The FT is reporting today that the new fiscal rules for the EU “include a commitment not to force private sector bondholders to take losses on any future eurozone bail-outs”. If this principle really does get enshrined into some new treaty, it will be one of the most fiscally insane derelictions of statesmanship the world has seen — but it certainly helps explain the short-term rally that we saw today in Italian government debt.
A few ticketing datapoints from recent news coverage:
The Leonardo show at the National Gallery in London is sold out through the end of its run, in February, with ticket prices at £16 ($25) apiece. Some sites are offering the tickets for resale at as much as £300, but the National Gallery says that if you have a resold ticket, you won’t get in.
Christie’s is selling tickets at $30 apiece (plus tax) to see the collection of Elizabeth Taylor before it goes up for sale on December 13.
Broadway shows are nearly all using variable pricing now, with tickets to see Hugh Jackman costing as much as $350 each, while tickets to The Book of Mormon are currently $477 apiece.
Thanks partly to such tactics, Spider-Man set a new box-office weekly record for the Foxwoods Theater last week, bringing in $2,070,196. (Back in December, Catherine Rampell said that under a “best-case scenario”, the musical could gross $1,646,991 in a week.)
Rampell’s not wrong on an average basis: Spider-Man is typically grossing something less than $1.5 million a week. But what really interests me about this chart is its volatility:
I spent this morning at the release of the tenth annual report on “Prospects for Ontario’s prosperity” — you’re jealous, I know. Ontario, if you read the report, is in pretty bad shape, when compared to its peers.
I’m glad I found myself in Toronto this evening, because tonight’s Munk Debate was illuminating and enjoyable. The motion was that “North America faces a Japan-style era of high unemployment and slow growth”; Paul Krugman was arguing for it, while Larry Summers was arguing against.
I had a long lunch meeting on Friday with a hedge-fund manager with an astonishing ability to navigate the Bloomberg Blackberry app. And there was one chart in particular which he clearly pulled up on a regular basis: the spread on senior unsecured bank debt in Europe. As Lisa Pollack points out, it’s tempting but dangerous to look at the iTraxx Senior Financials index in this context, because it’s an easy index to follow but it also includes non-bank names like Aviva, Axa, and Munich Re. So here’s the 3-month Euribor/Eonia spread, instead, which also has the advantage of going back to 2007. It’s not the best indicator when it comes to measuring banks’ cost of funds, but it’s fantastic if what you’re looking for is a guide to how stressed the Euroland funding market is.
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.
Jacob Harris is absolutely right to hate word clouds. You take a long and complex text, and then you boil it down to a group of individual words, with the most-used words being the biggest? That’s just silly. “Reporters sidestepping their limited knowledge of the subject material by peering for patterns in a word cloud,” he says, is “like reading tea leaves at the bottom of a cup”. Word clouds are crude, inaccurate, misapplied, and place the onus of understanding onto the reader.
The latest CBO report on income trends says nothing particularly surprising, although it does underline quite emphatically what we already knew about the 99% and the 1%. In particular, the key message, both in charts and text, is all about the 1% and how they’ve torn away from the rest of the population in the past 30 years.