Welcome to our two-for-Tuesday morning train reads:
• Do Expensive Stocks Price In Future Growth? (Irrelevant Investor)
• Impact Investing Done Right: How three families got their portfolios to profitably reflect their values (Penta) see also Climate Change and Choosing Where to Invest (NYT)
• Why parenting may not matter and why most social science research is probably wrong (Quillette) see also Fathers May Pass Down More Than Just Genes, Study Suggests (NYT)
• Stock Returns Over the FOMC Cycle (SSRN)
• Top 25 News Photos of 2015 (The Atlantic) see also AP Photos Top 100 News Images of 2015 (AP)
More bad calls from August.
Robots playing Ironman
Alligator eats burglary suspect hiding from cops
Feels like déjà vu all over again. Sans a touch of hysteria, racism, bedwetting and asinine analogies to Pearl Harbor or the sack of Rome, North America is doing okay; not great but okay. That is not the case elsewhere however.
That 30s Show
As John Maynard Keynes wrote 80 years ago:
But not with European orthodox policymakers and establishment elites who appear clueless with respect to what the real stakes are here: ….
Trumps light touch just what America needs.
It works in Myanmar, north Korea, China and Russia. Why not here?
the mass shooting spectacle is driving mass shooting?
limiting the 2 degree change in climate change. isnt a scientific rule at all, its an economic one
and that 2 degree change? is Celsius not Fahrenheit, which is about twice the rate of change (really about 4 degrees)
latest from the GOP show
seems like its not likely to be constitutional, or legal. or even really all that practical.
course i figure the next iteration will be close the borders to any immigrants at all, followed by just close the borders.
OK, I’m ready to throw in the towel on this market … except from that little dope-slapping (pistol-whipping?) from mid-August through mid-October, the S&P composite 1500 has not strayed more than 5% from 480 (loosely speaking). Are we now in one of those interregnums that separate market expansions, and last anywhere from ?-? (loosely speaking) years?
And as long as I am ranting, what’s with this year-end Krampus rally?
… but wait … if I am ready to throw in the towel, that must mean that the slack time is just about over … unless the world has followed Japan down the rabbit hole, in which case we might be in for a couple of decades of slow/no growth …
And even if I WERE ready to “throw in the towel”, where would I put money to get a better return? Pumpkin futures?
An interesting experiment.
You could adjust the tax scale such that 100% (or more) of payments to people with incomes above a specific level were recovered via taxes, whereas people with no or very low income would get the full benefits. For those with low paying jobs you could even run it as a negative income tax (supplement to pay check), rather than a check in the mail (basically an enhanced earned income credit paid monthly).
How a Mutual Fund Can Win but Its Investors Still Lose
The fund they picked is not necessarily a sign of a great long-term plan, but more one of luck. Since it was the ‘best’, it has underperformed, substantially, S&P 500 in the 6 years since.
World Condemns Trump.
Trump rises in polls of Republican Base.
Altamarea Slams Pete Wells in a Public Letter After One Star Review for Vaucluse
Establishment at war with itself.
Running for President was suppose to save his flailing realty show stardom – tons of free PR and name recognition. He never was a real candidate. His attempts at dunking his own popularity seems almost desperate at this time. Every time he does something stupid, he triple down on it the next day – yet the dummies don’t get it and his numbers go up.
you know that actually makes sense. it a weird sort of way. maybe it was also to drum up more business for his companies too?
Remember what I said? Reductio Ad Absurdum.
This was one of the best articles I have seen on the Constitutions 2nd Amendment! We need more discussion on incremental approaches like this that could tame the 2nd Amendment until [hopefully] it can someday be revoked.
Dec. 7 2015
The Second Amendment Is Not Absolute
We impose restrictions on all sorts of constitutional rights. The right to bear arms is no different.
By Sonja West
You’ve likely heard it from any number of sources. Perhaps it was from a presidential candidate, a lawmaker, your libertarian brother-in-law, or your Facebook frenemy. Whatever the source, you likely have been told that regulating guns in virtually any way violates the Second Amendment.
I therefore offer today this quick constitutional refresher course: It does not.
Constitutional rights are not absolute. They never have been and, practically, never can be. In our constitutional democracy, we have always recognized that we can, and must, have our constitutional cake and regulate it too.
a) It’s Slate.
b) Each time the political elites ignore the safety of the citizenry, it is satisfying to know we have a Plan B (ie simple self-defense).
Muslim Detained on a Flight: I’m Your Biggest Ally
Dec. 7, 2015
Dr. Bilal Rana is president of the Ahmadiyya Muslim Community USA’s Youth Association.
I’m a Muslim American. On Nov. 15, two days after the Paris attacks, I boarded a plane from Newark to Houston.
I had just returned from a formal event, so I was wearing a plain white “shalwar,” a shirt that stops at the knees and is commonly worn by South Asians. As is my routine, I purchased in-flight WiFi to catch up on emails. But the WiFi was out on the plane, so I resorted to the relaxing indulgences of smartphone games and my iTunes playlist. Not once did I get up from my seat or touch my carryon bag.
It wasn’t until a few hours later—when an FBI agent flashed his badge at me—that I realized the WiFi may have been turned off on purpose. I realized that the many times the woman sitting next to me had gotten up from her seat were likely not to go to the bathroom. I realized that looking foreign can make people think you’re dangerous on a plane.
To those who saw me as a threat: I hope you never know what it feels like to have a group of police officers single you out. I hope you never know what it is like to be frisked while standing in front of a plane full of passengers. I hope you never suffer the embarrassment of watching mothers hold their children tightly as you walk by them.
Donald Trump is getting an important endorser on board – he has the un-qualified support of the Neo-Nazis.