Felix Salmon

Do online business models matter?

Nick Bilton has an odd column up about Business Insider and NSFWCorp — two publications which he has picked to represent the “reliant on ad revenue” and “reliant on subscription revenue” business models, respectively. He’s particularly interested in the way in which Business Insider published Nicholas Carlson’s 22,500-word opus on Marissa Mayer:

Larry Summers and the politicization of the Fed

Ezra Klein has an excellent piece on Larry Summers today, basically saying that he’s “the overwhelming favorite” to become the next Fed chair just because he’s an old Clinton hand, and is trusted by all the other old Clinton hands with whom Barack Obama has surrounded himself. (Interestingly, that’s a phenomenon unique to the economic team: no other department exhibits the same trait.)

Go forth and multiply

Izabella Kaminska delivered a typically sparkling essay yesterday, riffing off a Tyler Cowen post headlined “Will accurate 3-D reproductions disrupt art markets?”. The science of reproduction is getting better, you see, with paintings now able to be reproduced in three, rather than just two, dimensions; already reproduction Van Goghs — in a limited edition of 260 — are being sold for $34,000 apiece.

Can Rupert Murdoch hold on to Kara Swisher?

Who is the best journalist (so far) of the new millennium? Who has best embraced the opportunities afforded by digital media, and used them to deliver breaking news and incisive opinion to the greatest effect? Put like that, it’s hard to wind up with any name other than Kara Swisher.

Elliott vs Argentina: Enter the crazy

Back in February, when I made my prediction for how the Argentina endgame would play out, I got the date wrong. I did, however, get the substance right:

Is Marissa Mayer the right CEO for Yahoo?

Nicholas Carlson, Joe Weisenthal, and Henry Blodget deserve many congratulations on Carlson’s monster 22,500-word profile of Marissa Mayer. It features the kind of deep reporting one normally only finds in books, and it sheds a lot of light on what is going on at Yahoo — both at the senior executive level and at board level. What’s more, Carlson was fortunate enough to get just the right amount of access to Mayer — enough to be able to fill in the necessary details, get lovely bits of color, and ask her the questions he needed to ask, but not so much that he became captured. (In general, with very few exceptions, the more time that a journalist spends with his subject, the more favorable the resulting profile will be.)

The negative value of US citizenship

Kirk Semple has a big piece today on a longstanding phenomenon: the millions of people who live in America, who are eligible to become citizens, and yet who never do so. The numbers: there are roughly 8.8 million green card holders who are eligible to naturalize; about 750,000 people naturalized in 2012. Overall, if you’re still in America and you received a green card more than 20 years ago, there’s roughly a 60% chance that you became a citizen somewhere along the way.

Elliott vs Argentina: It’s not over yet

It’s the ruling we were all waiting — and waiting, and waiting — for: six months after hearing oral arguments, the Second Circuit has finally handed down its 25-page decision, finding in favor of Elliott Associates and against Argentina. On its face, the ruling is, as Mark Weidemaier puts it, a big loss for Argentina, and “a total win for NML”, a/k/a Elliott Associates. The ruling was unanimous — the rumored dissent never appeared — and pulls no punches: there’s no indication that this was a hard case to decide, or that the lower court’s extremely aggressive rulings were anything other than entirely reasonable.

Data crashes: inevitable and mostly harmless

When you look up the price of a stock on the Nasdaq stock exchange, you’re not really looking up the price at which it’s trading on that exchange. All of the Nasdaq stocks trade on dozens of exchanges, all of which have the right to trade in those stocks. That right is known in the market as unlisted trading privileges, or UTP. The job of the Nasdaq is to serve as the securities information processor, or SIP, for all those different exchanges: the exchanges report to the Nasdaq all of the information they have on bids and offers and trades, and then the Nasdaq aggregates all that information and presents it in one place. Most importantly, it shows the most recent price at which any given stock traded, on any exchange. That’s the price you’re looking at.