Prieur’s readings

This post provides links to some thought-provoking articles I have read over the past few days that you may also find of interest. • Paul McCulley (Pimco – Global Central Bank Focus): The shadow banking system and Hyman Minsky’s economic journey, May 2009. As we look for answers about the current financial crisis, it’s clear […]

What past President does Obama most closely resemble?

We can only guess at what the Obama Administation will do, and what mark they will make on America.   One method of guessing:  playing the “what past president does Obama most closely resemble” game.  This essay provides some haunting similarities between Obama and one of our more interesting presidents, one whose election reveals much about how modern […]

Carbon Offsets

Robert Frank argues for carbon offsets as a complement to carbon taxes or cap-and-trade: Carbon Offsets: A Small Price to Pay for Efficiency, by Robert H. Frank, Commentary, NY Times: Are carbon offsets a good thing? They are intended to reduce the environmental impact of consumption. Traveling by plane, for example, causes carbon dioxide to […]

Month-end Thoughts on Valuation

Hard to believe it’s month-end already. Gee, time sure does fly when you’re having fun. (Or…..B.) In any event, the lack of massive equity moves, such as we’ve observed for most of this year, should preclude the sort of month-end fixing/rebalancing jiggery-pokery that’s been observed for the past six months. Perhaps the most interesting thing […]

Confidence Game

I find that most of the day-to-day market action is simply noise. The moves up and down are for myriad reasons, but hardly what is ascribed to them. Take for instance the recent bounce on “better than expected” confidence numbers. Markets took off on the number earlier this week, rallying 200 points. Why? History teaches […]

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