10 Thursday AM Reads

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’ssee 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 (Fusionsee also Talking to Your Car Could Soon Be Easier (MIT Technology Review)
• Silicon Valley’s Political End Game (In 15 Charts) (Medium)

Continues here


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  1. Concerned Neighbour commented on Jul 23

    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).

  2. reedsch commented on Jul 23

    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…

  3. VennData commented on Jul 23

    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.


    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.

  4. VennData commented on Jul 23

    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…”


    As a (distant) near senior who lives the lifestyle of a young unmarried adult (very young.) I must be a super selfie.

  5. rd commented on Jul 23

    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.

    • formerlawyer commented on Jul 23

      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!

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