Anthony DeRosa retweeted this photo on Wednesday morning, which came with the caption “Math is difficult for many journalists”. I was genuinely confused: I couldn’t see any math errors in the screenshot. So I asked DeRosa where the error was. He replied:
Helaine Olen has a fantastic piece on Dave Ramsey in Pacific Standard, giving a very clear view of what he does and where his program falls short. I recently wrote about Ramsey’s investment advice for Money — the blog post is here — and the Money headline was “Save like Dave… Just don’t invest like him”. So there’s a disconnect between my view of Ramsey and Olen’s: while I think his saving and debt-reduction advice is sensible and valuable, she thinks it falls short in many key ways.
I’m very glad that the WSJ has published today’s debate between Farhad Manjoo and Dennis Berman on the subject of Apple. Manjoo has been writing some very insightful columns about the company, including the one yesterday which explained that Apple has many better options, when it comes to spending its cash, than taking Carl Icahn’s advice and essentially mortgaging the entire pile to conduct a stock buyback.
When 2011 came to an end, the dominance of Chinese artists in the international league tables was clear, if puzzling. Three of the top five artists, in terms of sales, and both of the top two, were Chinese; Zhang Daqian alone managed to gross more than half a billion dollars at auction that year, the first time any artist had come anywhere near that level.
I spent the past couple of days in Berkeley, participating in a number of events at the inaugural Berkeley Ideas Festival. The highlight for me was interviewing Donald MacDonald, the architect of the new (and magnificent) Bay Bridge. But I was also asked to present a little “provocation” on the second morning, in between heavier sessions covering topics like the effect of 3D printing on the manufacturing workforce and the rise of the plutocracy.
I’m reading Megan McArdle’s new book in galleys right now; its title is “The Up Side of Down: Why Failing Well Is the Key to Success”. Given the subject matter, McArdle spends just as much time discussing bad failures as she does discussing good ones — not the things which turned out in the end to be “the best thing that ever happened to me”, but rather the truly catastrophic things which result in wholesale destruction of wealth, health, or people’s lives.
I’ve been a bit obsessed with trying to get a feel for exactly how much money bond funds might go down if and when interest rates start to rise. And now, thanks to the wonderful Jake Levy at BuzzFeed, I can show you, in animated, rubbable-GIF form!
Are you worried that JP Morgan is being robbed of $13 billion that rightfully belongs to shareholders? Richard Parsons (not the former Citigroup chairman, but rather the former Bank of America executive vice president) is shocked by the size of the JP Morgan settlement, trotting out a line of criticism which is pretty standard in Wall Street circles:
Last weekend, at the IMF annual meetings, I moderated an official panel with the snooze-worthy title “Sovereign Debt Restructuring: Lessons from Recent Experience”. But the room was packed, and attention was rapt: everybody wanted to know what the panelists in general, and one in particular, thought about the subject at hand. All eyes were on first deputy managing director David Lipton, who kicked off proceedings with a dry but important speech in which he praised a recent Brookings report as “excellent”.