Felix Salmon

Why invest retirement funds in stocks?

I love Eddy Elfenbein’s response to Scott Adams, who thinks that a good simple retirement portfolio can be wholly made up of just two ETFs, one domestic and one emerging-market.

Reasons to buy Newsweek

Ken Layne has by far the funniest and most cutting reaction to the Newsweek news, but it’s Jeff Bercovici who nails the conventional wisdom:

Timing a Greek default

Willem Buiter has joined the group of people convinced that Greece will default. I think he’s too optimistic:

How the CDS market could help Greece

Amidst the sober analysis and the bloody riots, one expected artifact of the chaos in Greece has been notable by its absence: fevered finger-pointing at speculators in the credit default swap market.

Art market datapoint of the day, Picasso edition

Holland Cotter today does a great job of disproving Sotheby’s auctioneer Tobias Meyer’s infamous maxim that “the best art is the most expensive, because the market is so smart”.

Who could be chairman of Goldman Sachs?

Splitting the roles of chairman and CEO at a public company is nearly always a good idea. It makes sense at Goldman Sachs, which is reportedly considering it, but if it were to happen, the decision would be a fraught one.

Counterparties

Euro now below $1.30, Greece 2yr debt still at 14%. Crisis not remotely averted yet — Reuters

Reinhart explains that Greenspan quote

It’s official: Greenspan wasn’t talking about the housing bubble, or economic policy at all, in the now-famous quote from the March 2004 minutes where he talks about the risks “of inducing people to join in on the debate”. We’ve got it straight from the horse’s mouth: Vincent Reinhart is the man that Greenspan was talking to, and he explains exactly what the context was:

The Goldman defenders

Is it just me, or are the defenders of Goldman Sachs becoming more vocal and more numerous these days? Andrew Ross Sorkin today seems to come down squarely on the side of Warren Buffett and Bill Ackman, defending Buffett from accusations that his stance on Goldman is self-serving (“his stake in Goldman is more a loan than an investment, so he’ll no doubt be paid no matter what happens with the Abacus suit”) and agreeing with Buffett that there seems to be something of a witch-hunt going on: