Felix Salmon

Perry’s employment record in Texas

Paul Krugman has an important column today about Rick Perry’s record of job creation in Texas:

Moody’s view of sovereign ratings

I’m very late to Adam Ozimek’s interview with David Levey,  the former Director of Sovereign Ratings for Moody’s. Levey makes a couple excellent points about sovereign ratings, starting with this one:

Why the NYT paywall isn’t like the FT’s

Fred Wilson has nice things to say about my analysis of the NYT paywall — thanks, Fred! — but it’s worth teasing out one area where he and I might differ.

Whither the M&A scoop?

You’ve heard it here and everywhere: Google is buying Motorola Mobility for $12.5 billion. But here’s the media twist to the story: you didn’t hear it anywhere first.

Felix Salmon smackdown watch, earnings-yield edition

The economic historian James Macdonald emails with a very different version of my earnings-yield chart. Instead of going back to 1985, he’s found annual data all the way back to 1920. And instead of using Treasury bonds — a sui generis asset class with its own dynamics surrounding flight to quality and the like — he’s uses the yield on BAA-rated bonds instead. The result is fascinating:

Feces, fascists, and Michael Lewis

Kevin Drum doesn’t think much of Michael Lewis’s latest European dispatch for Vanity Fair — and neither do I. There’s precisely one thought-provoking paragraph in the entire 9,600-word article:

Chart of the day: The great earnings-yield divergence

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After I wrote my post on Monday about the huge divergence in yields between stocks and bonds, I wondered just how historically unprecedented this divergence was. And now, with the help of this fabulous chart (many thanks to Nick Rizzo, Dan Burns, and Stephen Culp), it’s pretty easy to see: we’re at levels which match those at the height of the financial crisis, and which are otherwise historically utterly unprecedented.

How the NYT paywall is working

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When I wrote about the success of the NYT paywall last month, I got a lot of pushback in the comments and on Twitter. Here’s a sample:

Black swan funds have their day in the sun

According to Bloomberg’s Mike Weiss, so-called black swan funds have been doing wonderfully well of late: