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Obama to name critic Warren to consumer job — Reuters
The razors and blades myth — SSRN
Not going to Eleven Madison for my anniversary this year — Black Von
US 10-year returns by asset class. Sobering — TBI
James Kelleher profiles a long-term unemployed worker who’s voting Republican and doesn’t want his benefits extended — Reuters
Hiding Losses, Via the Calendar — NYT
“When we first opened the John Dory, we spun it as British. This time we got our story straight, it’s Mediterranean.” — Eater
Japan, with a 99% conviction rate, sentenced 112 people to death and executed 46 from 2000-2009 — NYT
“Franzen has little interest in the world of work. (The same applies, incidentally, to whoever edited the novel.)” — Atlantic
Can someone work out what kind of leverage Barnegat must have to get these returns from this trade? — FT
The Portland (Maine) Press Herald “sincerely apologizes” for running a photo of peaceful, observant Muslims on Sep 11 — TBI
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That book review is hilarious, but you should link to the first page. They have bad web design, no continuation indicator up front.
“US 10-year returns by asset class. Sobering”
Honestly, it makes me think I have too much money in bonds. Those returns are lunatic. Perhaps a good portion of the poor return in stocks can be explained in terms of the above-trend nineties, but bonds? They’ve had twenty good years and simply can’t produce that kind of return going forward.
And gold…let’s leave that one alone. I’m in no mood for religious arguments at this hour of the morning.
Randal Picker’s article doesn;’t show razors-and-blades up as a myth at all. Rather, it shows that razors-and-blades seems to be a workable strategy even AFTER the relevant patent has expired, and even if the strategy is not even introduced until then. That means that the reality is more complicated than the “myth,” but the myth still provides an accurate outline of pricing policy 1921-1930.
Agreed, ckbryant. Worst time to buy an investment is at the end of a bull run. Best time is after a decade or two of underperformance. Like so much else, these things go in cycles.
I’ve seen some decent arguments why bonds aren’t likely to crash. With an aging and risk-averse population, demand might easily remain high for a long time. Unfortunately that could translate to decades of low (below-inflation?) returns from the bond market.