Tuesday, December 31, 2013
Sunday, December 29, 2013
Saturday, December 28, 2013
“I have been impressed with the urgency of doing. Knowing is not enough; we must apply. Being willing is not enough; we must do.” ― Leonardo da Vinci
“I have been impressed with the urgency of doing. Knowing is not enough; we must apply. Being willing is not enough; we must do.”
― Leonardo da Vinci
― Leonardo da Vinci
Friday, December 27, 2013
Thursday, December 26, 2013
Corruption Scandal Is Edging Near Turkish Premier
Corruption Scandal Is Edging Near Turkish Premier
But the words from one of the departing ministers were considered stunning, coming from a political party known for silencing dissent. That instantly raised the significance of the entire inquiry and left members of the Turkish public wondering if they were witnessing the collapse of their Islamist-rooted government of the last decade.
“Now it seems the situation has changed completely,” said Kerem Oktem, a Turkey expert and research fellow at the European Studies Center at the University of Oxford. “It seems the ring around Erdogan has gotten tighter.”
Later, as a dramatic day came to a close, Mr. Erdogan emerged from a meeting with President Abdullah Gul in Ankara, the Turkish capital, and announced that seven other ministers would leave his cabinet, some of whom are departing as part of a long-planned shuffle so that they can run for mayors in coming elections. One of the late-night departures included the European Union minister, who has been implicated in the corruption investigation.
The investigation became public a week ago with dawn police raids on the offices of businessmen and others close to the prime minister. But Wednesday was the first time that someone who had been in Mr. Erdogan’s hierarchy — a confidant, no less — left the strong implication of the prime minister’s entanglements in some of the real estate deals at the heart of the case.
The crisis strikes a sharp contrast to the image that Turkey has projected as an exemplar of a prosperous, Muslim-majority country based on democratic principles. A NATO member, Turkey has been embraced by the United States and Europe as a force for stability in the tumultuous Middle East, and the country has sought to play an important role in shaping the outcome of crises in Syria, Egypt and with Iran’s nuclear program. With Mr. Erdogan now preoccupied with political survival, Turkey’s role in the region and its relationship with the West are in question.
The corruption inquiry has targeted the ministers’ sons, a major construction tycoon with links to Mr. Erdogan and municipal workers, and it centers in part on allegations that officials received bribes in exchange for ignoring zoning rules and approving contentious development projects. No one has been convicted, but the issue has struck a nerve among the Turkish public, especially Istanbul residents. They have become increasingly resentful over the dizzying pace of development and riches amassed by a new, pious economic elite, with a strong hand in the construction industry, which rose to power alongside Mr. Erdogan and his associates.
Tuesday, December 24, 2013
Brian Mueller, CEO, Grand Canyon Education Inc. “Don’t be afraid to be bold and don’t be afraid to take on the status quo. Make your plans big and then, in the middle of that, make sure everybody wins. There has to be balance.”
Brian Mueller, CEO, Grand Canyon Education Inc.
“Don’t be afraid to be bold and don’t be afraid to take on the status quo. Make your plans big and then, in the middle of that, make sure everybody wins. There has to be balance.”
Sunday, December 22, 2013
Saturday, December 21, 2013
Friday, December 20, 2013
Wednesday, December 18, 2013
Former no 2 on Feds says he would wait to taper
Former no 2 on Feds says he would wait to taper
During the financial crisis, Mr. Kohn was a key adviser to Fed Chairman Ben Bernanke as they navigated the depths of the worst recession in generations. Many critics blame Fed officials for not foreseeing the meltdown, but economists generally give them credit for an aggressive response that many believe prevented another depression.
Since taking interest rates to effectively zero in December 2008, the Fed has more than quadrupled its balance sheet to $3.9 trillion.
Tuesday, December 17, 2013
Friday, December 13, 2013
Thursday, December 12, 2013
Tuesday, December 10, 2013
China’s Industrial Production Slows as Retail Sales Pick Up
China’s Industrial Production Slows as Retail Sales Pick Up
China’s industrial output rose less than estimated in November while retail sales unexpectedly accelerated, giving a mixed picture of growth as leaders gather in Beijing to set economic policies for the coming year.
Factory production rose 10 percent from a year earlier, the National Bureau of Statistics said in Beijing today, compared with analysts’ median projection of 10.1 percent in a Bloomberg survey.Retail sales advanced 13.7 percent, while fixed-asset investment excluding rural households showed a slowdown.
The latest data failed to match the strength of export numbers released this week, muddying the outlook for the world’s second-biggest economy just as Chinese leaders meet to discuss targets including next year’s growth goal. Central bank data on loans, credit and money supply due as soon as today will be the final key readings for November.
“A modest slowdown in investment and industrial production may lead to a little softening of growth in the coming months,” said Gao Shanwen, Beijing-based chief economist with Essence Securities, a Chinese government-backed brokerage. At the same time, the indicators show China’s economy is generally stable, he said.
Monday, December 9, 2013
Icahn December 2013 Full Presentation $IEP $HLF $NFLX $NUAN $CVR $JCP
Icahn December 2013 Full Presentation $IEP $HLF $NFLX $NUAN $CVR $JCP
Takeaway: Icahn may use future funds raised to increase stakes in Herbalife and Nuance.
Takeaway: Icahn may use future funds raised to increase stakes in Herbalife and Nuance.
Solars getting pounded
Solars getting pounded every day now as rotation out of sector continues with funds locking in large YTD gains.
— Michail Shadkin (@EpicaCapital) December 9, 2013
According to CFTC, hedge funds are the least bullish on gold since 2007. The net-long position in gold fell 16% to 26,774 futures and options in the week ending December the 3rd. Short bets rose 6.2% to 79,631. Net-bullish wagers across 18 U.S. traded commodities climbed to a four week high.
According to CFTC, hedge funds are the least bullish on gold since 2007. The net-long position in gold fell 16% to 26,774 futures and options in the week ending December the 3rd. Short bets rose 6.2% to 79,631. Net-bullish wagers across 18 U.S. traded commodities climbed to a four week high.
"Great minds discuss ideas; average minds discuss events; small minds discuss people." - Eleanor Roosevelt
"Great minds discuss ideas; average minds discuss events; small minds discuss people." - Eleanor Roosevelt
Over the past 25 years, the S&P has risen an average of 2.4 percent over November and December, which is nothing to sneeze at. But in the 12 years since 1929 when the market has already rallied over 20 percent over the first 10 months of the year, the market has risen an impressive 4.8 percent on average.
Sunday, December 8, 2013
Improving economy: Is it for real?
Improving economy: Is it for real?
Can you fault Americans for being skeptical, this time around?
Several recent reports have given a lot of reason to feel optimistic about the economy.
At 7%, the unemployment rate is now at its lowest level in five years. The housing sector -- which got us into this mess in the first place -- is bouncing back.Home sales and prices are rising and permits for new home construction are back to 2007 levels.
Auto sales recently had their strongest growth since 2006. Gas prices have fallen dramatically this year, and stocks are up 26%.
Then why doesn't it feel all that rosy out there?
A CNN poll released last week showed only 24% of the public believe economic conditions are improving, while nearly four-in-ten say the nation's economy is actually getting worse. Meanwhile, the Consumer Confidence Index, calculated by the Conference Board, has declined two months in a row.
The economy still feels depressing because for many people, it is, said Elise Gould, a labor economist at the liberal-leaning Economic Policy Institute.
"Those at the very top have bounced back, but we have not seen that for people at the middle or at the bottom," she said.
Stocks may be rising, but only half of Americans actually own them. Sure, companies are flush with cash, but workers' wages are up only about 1% from a year ago, after accounting for inflation. Union-led strikes by fast-food workers are on the rise.
Then there are those who still cannot find work: About 11 million Americans remain unemployed, and 37% of them have been out of a job for at least six months.
Saturday, December 7, 2013
John Templeton: This time is not different.
John Templeton: This time is not different.
"The four most dangerous words in investing are 'This time it's different.'"
Friday, December 6, 2013
Icahn’s Next Move: Break-Up Or Outright Sale of Nuance
Icahn’s Next Move: Break-Up Or Outright Sale of Nuance
Icahn’s next move
On the other hand, Daniel Ives, analyst at FBR Capital Markets in New York speculated that Icahn’s next movemight include pushing for a new chief executive officer, breaking up the businesses, or an outright sale of Nuance Communications Inc. (NASDAQ:NUAN). Ives said, “Given the fundamental weakness of Nuance over the past few quarters, we believe Icahn has many potential scenarios.”
Gold Bearish Outlook Extended as Price Nears $1,200: Commodities
Gold Bearish Outlook Extended as Price Nears $1,200: Commodities
Gold analysts are bearish for a third week, the longest stretch since February 2010, as prices approach $1,200 an ounce and a stronger U.S. economy improves the chance that the Federal Reserve will reduce fiscal stimulus.
Sixteen analysts surveyed by Bloomberg News expect gold to fall next week, 11 are bullish and two neutral. Prices tumbled 26 percent this year, heading for the first annual drop in 13 years and the biggest in more than three decades. Bullion last traded below $1,200 on June 28.
Investors cut holdings in exchange-traded products backed by gold every month this year as prices tumbled, erasing $69.4 billion. Some lost faith in the metal as a store of value as inflation failed to accelerate, while equities and the dollar rallied. This week’s reports of gains in U.S. home sales and manufacturing signaled the Federal Reserve may start easing economic stimulus that helped send gold to a record in 2011.
Thursday, December 5, 2013
Good jobs news can be bad news for the market
Good jobs news can be bad news for the market
November's employment report could be good news for the economy but bad news for stocks.
Economists expect to see about 180,000 jobs added in November, off from October's 204,000 level, and the unemployment rate a 10th lower at 7.2 percent.
Traders, however, are discussing higher whisper numbers well above 200,000, and that has been weighing on stocks and sending bond yields higher on speculation a strong number would speed up the timetable on the Fed's wind-down of its quantitative easing program.
China Bans Financial Companies From Bitcoin Transactions
China Bans Financial Companies From Bitcoin Transactions
China’s central bank barred financial institutions from handling Bitcoin transactions, moving to regulate the virtual currency after an 89-fold jump in its value sparked a surge of investor interest in the country.
Bitcoin plunged more than 20 percent to below $1,000 on the BitStamp Internet exchange after the People’s Bank of China said it isn’t a currency with “real meaning” and doesn’t have the same legal status. The public is free to participate in Internet transactions provided they take on the risk themselves, it said.
The ban reflects concern about the risk the digital currency may pose to China’s capital controls and financial stability after a surge in trading this year made the country the world’s biggest trader of Bitcoin, according to exchange operator BTC China. Bitcoin’s price jumped more than ninefold in the past two months alone, prompting former Federal Reserve Chairman Alan Greenspan to call it a “bubble.”
“The concern is that it interferes with normal monetary policy operation,” said Hao Hong, head of China research at Bocom International Holdings Co. in Hong Kong. “It represents an unofficial leakage to the current monetary system and trades globally. It is difficult to regulate and could be used for money laundering. I think the central bank is right to make this move.”
Bitcoin prices plunged to $875 at 6:02 p.m. Shanghai time on BitStamp, an Internet-based exchange where the currency is traded for dollars, euros and other currencies. They closed at a record high of $1,132.01 yesterday. On the Mt.Gox exchange, the currency traded at $901, down from today’s high of $1,240. Prices dropped to as low as 4,521.1 yuan on BTC China, after rising as high as 7,050 yuan.
“Never test the depth of the river with both the feet”. - Warren Buffett
“Never test the depth of the river with both the feet”.
Do not use all of your resources in gambling on a certain investment or else you’ll lose everything. Only a considerable portion of your resources should be put on a gamble. By saying considerable portion, I mean the amount of money you are willing to take the risk of losing.
Google Puts Money on Robots, Using the Man Behind Android
Google Puts Money on Robots, Using the Man Behind Android
Over the last half-year, Google has quietly acquired seven technology companies in an effort to create a new generation of robots. And the engineer heading the effort is Andy Rubin, the man who built Google’s Android software into the world’s dominant force in smartphones.
The company is tight-lipped about its specific plans, but the scale of the investment, which has not been previously disclosed, indicates that this is no cute science project.
At least for now, Google’s robotics effort is not something aimed at consumers. Instead, the company’s expected targets are in manufacturing — like electronics assembly, which is now largely manual — and competing with companies like Amazon in retailing, according to several people with specific knowledge of the project.
A realistic case, according to several specialists, would be automating portions of an existing supply chain that stretches from a factory floor to the companies that ship and deliver goods to a consumer’s doorstep.
“The opportunity is massive,” said Andrew McAfee, a principal research scientist at the M.I.T. Center for Digital Business. “There are still people who walk around in factories and pick things up in distribution centers and work in the back rooms of grocery stores.”
Google has recently started experimenting with package delivery in urban areas with its Google Shopping service, and it could try to automate portions of that system. The shopping service, available in a few locations like San Francisco, is already making home deliveries for companies like Target, Walgreens and American Eagle Outfitters.
Perhaps someday, there will be automated delivery to the doorstep, which for now is dependent on humans.
“Like any moonshot, you have to think of time as a factor,” Mr. Rubin said. “We need enough runway and a 10-year vision.”
Mr. Rubin, the 50-year-old Google executive in charge of the new effort, began his engineering career in robotics and has long had a well-known passion for building intelligent machines. Before joining Apple Computer, where he initially worked as a manufacturing engineer in the 1990s, he worked for the German manufacturing company Carl Zeiss as a robotics engineer.
“I have a history of making my hobbies into a career,” Mr. Rubin said in a telephone interview. “This is the world’s greatest job. Being an engineer and a tinkerer, you start thinking about what you would want to build for yourself.”
He used the example of a windshield wiper that has enough “intelligence” to operate when it rains, without human intervention, as a model for the kind of systems he is trying to create. That is consistent with a vision put forward by the Google co-founder Larry Page, who has argued that technology should be deployed wherever possible to free humans from drudgery and repetitive tasks.
The veteran of a number of previous Silicon Valley start-up efforts and twice a chief executive, Mr. Rubin said he had pondered the possibility of a commercial effort in robotics for more than a decade. He has only recently come to think that a range of technologies have matured to the point where new kinds of automated systems can be commercialized.
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