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- One of our favorite managers, Hugh Hendry, is profiled in Barron's this week: "Japanese steel: Here is a country with no energy, no iron ore or coal, yet it's the largest exporter of steel in the world, exports half its output." Still very bearish on leveraged Japanese companies.
- Our friend at Valueprax wrote a post-mortem analysis of the ENER capital structure arbitrage trade.
- Stableboy mentions that Facebook shares "cleared at $40 on SecondMarket, a record high ($93.3 billion valuation)."
- Bloomberg article on PIMCO high yield closed-end fund, which is trading at an insane premium to net asset value.
- Warning sign: "When major asset classes trade in synchronization"
- New depression hypothesis from Neuralstem: "Depression is a three-headed beast that affects neurotransmitter levels, neurons, and hippocampus size. [...] 'If we can show by MRI that we've increased hippocampus volume and at the same time reversed depression symptoms for six months after patients have stopped taking the drug, then we'll have a cure.'"
- Watch out for the enormous farmland bubble: "Year-over-year appreciation rates top 10, 20 and 30 percent in some states. In Nebraska, prices rose by almost 40 percent in 2011 over 2010..."
- More drones by John Robb: "Here's an example of a guy that built his own drone by printing many of the parts."
- And on the geography of dependance: "When the debt bomb goes off, those relying on transfer payments will suffer mightily if not prepared..."
- Tyler Cowen has a new book out about finding good restaurants: "An Economist Gets Lunch".
- Paper: Real Estate Prices During the Roaring Twenties and the Great Depression.
- Paper: Exploiting Option Information in the Equity Market.
- What if They Closed 42d Street and Nobody Noticed?
- The paradox of enrichment.
- More on Fermi's paradox: Where is Everybody?
3 comments:
"Japanese steel: Here is a country with no energy, no iron ore or coal, yet it's the largest exporter of steel in the world, exports half its output."
That's just all messed up.
Weird, isn't it?
And China is exporting hi-tech finished solar panels, but it is so power-poor due to its reliance on coal burning power plants that it has to import the silicon base from power-rich countries like the US which rely on super cheap, super abundant nuclear and hydro-electricity power generation.
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