Great infographic from the WSJ. You can read the full article here (paywall)
Debt Load – Total Balance of All US Loans
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Economics
Seth Klarman Transcript – June 2013
Seth_Klarman_Views_(24_pgs) June 2013
I’ve been meaning to read this for a while – I can’t remember where I came across this or who I owe credit to for originally posting this but thank you. This is probably the best piece I’ve read all summer, maybe all year.
For this blog post I originally started jotting down excerpts from this speech that resonated with me. I quickly realized that I was writing down everything – literally re-transcribing the entire speech. I would have copied and pasted the whole thing for you, dear reader, but this appears to be a scanned copy of a printed document.
Anyway, give it a read – don’t be daunted by the 24 pages, it’s actually a very quick read and it is well worth your time.
Enjoy.
Physics Envy & Deregulation
Found via The Big Picture
Munger: The Psychology of Human Misjudgement
An epic hour long speech given by Charlie Munger in 1995. It’s a long one but it’s worth the time.
For those that want to follow along at home, or would rather read, here is the transcript: http://buffettmungerwisdom.files.wordpress.com/2013/01/mungerspeech_june_95.pdf
The Fed Giveth & The Fed Taketh Away
The Economist: High Spirits
So apparently Russia’s national pastime is drinking vodka. Each year the average Russian consumes almost 14 liters worth.
На здоровье!
The Federator
Cool little game from the WSJ that puts YOU in the driver’s seat of US monetary policy.
A First Look at the First Quarter – WSJ
Nice infographic from the WSJ. The initial estimate of Q1 GDP printed at 2.5% missing the consensus estimate (according to FinViz) of 2.8%
| Average Annual GDP Growth in Past Five Expansions | |
| 2001-2007 | 2.6% |
| 1991-2000 | 3.7% |
| 1982-1990 | 3.8% |
| 1980-1981 | 4.4% |
| 1975-1980 | 4.3% |
| Source: Commerce Department, Bureau of Economic Analysis | |
Source: WSJ: Economic Growth Stays Soft
WSJ: European Bonds Are Defying Gravity
It’s amazing the things a low interest rate environment will make you do… including lend money to Italy and Spain for ten years at ~4%.
WSJ: European Bonds Are Defying Gravity
The bond markets and the economies of Europe’s struggling countries tell two very different stories this year: One is rallying; the other, sinking.
Bulls say the ECB’s intervention has significantly reduced the risk that Italy or Spain could default on its debts. Nick Gartside, international chief investment officer for fixed income at J.P. Morgan Asset Management, says the ECB’s pledges “provide a sort of cloak of certainty and a very important foundation.”
Others are less sanguine. “The markets are overestimating the capacity of the European Central Bank to intervene in case of need,” said Roberto Perotti, an economist at Bocconi University in Milan. He argues that Italy is essentially too big to save, even by the ECB, if it ran seriously aground.
And Italy’s weak economy raises its risk: Without economic growth, it is difficult to contain Italy’s huge public debt—the second-largest as a proportion of GDP in the euro zone, after Greece.
A Visual History of Asset Bubbles
Created by Goldman, found via Zero Hedge.
