29, 2015
Tuesday, July 28, 2015
Goldman in Tech and a Crash in China - Bloomberg View
Goldman in Tech and a Crash in China - Bloomberg View:
It goes on. The first review period involved 6.3 billion inaccuracies, the third 15.1 billion, and the fourth just 38.7 million inaccuracies, which really seem hardly worth mentioning on top of the other 63 billion violations. Goldman is paying $1.8 million, or less than 3/1000ths of a cent per violation,�which �probably represents some sort of bulk discount.
It goes on. The first review period involved 6.3 billion inaccuracies, the third 15.1 billion, and the fourth just 38.7 million inaccuracies, which really seem hardly worth mentioning on top of the other 63 billion violations. Goldman is paying $1.8 million, or less than 3/1000ths of a cent per violation,�which �probably represents some sort of bulk discount.
Monday, July 27, 2015
Sunday, July 26, 2015
Saturday, July 25, 2015
Friday, July 24, 2015
Thursday, July 23, 2015
Wednesday, July 22, 2015
Tuesday, July 21, 2015
Monday, July 20, 2015
Dr. Ed's Blog: The Productivity Puzzle (excerpt)
Dr. Ed's Blog: The Productivity Puzzle (excerpt):
“I suspect that all the productivity gains provided by Google and the like are more than offset by the ridiculous amount of time people spend on FaceBook, Twitter, Instagram etc writing about the cute thing their dog did today, or posting a picture of what they had for lunch...”
“I suspect that all the productivity gains provided by Google and the like are more than offset by the ridiculous amount of time people spend on FaceBook, Twitter, Instagram etc writing about the cute thing their dog did today, or posting a picture of what they had for lunch...”
Saturday, July 18, 2015
Friday, July 17, 2015
Thursday, July 16, 2015
Wednesday, July 15, 2015
Tuesday, July 14, 2015
Monday, July 13, 2015
Sunday, July 12, 2015
Thursday, July 09, 2015
Glitches, Knitting and Conference-Call Jokes - Bloomberg View
Glitches, Knitting and Conference-Call Jokes - Bloomberg View:
The lesson here is that some people are pretty good at making relative-value fixed income bets, and they become famous, and they go on TV and Twitter and write goofy investment outlooks and people look to them to explain which equity markets are overvalued, and then they end up making pronouncements about things that are way outside of their area of expertise and that they have no intention of acting on, and people go around taking those pronouncements seriously even though they are not meant particularly seriously. Of course sometimes they're right.
The lesson here is that some people are pretty good at making relative-value fixed income bets, and they become famous, and they go on TV and Twitter and write goofy investment outlooks and people look to them to explain which equity markets are overvalued, and then they end up making pronouncements about things that are way outside of their area of expertise and that they have no intention of acting on, and people go around taking those pronouncements seriously even though they are not meant particularly seriously. Of course sometimes they're right.
Tuesday, July 07, 2015
Suspended Stocks and Go-Karting Lawyers - Bloomberg View
But once you decide that a corporation is there to provide financial returns to shareholders, then of course you should pay its executives based on their ability to provide financial returns to shareholders.
Suspended Stocks and Go-Karting Lawyers - Bloomberg View
Suspended Stocks and Go-Karting Lawyers - Bloomberg View
Monday, July 06, 2015
Sunday, July 05, 2015
Saturday, July 04, 2015
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