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Tweedy, Browne Company: Client Letters from 1998 and 1999
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"In a year like 1998, the overall performance of an index is not indicative of the performance of stocks in general."
Tweedy, Browne Company
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Relative economic performance and currency thoughts
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Since the deregulation of currencies and financial markets in the 1980s and 1990s, currency strength has conveyed almost no information about the health of a national economy - and none at all about a country’s competitive position in global trade
Gavekal
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The Theory of Moral Sentiments
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First published in 1759, Adam Smith's work on human nature has been somehow overshadowed by the "(...) Wealth of Nations".
Some of his observations could fit in a behavioral finance context.
Adam Smith
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Robotics and Markets
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A fascinating article on BBC about a self-learning, dynamic robot, which has been built around the theories of Nikolai Bernstein; the main concept could very well be part of a trading system (though I hate that "trading system" name!).
BBC
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Cathedral Building as an Entry-Deterring Device
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Kyklos, Volume 58 Issue 4 Page 453-465, November 2005 , Brighita Bercea, Robert B. Ekelund Jr, Robert D. Tollison
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Who Captures Value in a Global Innovation System? The case of Apple's iPod
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The retail value of the 30-gigabyte video iPod that the authors examined was $299. The most expensive component in it was the hard drive, which was manufactured by Toshiba and costs about $73. The next most costly components were the display module (about $20), the video/multimedia processor chip ($8) and the controller chip ($5). They estimated that the final assembly, done in China, cost only about $4 a unit.
Personal Computing Industry Center (PCIC), An Alfred P. Sloan Foundation Industry Center, The Paul Merage School of Business, University of California, Irvine, June 2007 , Greg Linden, Kenneth L. Kraemer, Jason Dedrick
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Prophet Among Pinstripes
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"Montier flirts regularly with financial heresy. In one of his 40 research notes last year, he argued that investors with more data are not necessarily better off--we have only so much capacity to process information. In another, he claimed that analysts shouldn't bother meeting with execs at the companies they cover since analysts only ask questions that encourage the answers they want to hear."
Fast Company , Iam Wylie
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Portfolio insurance, coffee shops and a false sense of security
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Prior to the 1987 crash: The rationale behind a strategy allowing the investor to lock in profits each time the markets would move upwards eliminated the potential for losses in the event of a correction. Or so it seemed...
Lobnek Wealth Management , Altug Ulkumen
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Got any cash?
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Interesting observations on early signs of little cracks in the system....
Morgan Stanley
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Running Money - The Missing Chapters: Gold Bites
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Since the release of my book Running Money, I’ve been flooded with feedback on my margin surplus theory. Some agree, some disagree. Like my eighth grade algebra teacher, most wanted me to show more of my work on how I got to my conclusion.
Andy Kessler, November 15, 2004
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