Wall Street Journal: Market News

  • Does Private Equity Really Beat the Stock Market? Readers React
    Heard on the Street’s series this week on the boom in private assets elicited copious commentary from readers. Our columnist, Paul J. Davies, selected some interesting comments and responded.
    - 3 hours ago, 21 Feb 18, 12:32pm -
  • Glencore Rewards Those Who Wait
    Glencore is riding high, lifted by a wave of economic optimism and high expectations for an electric-powered future. But high leverage remains a vulnerability.
    - 3 hours ago, 21 Feb 18, 12:08pm -
  • Why Broadcom Should Walk Away
    Wanting to do a deal isn’t the same as needing to do one. Broadcom at this point should remember the benefits of being in the former position.
    - 16 hours ago, 20 Feb 18, 10:53pm -
  • Walmart Hiccups and Investors Overreact
    Over the last six months, Walmart was richly rewarded by shareholders for its apparent success at competing head-to-head with Amazon.com. On Tuesday, it showed signs of falling behind.
    - 20 hours ago, 20 Feb 18, 7:07pm -
  • Hotels Check Into Technology Arms Race
    In a wake-up call to investors, Holiday Inn owner InterContinental Hotels said it won’t return extra cash this year.
    - 21 hours ago, 20 Feb 18, 5:49pm -
  • Where to Look for HSBC's Next Big Move
    U.K.-based bank HSBC is quiet on strategic changes for now, but there are big reasons for investors to think beyond Asia.
    - 1 day ago, 20 Feb 18, 2:47pm -
  • BHP Is Still Caught Between a Rock and an Oil Well
    BHP is emerging as a copper powerhouse, which helped buoy its first-half earnings. That strength conceals some troubling signs in oil and coal, however.
    - 1 day ago, 20 Feb 18, 9:12am -
  • The Big Shift Driving Tech Profits​
    Big tech companies learning to look past the initial sale as subscriptions build an important base of recurring revenue.
    - 2 days ago, 20 Feb 18, 1:02am -

Wall Street Journal: U.S. Business

  • What to Watch in the Fed Minutes
    The Federal Reserve on Wednesday will offer more details on policy makers’ outlook for 2018 when it releases the minutes of their Jan. 30-31 meeting. Officials voted then to hold their benchmark federal-funds rate steady in a range between 1.25% a…
    - 5 mins ago, 21 Feb 18, 2:57pm -
  • America's Emerging Petro Economy Flips the Impact of Oil
    The effect of oil prices on the U.S. economy used to be straightforward: Higher was bad. Yet between 2014 and early 2016, as oil collapsed, growth slowed sharply. Since then oil has doubled, yet the economy has accelerated.
    - 16 mins ago, 21 Feb 18, 2:46pm -
  • Trump Administration's Deregulation Push Heads for Outer Space
    Vice President Mike Pence is expected to announce new moves promoting private ventures in space, including easing launch rules and putting the Commerce Department in charge of broader deregulation initiatives.
    - 7 hours ago, 21 Feb 18, 8:15am -
  • Walmart Stumbles in Shift to Web Selling
    Walmart reported strong holiday sales but said online sales growth slowed during the quarter, marking a turn from three quarters of booming web growth.
    - 9 hours ago, 21 Feb 18, 5:38am -
  • Qualcomm Raises Bid for Chip Maker NXP to $44 Billion
    Qualcomm raised its bid for NXP Semiconductors to about $44 billion and locked up support from key investors, as the chip maker seeks to fend off a $121 billion hostile takeover approach by Broadcom.
    - 16 hours ago, 20 Feb 18, 11:23pm -
  • 3M, State of Minnesota Settle For $850 Million
    3M Co. will pay $850 million to settle Minnesota’s lawsuit, claiming the manufacturer contaminated water in the state for at least five decades.
    - 16 hours ago, 20 Feb 18, 11:05pm -
  • Glencore's Predicament: How to Handle Payments to Individual Under U.S. Sanctions
    Swiss mining giant Glencore is grappling with a thorny problem: whether it can make royalty payments to Israeli billionaire Dan Gertler, a former partner placed under sanctions by the U.S. government.
    - 16 hours ago, 20 Feb 18, 10:43pm -
  • Spending Bill Raises Expectations for More Fed Rate Increases
    A bipartisan spending deal reached by U.S. lawmakers earlier this month has prompted many Wall Street economists to raise their projections of how much the Federal Reserve will raise interest rates this year and next.
    - 16 hours ago, 20 Feb 18, 10:35pm -

Robert Reich

  • The 3 Choices When it Comes to TrumpFirst, you can complain....
    The 3 Choices When it Comes to TrumpFirst, you can complain. Yell. Bang on the dinner table. Tellyour family and friends the man is a dangerous fool. Explode every time youread something about him. Swear every time you see him on TV. Go ballistic w…
    - 2 days ago, 20 Feb 18, 1:09am -
  • The Meaning of America
    When Trumpand his followers refer to “America,” what do they mean?Somesee a country of white...
    - 4 days ago, 17 Feb 18, 8:38pm -
  • Trump’s Big Buyback Bamboozle
    Trump’s promisethat corporations will use his giant new tax cut to make new investments and raise...
    - 13 days ago, 9 Feb 18, 1:51am -
  • Trump’s Divide-and-Conquer Strategy
    If Robert Mueller finds that Trumpcolluded with Russia to fix the 2016 election, or even if Trump...
    - 17 days ago, 5 Feb 18, 2:01am -
  • Trump Voters: One Year in, and he’s Broken 20 Big Promises He...
    Trump Voters: One Year in, and he’s Broken 20 Big Promises He Made to You1. He told you he’d cut your taxes, and that the super-rich likehim would pay more. You bought it. But his new tax law does the opposite. By2027, according to the nonpart…
    - 18 days ago, 3 Feb 18, 7:12pm -
  • THE NEXT BIG FIGHTFresh off passing massive tax cuts...
    THE NEXT BIG FIGHTFresh off passing massive tax cuts forcorporations and the wealthy, Trump and congressional Republicans want to usethe deficit they’ve created to justify huge cuts to Social Security, Medicare,and Medicaid.As House Speaker Paul…
    - 22 days ago, 30 Jan 18, 4:39pm -
  • Trump’s America: Open to Global Capital, Not People
    Trumpto global CEOs and financiers in Davos, Switzerland: “America is open forbusiness.” We’re now...
    - 24 days ago, 28 Jan 18, 6:20pm -

Naked Capitalism

Overcoming Bias

  • On Value Drift
    The outcomes within any space-time region can be seen as resulting from 1) preferences of various actors able to influence the universe in that region, 2) absolute and relative power and influence of those actors, and 3) constraints imposed by … Co…
    - 9 hours ago, 21 Feb 18, 5:44am -
  • Small Change Good, Big Change Bad?
    Recently I posted on how many seek spiritual insight via cutting the tendency of their minds to wander, yet some like Scott Alexandar fear ems with a reduced tendency to mind wandering because they’d have less moral value. On twitter … Continue r…
    - 8 days ago, 13 Feb 18, 10:15pm -
  • How Human Are Meditators?
    Someday we may be able to create brain emulations (ems), and someday later we may understand them sufficiently to allow substantial modifications to them. Many have expressed concern that competition for efficient em workers might then turn ems into…
    - 11 days ago, 11 Feb 18, 1:40am -
  • A Salute To Median Calm
    It is a standard trope of fiction that people often get angry when they suffer life outcomes well below what they see as their justified expectations. Such sore losers are tempted to retaliate against the individuals and institutions they blame … C…
    - 15 days ago, 7 Feb 18, 2:45am -
  • The Ems of Altered Carbon
    People keep suggesting that I can’t possibly present myself as an expert on the future if I’m not familiar with their favorite science fiction (sf). I say that sf mostly pursues other purposes and rarely tries much to present realistic … Contin…
    - 17 days ago, 4 Feb 18, 1:45pm -
  • Toward Better Signals
    While we tend to say and think otherwise, in fact much of what we do is oriented toward helping us to show off. (Our new book argues for this at length.) Assuming this is true, what does a better world … Continue reading →
    - 23 days ago, 29 Jan 18, 9:02pm -
  • On Unsolved Problems
    Imagine a book review: The authors present convincing evidence that since 1947 aliens from beyond Earth are here on Earth, can pass as humans, have been living among us, and increasingly influence human affairs. The authors plausibly identify the ind…
    - 23 days ago, 29 Jan 18, 6:15pm -
  • Caplan Critiques Our Religion Chapter
    Bryan Caplan likes our book: My blurb calls it, “Deeply important, wide-ranging, beautifully written, and fundamentally right” – and I mean every word. But he also has many complaints on our religion chapter. He summarizes: [They] could have do…
    - 24 days ago, 28 Jan 18, 6:10pm -
  • A LONG review of Elephant in the Brain
    Artir Kel has posted a 21K word review of our book, over 1/6 as long as the book itself! He has a few nice things to say: What the book does is to offer deeper (ultimate) explanations for the reasons … Continue reading →
    - 30 days ago, 22 Jan 18, 5:20pm -
  • Read The Case Against Education
    Yesterday was the Kindle publication date for my colleague Bryan Caplan’s new book The Case Against Education. The hardcover publication date is in nine days. It is an excellent book, on an important topic. Beyond such cheap talk, I offer … Conti…
    - 34 days ago, 18 Jan 18, 5:00pm -

Information Arbitrage

  • Recycling: The challenge and the opportunity for a Seed stage VC
    My recent post gave rise to a host of questions around the issue of recycling. What does it mean? How do you do it? And what are the implications for venture investors? I attempted to respond in a Tweetstorm, but recycling is a complicated issue that…
    - 5 Oct 16, 8:48pm -
  • The TTD Investment and the IA Ventures Model
    A Little HistoryIA Ventures began life a little less than seven years ago, just as the world was coming out of the worst economic crisis since the Great Depression. The term “Micro VC” had yet to be coined. “Big Data” was still somewhat myste…
    - 29 Sep 16, 1:25am -
  • Welcoming John to IA
    Brad, Jesse and I are happy to announce that our friend and colleague, John Hadl, is joining IA Ventures as Venture Partner, effective immediately. We have personally gotten to know John over the past four years due to our shared investment in PlaceI…
    - 12 Mar 15, 8:29pm -
  • Crowdfunding for start-ups: A durable trend or a bull market phenomenon?
    Angel investing is red hot as is the concept of crowdfunding start up investment. Part of this phenomenon has been driven by the emergence of AngelList, the brainchild of Naval Ravikant. What started out as a way for a curated set of angels to inves…
    - 23 Nov 14, 10:44pm -
  • Financial interaction: the next generation
    I have spent over 25 years creating, processing and analyzing financial transactions. I like studying them - a lot - whether an outgrowth of my time on Wall Street helping sophisticated entities manage risks, or through IA Ventures’ investments in…
    - 25 Feb 14, 10:43pm -
  • IA Ventures: Reflections on 2013
    2013 was a very different kind of year for IA Ventures. While the years 2010-12 were characterized by 8-10 new investments per year, in 2013 we invested in only three new companies: Data Robot; Digital Ocean (DO) and Sight Machine (SM). Digital Ocean…
    - 3 Jan 14, 8:28pm -
  • “If you can’t do something willingly and joyfully, then don’t do it. If you give...
    “If you can’t do something willingly and joyfully, then don’t do it. If you give up drinking, don’t go moaning about it; go back on the bottle. Do. As. Thou. Wilt." - The late Peter O'Toole
    - 16 Dec 13, 1:05pm -
  • Venture Capital and "Innovation"
    Many have recently been critical of the role of the venture industry in financing “true innovation.” The narrative goes something like this: “VCs are like lemmings, flocking to the latest consumer wave (mobile chat, ride-sharing, etc.) in searc…
    - 16 Dec 13, 2:41am -
  • Evidence is mounting that people at the bottom are increasingly stuck without skills or pathways to...
    Evidence is mounting that people at the bottom are increasingly stuck without skills or pathways to rise. Research from the Federal Reserve Bank of Boston shows that in the 1980s, 21 percent of Americans in the bottom income quintile would rise to…
    - 15 Dec 13, 1:51pm -
  • Soft is the new Hard
    I live in a world where engineering and technical talent is valued above all others, where the Holy Grail is a “coding ninja” who can crank out oodles of elegant code at a breakneck pace. These people speak a language that is distinct and only un…
    - 14 Nov 13, 4:32am -