Monday, March 30, 2015


My friend Lukas' book has officially been released: Value Investing: A Value Investor's Journey Through The Unknown...

Sanjay Bakshi and Vishal Khandelwal's email exchange about why the rules for buying vs. holding a stock are not the same (LINK)

Kyle Bass sits on a panel at The Buttonwood Gathering (video) [H/T Zero Hedge] (LINK)

Barry Ritholtz talks to Charley Ellis, Chair of the Yale Endowment, and author of Winning the Loser’s Game: Timeless Strategies for Successful Investing (LINK)

Steve Keen: The Fed Has Not Learnt From The Crisis (LINK)

Steve Keen on the PeakProsperity podcast (LINK)

Ben Bernanke is now blogging (LINK)

Hussman Weekly Market Comment: Eating Our Seed Corn: The causes of U.S. economic stagnation, and the way forward (LINK)
For practical purposes, the above identity reduces – from the standpoint of overall variability – to a straightforward statement: Unusually elevated corporate profits (a surplus) are largely a mirror image of unusually large deficits in the household and government sectors. Most of the variability in corporate profits over the business cycle is the mirror image of variability in the sum of household savings and government savings. If you examine the actual U.S. data, this is exactly what we observe. Because government and household savings (shown on an inverted scale below) have actually recovered in recent years from the depths of the financial crisis, we’re beginning to see a flattening of growth in U.S. profits. That flattening is likely to turn into outright contraction during the next couple of years.
Mark Buchanan: Common core and common rancor (LINK)
Learning how to distinguish between fact and opinion would seem to be a pretty fundamental piece of any education. In the bizarre world of U.S. public schools, though, it's proving to be controversial. For several years, schools across the U.S. -- with significant help from the Bill and Melinda Gates Foundation -- have been putting in place something called the Common Core, a set of standards on what students from kindergarten through 12th grade should learn on topics including English, mathematics, science and history. Along the way, they’ve faced ample criticism, some of it reasonable. Teachers, in particular, think they haven't had adequate preparation.
Inside Jeremy Lin's life after Linsanity and the New York Knicks [H/T Abnormal Returns] (LINK)

StarTalk Radio: The Future of Humanity with Elon Musk (LINK)

Book of the day [H/T Brad Feld]: The Intel Trinity: How Robert Noyce, Gordon Moore, and Andy Grove Built the World's Most Important Company