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Gold in Perspective
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"There is no doubt that violating Federal Law and holding gold would have underperformed a diversified portfolio of stocks. However, the appropriate comparison is what cash, net of income tax, would have returned over this period. And here again calculating that is trickier than one might expect, because hundreds of banks failed in the 1930's and there was no FDIC insurance. And the Treasury didn't begin auctioning Tbills until 1929!"
Daily Speculations, March 6, 2019 , Larry Williams, Rocky Humbert
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David Bowie and the Internet vs. "It’s just a tool though, isn’t it ?" and "it’s simply a different delivery system".
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Excerpt
David Bowie speaks to Jeremy Paxman on BBC Newsnight, 1999
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The Turkey
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Remember Le Fevre's the "Turkey" in Reminiscences of a Stock Operator. The young guy told him, sell, take your profit. The Turkey says: "It's a bull market. I don't want to lose my position."
Daily Speculations, February 16, 2019 , Jim Sogi
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A Century of Chinese Stocks and Bonds
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"London was the financial center of the world until World War II, and many companies in emerging markets listed their shares on the London Stock Exchange before a stock exchange even existed in that country. After World War I, many companies listed on the New York Stock Exchange."
Global Financial Data, 4 January 2019 , Dr. Brian Taylor
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The Broken Window Fallacy
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"In 1850, the French economist Frederic Bastiat introduces the concept of opportunity cost with a fallacy in Chapter I of his book “Ce qu’on voit et ce qu’on ne voit pas” (What we see and what we don’t see). In Bastiat’s tale, a man’s son breaks a pane of glass, which ultimately stimulates the economy."
Gavekal Intelligence Software, The Quant Corner, February 2019 , Didier Darcet
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The Evolution of Swiss Institutional Investor Portfolios
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1920 - 2017
Corestone Investment Managers, 2018
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Finance vs. Wal-Mart: Why are Financial Services so Expensive?
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"In the absence of evidence that increased trading led to either better prices or better risk sharing, we would have to conclude that the finance industry's share of GDP is about 2 percentage points higher than it needs to be and this would represent an annual misallocation of resources of about $280 billions for the U.S. "
Thomas Philippon, New York University
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The Scandinavian Monetary Union of 1873
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Together with the Latin Monetary Union of 1865, another example of a monetary union that didn't
go quite as planned and ended before its 50th Birthday.
InvestmentOffice, February 2019
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Shallower Cycles?
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"Less vigorous expansions spread over longer periods would entail a fundamental change in the risk/return dynamics of markets and a resulting shift in expectations."
Lobnek Wealth Management, February 2019 , Altug Ulkumen
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Events in Time Anniversaries: January 2019
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25 years ago: January 1994
50 years ago: January 1969
100 years ago: January 1919
200 years ago: January 1819
300 years ago: January 1719
Global Financial Data, 22 January 2019 , Dr. Brian Taylor
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