I am going to take a break from my own personal hell (studying in a 100 degree apartment while my friends are in the Hamptons) to share some items I found interesting this week:
Finance:
- Equity Private on Blackstone and some accounting "hijnks" - Blackstone wants the best of both worlds regarding how to account for its holdings pre-IPO. Take out a lot of debt, buy companies, make up a value in your head and then change the rules so you can cash out at the hands of the little guy. Something tells me that this is exactly what will happen.
- A Dash of Insight on the underlying bid on the market - stock buybacks, and why it is likely to continue.
The Big Picture with a slew of links on this week's orgy of China related noise - Barry gives us plenty to swallow but you'll most likely be hungry for more in about an hour.
- All About Alpha with an interesting look at how hedge funds measure kurtosis - fat tail risk. They also have an interesting post on where alphas come from
- Herb Greenberg says back off Easy Al. - He may have helped create this mess but at least he knows we have one.
- The Vix and More on the PCVXO - an interesting contrary indicator.
- CXO Advisory on media attention - and how it drives investors to gurus over the actual accuracy of the picks
- Abnormal Returns looks at the "inverted Nifty-Fifty"
- Random Roger looks at the validity of pricing the Dow in other currencies or commodities.
Politics:
- Pre-war intelligence warned about "problems" in post war Iraq - At least we know our intelligence is intelligent, but what about those who use it?
- Congress votes to raise minimum wage - I know beggars in New York who make more than $5.15 an hour - but all this does is raise the incentive for people to employ illegal immigrants more.
- Bush urges China to look at revaluing its Currency - instead of boring people with the deep complexities involved with PPP or the Fisher relationship and how it must hold, he showed instead got to the root of the issue, "They need to be eating U.S. beef. It's good for them. They'll like it," he said.
- If you have been too infatuated with China, you may have missed how Israel and Hamas are at it again.
- Top international talent may have to get in line with everyone else - if our country was filled with a bubbling young pool of talented and bright individuals I would say great give Americans a chance. Unfortunately this will probably blow up in our face .
- Biden banks on his Iraq plan - Biden is one of the only people (incumbents included) who have an actual war plan. He doesn't carry a big enough state but this guy should be a front runner - but America doesn't want a fresh voice and the Republicans sure as hell don't want one coming from the Democratic Party.
- Voters would invite Obama and Guliani to a Picnic, according to a new poll. How gay have we gotten as a country? First it was sharing a pot roast with Bush. Now a picnic with Obama and Guiliani. America, there's no need to "date" our candidates - it's a waste of time. They're going to end up fucking us anyways - we might ask which ones would be most likely to call us in the morning.
Science/Technology
- Recently we had a global demographic event - as Andrew Sullivan pointed out this week - we became more urban than rural. The Clampet's have come to town!
- The Scientific American has an interesting article on the Traveler's Dilemma for all you game theorists out there.
- Information Arbitrage on the Nintendo Wii - we just got one at our apartment and I must say it is a very good thing - but bad when you are trying to study.
- The Economist on those who can see words in color - The phenomenon of synaesthesia.
- Magnets may help the brain grow stronger - from what I've heard, magnetics is a science that is emerging in interesting directions. Now excuse me while I tape them to my head.
- Hurricane Forecasters Predict Stormy Season Ahead - could there be any job (besides a sell-side analyst) where there is no accountability for being correct. I believe that they are in kahoots with the insurance industry as both need eachother to stay in business.
- The LA Times Tech Blog on some of the hurdles of digital video
- The NYT on how user generated ads are not as cheap as they may seem. - Pay me $10,000 and I will make you some great ones.
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