Its nearly the end of the week – and I am going to U2 tonight at the Garden. Between now and the start of the show, we have there are morning train reads:
• Are Stocks Overvalued? A Survey of Equity Valuation Models (Research Affiliates)
• Gold Is Falling So Hard It Looks Like Capitulation (Barron’s) see also A History of Gold Returns (A Wealth of Common Sense)
• Are the stock shares you own really yours? Not according to the state of Delaware (Dealbook)
• The University of Michigan built a fake town for driverless cars (Fusion) see also Talking to Your Car Could Soon Be Easier (MIT Technology Review)
• Silicon Valley’s Political End Game (In 15 Charts) (Medium)
Fun fact: Shanghai is up ~17% from the monthly lows barely over a week ago. I don’t know about you, but I fully expect the Chinese to ban buying shortly… oh wait…
It continues to amaze me how anyone can have any confidence whatsoever in any of these “markets” (aka central bank policy instruments).
There is something very, very strange going on inside the heads of people using this fast-acting psychedelic
Aliens? Elves? Cosmic elder gods? All three?
http://www.salon.com/2015/07/23/there_is_something_very_very_strange_going_on_inside_the_heads_of_people_using_this_fast_acting_psychedelic_partner/?source=newsletter
Damn! I am unable to find Ben Bernanke in the Spartan pyramid…
http://qz.com/461989/topless-foreign-men-are-chinas-new-favorite-sales-force/
50 Cent testifies his lifestyle is an illusion: ‘I take the jewelry and cars back to the stores’
http://www.businessinsider.com/50-cent-in-court-after-bankruptcy-sex-tape-ruling-2015-7
It’s a beautiful life, colorful ice, fliest of hoes, spending the night
I’m a Tymer baby, all my shit be designer baby
https://www.youtube.com/watch?v=6uml_qC9_jI
ROFL!
U.S. jobless claims drop to 41-1/2-year low
http://www.reuters.com/article/2015/07/23/us-jobless-idUSKCN0PX1EO20150723
But the GOP said in unison Obama’s tax hikes will wreck the economy and Obamacare will kill jobs creation. No wonder they are all angry and red-faced. I hope they didn’t invest their money based on their guesses.
the euro mess?
http://econbrowser.com/archives/2015/07/guest-contribution-only-tsipras-can-go-to-china
hm, states want the SEC help them out. some of what they are asking for they could actually do them selves
http://www.nakedcapitalism.com/2015/07/state-officials-try-to-hide-their-private-equity-oversight-failures-by-asking-the-sec-to-exceed-its-authority.html
re: Silicon Valley End Game, why would the new technological elites be any different from earlier waves of emergent powers displacing existing socio-political structures? Meet the new boss, same as the old boss…
The Base HATES the party. The GOP Media Machine makes it easy for The Don by saying that everything Obama does is a betrayal of the Bible then voting it all through.
The Don’s taking on the union bosses of the border guards today. Hmm… I wonder how that will work out with The Base.
http://www.wsj.com/video/donald-trump-visits-us-mexico-border/A1A53197-E3B1-4076-9A5E-ED1534AFC13F.html
I’m sill laughing at the clowns in the media who said Trump was finished after the way the press took his statements on the Maverick and put the worst possible spin on them.
US households are changing – the Rise of Selfies – Ed Yardeni
“…Many of the new households are likely to be seniors living alone or young unmarried adults living either alone or together to share living expenses. These “selfies” are more likely to rent than to buy homes. The percentage of the adult population 16 years or older who are singles has been running around 50% since June 2014. That’s up from 37% in the mid-1970s…”
http://www.businessinsider.com/us-households-are-changing-2015-7
As a (distant) near senior who lives the lifestyle of a young unmarried adult (very young.) I must be a super selfie.
NASA Mission Discovers ‘Older, Bigger Cousin’ to Earth
http://www.nbcnews.com/science/space/nasas-kepler-space-telescope-discovers-new-planet-n397141
I want my money back! Let Exxon, Fidelity, and Proctor and Gamble find new planets!
Re: Are stocks really yours?
What a surprise that banks screwed up stock ownership in a depository system. These are the same institutions that came up with the MERS brainchild that has created havoc in the residential real estate mortgage and title system over the past decade. A big difference is that state laws actually don’t even allow for mortgages to be held in something like the stock depository system, but they tried to pretend that didn’t matter.
The financial system keeps being surprised that competence and execution actually matter. Another example of how increased electronic information systems don’t actually increase productivity to the extent people think.
Another way to look at is the failure of the legislature/ legal/securities industry to change the laws of Delaware to keep up with the changes to the system.
To my understanding The Delaware Chancery Court has jurisdiction in equity, and that jurisdiction predates the Judicature Act (1875) in England which merged the jurisdiction of common law and equity into one court. This was duplicated in most American States – but not in Delaware. Thus given an express direction in legislation (as interpreted by the common law) – that interpretation ousts equitable doctrines that would otherwise govern. Thus the requirement to legally own stock throughout the appraisal period.
This also shows one reason why Delaware has the majority of head offices for major companies – as legal certainty is more desirable than equitable doctrines.
It may not be a bug but a feature!