Linkfest: Old boy networks; Return to growth and inflation? Outperformance rarely persists
Categories: Linkfest
Today’s most shared: The old boy network is still strong on Wall Street… Mean reversion is a killer — active managers’ outperformance is brief, but fees are forever… Running of the bulls, capitulation of the bears as economy returns to growth, and maybe, inflation… Goldman: no reward in emerging markets, we’ll invest in real estate instead, Volcker rule notwithstanding… Inside a China fraud… Uber shows why prices are sticky and sometimes irrational… Bob Solow on Greenspan’s two big mistakes… The Bitcoin mines, and how not to transact in Bitcoin.
Secret Handshakes Greet Frat Brothers on Wall Street
Bloomberg
As students vie for 2014 internships in an industry where 22-year-olds can make more than $100,000 a year, interviews with three dozen fraternity members showed a network whose Wall Street alumni guide resumes to the tops of stacks, reveal interview questions with recommended answers, offer applicants secret mottoes and support chapters facing crackdowns.
shared by @ObsoleteDogma, @volatilitysmile, @petereavis, @mccarthyryanj
Bloomberg
As students vie for 2014 internships in an industry where 22-year-olds can make more than $100,000 a year, interviews with three dozen fraternity members showed a network whose Wall Street alumni guide resumes to the tops of stacks, reveal interview questions with recommended answers, offer applicants secret mottoes and support chapters facing crackdowns.
shared by @ObsoleteDogma, @volatilitysmile, @petereavis, @mccarthyryanj
Persistence is a Killer
The Reformed Broker
Especially in US stocks. It’s not that managers can’t outperform the market, it’s that they can’t do it for long.
shared by @abnormalreturns, @ritholtz, @M_C_Klein, @JacobWolinsky
The Reformed Broker
Especially in US stocks. It’s not that managers can’t outperform the market, it’s that they can’t do it for long.
shared by @abnormalreturns, @ritholtz, @M_C_Klein, @JacobWolinsky
Bad News for People Who Like Bad News
Daily Beast
Believe it or not, the economy is showing signs of serious growth. Will the catastrophist diehards learn to stop worrying and accept the recovery?
shared by @ritholtz, @finansakrobat, @JacobWolinsky, @ReformedBroker
Daily Beast
Believe it or not, the economy is showing signs of serious growth. Will the catastrophist diehards learn to stop worrying and accept the recovery?
shared by @ritholtz, @finansakrobat, @JacobWolinsky, @ReformedBroker
Goldman: Cut your emerging markets exposure by a third
CNBC
The investment bank predicts those markets will underperform and see lots of volatility in the next five to 10 years.
shared by @BarbarianCap, @FGoria, @ReformedBroker, @Alea_, Reformed Broker
CNBC
The investment bank predicts those markets will underperform and see lots of volatility in the next five to 10 years.
shared by @BarbarianCap, @FGoria, @ReformedBroker, @Alea_, Reformed Broker
Goldman Real-Estate Play Skirts Volcker Ban
Wall Street Journal
Goldman Sachs Group Inc. told would-be investors that it would contribute up to 20% in a new fund that makes loans backed by office buildings, hotels, shopping centers and other properties.
shared by @JacobWolinsky, NYT Dealbook, @DavidSchawel, @pdacosta
Wall Street Journal
Goldman Sachs Group Inc. told would-be investors that it would contribute up to 20% in a new fund that makes loans backed by office buildings, hotels, shopping centers and other properties.
shared by @JacobWolinsky, NYT Dealbook, @DavidSchawel, @pdacosta
Pretty Soon We Need To Talk About Inflation
Business Insider
The story is starting to change.
shared by @mark_dow, @mccarthyryanj, @JacobWolinsky, @ReformedBroker
Business Insider
The story is starting to change.
shared by @mark_dow, @mccarthyryanj, @JacobWolinsky, @ReformedBroker
Fake Profit E-Mails at AgFeed’s Farms Back Fraud Claims
Bloomberg
A finance manager in China reached out to her bosses, concerned that auditors would discover AgFeed Industries Inc. was reporting bogus revenue.
shared by @maoxian, @gadyepstein, @TomLasseter, @vshih2, @goldkorn
Bloomberg
A finance manager in China reached out to her bosses, concerned that auditors would discover AgFeed Industries Inc. was reporting bogus revenue.
shared by @maoxian, @gadyepstein, @TomLasseter, @vshih2, @goldkorn
Robert Solow's searing review of Alan Greenspan's new book
New Republic
Alan Greenspan went from pragmatic central banker to ideologue. In his memoir, he poses as the former but writes like the latter.
shared by EconLog, @Richard_Florida, @interfluidity, @JustinWolfers
New Republic
Alan Greenspan went from pragmatic central banker to ideologue. In his memoir, he poses as the former but writes like the latter.
shared by EconLog, @Richard_Florida, @interfluidity, @JustinWolfers
Off Limits, but Blessed by the Fed
New York Times
Documents show how the Fed gave JPMorgan Chase a free hand to expand in businesses like electricity that are typically off limits to big banks.
shared by @JoshRosner, Naked Capitalism, @cate_long, @TimOBrien, @SconsetCapital
New York Times
Documents show how the Fed gave JPMorgan Chase a free hand to expand in businesses like electricity that are typically off limits to big banks.
shared by @JoshRosner, Naked Capitalism, @cate_long, @TimOBrien, @SconsetCapital
Uber and the Macro Wars
New York Times
Of taxi fares, wages, and recessions.
shared by @TheStalwart, @TNYJohnCassidy, reddit/Economics, @Noahpinion
New York Times
Of taxi fares, wages, and recessions.
shared by @TheStalwart, @TNYJohnCassidy, reddit/Economics, @Noahpinion
The Single Greatest Predictor of Future Stock Market Returns
philosophicaleconomics.wordpress.com
shared by @derekhernquist, @cullenroche, @M_C_Klein, @BarbarianCap
philosophicaleconomics.wordpress.com
shared by @derekhernquist, @cullenroche, @M_C_Klein, @BarbarianCap
The Best Business Journalism of 2013
New Yorker
The year’s top long-form business stories, recommended by James Surowiecki, John Cassidy, and other contributors.
shared by @MichaelKitces, @tomkeene, @JacobWolinsky, @lizzieohreally
New Yorker
The year’s top long-form business stories, recommended by James Surowiecki, John Cassidy, and other contributors.
shared by @MichaelKitces, @tomkeene, @JacobWolinsky, @lizzieohreally
A Bloomberg TV Host Gifted Bitcoin On Air And It Immediately Got Stolen
Business Insider
Bloomberg TV’s Matt Miller is currently…
shared by @MichaelKitces, @ATabarrok, @JacobWolinsky, @IvanTheK, @bobivry, @ThemisSal
Business Insider
Bloomberg TV’s Matt Miller is currently…
shared by @MichaelKitces, @ATabarrok, @JacobWolinsky, @IvanTheK, @bobivry, @ThemisSal
Into the Bitcoin Mines
New York Times
In a bunker in Iceland, powerful computers are whirring 24 hours a day — and extracting an invisible currency.
shared by @LaurenLaCapra, @davidmwessel, @mccarthyryanj, Business Insider
New York Times
In a bunker in Iceland, powerful computers are whirring 24 hours a day — and extracting an invisible currency.
shared by @LaurenLaCapra, @davidmwessel, @mccarthyryanj, Business Insider
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