Nanea Kalani of Honolulu Civil Beat has obtained non-public performance numbers for the Hawaii Employees’ Retirement System, and they’re not pretty at all: in the three months to September 30, the fund managed to lose $1.4 billion, or 11.2% of its value.
Now here’s a pair of strange bedfellows: Robert Frank and PJ O’Rourke. They have a bipartisan op-ed in USA Today making the obvious and compelling case for infrastructure investment. Not grand schemes like new high-speed rail lines, but just basic maintenance on which the country has fallen massively behind:
Now I’ve got my rant off my chest, let me try to add a bigger-picture point to the noise surrounding Romeneskogate. The unanimous reaction to Julie Moos’s ridiculous piece has held little back: Hamilton Nolan called it “perhaps the most bullshit nonexistent plagiarism case in the annals of online journalism”, while Rem Rieder called her “portentous, not to say sanctimonious” and said that Romenesko “doesn’t deserve to be treated this way”.
Maple syrup is made by boiling down the sap of maple trees. Early in the season, there’s lots of sugar in the sap and it only takes 20 or 30 gallons of sap to generate a gallon of syrup. Because it hasn’t been boiled down very much, that syrup lacks intensity. Later on in the season, however, there’s less sugar in the sap and it can take as much as 60 gallons of sap to generate a gallon of syrup. And that syrup is much darker and more flavorful.
It’s important not to read too much into today’s mid-afternoon stock-market wobble. But in the wake of the news that Germany and France have been talking for months about creating a “core” euro zone with real fiscal union, markets sure as hell didn’t go up. And one anonymous diplomat gave a succinct explanation of why: