Linkfest Preview

Here’s a quick preview of a few links that may show up in this coming weekend’s fests:

• What Could Topple Bulls’ ‘Wall of Worry’?: The stock market is again living up to one of Wall
Street’s oldest sayings. It is "climbing a wall of worry" — rising to
record heights despite deep worries that any one of several risks could
send it tumbling. The "wall of worry" idea is that stocks can still
flourish when people are nervous. Skeptics hold money on the sidelines.
As their fears are alleviated, they put money into stocks, pushing the
market higher. (WSJ)

• A lot could go wrong. And it may not feel like a day at the beach
to most Americans. But for your average globetrotting Fortune 500 CEO,
right now is about as good as it gets: The greatest economic boom ever (Fortune)

• Global Markets, Local Risks:
Interview with Ian Bremmer, President, Eurasia Group who says that Iran
IS the most important political risks confronting investors today
(Barron’s)

• How Costco Became the Anti-Wal-Mart
With his ferocious attention to detail and price, Mr. Sinegal has made
Costco the nation’s leading warehouse retailer, with about half of the
market, compared with 40 percent for the No. 2, Sam’s Club. (NYT)

• At Fed, Inflation Is Top Worry, Making Rate Cuts Unlikely (WSJ)

• A Pair of Bloomberg Fed pieces:

–Rising Food Prices May Give Bernanke, Central Bankers Heartburn:  The fastest increase in food-commodity prices in at least a decade has already led monetary authorities in England, Mexico, Chile and South Africa to lift borrowing costs. It is also sowing doubts about the U.S. Federal Reserve’s focus on core inflation, which excludes food and energy, and about China’s gradual approach to tightening credit

–Fed Isn’t Boxed in by Open Windows or Dry Powder:  When Bernanke goes up to Capitol Hill this week to deliver
the Fed’s semi-annual monetary policy report to Congress, there
will be no boxes, windows or powder to keep dry. There’s also no
reason to expect him to break with the message of recent central
bank statements that inflation remains the predominant concern,
even with the Fed’s preferred price gauge slipping back into its
implicit 1 to 2 percent comfort zone.

• After an Analyst’s ‘Sell’ Call, Nautilus Flexes Its Muscles:  Its amazing this crap still goes on . . . (WSJ)

• Profit warnings at five-year high:  Profit warnings issued by UK-listed firms are at their highest level since the low point of the technology-led stock market crash in 2001 (BBC)

• Russians Selling Off US Currency: New figures released by the Russian Central Bank indicate the amount of U.S. dollars held by private Russian citizens has dropped since 2002 from $35 billion to less than $12 billion as of July 1. (VOA) See also: Iran Asks Japan to Pay Yen for Oil, Start Immediately

• Why we do what we do on eBay (CSM)   

• 50 Best Websites 2007 (Time)

• Why I returned my iPhone   (Machinist/Salon)