Weekend reads

Henry Allen on New Hampshire
Jeff Sommer on Vanguard and transfer pricing
Gretchen Morgenson, Fine bankers, not shareholders, for bank shenanigans
Neil Irwin, What could cause a recession
Jesse Felder, Mind these gaps
Sabrina Willmer and Tom Moroney, The secretive hedge fund making money for Yale
John Gittelsohn, Gundlach on bank stocks, oil, and corporate bonds

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Cartoon of the day

fed history pic

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Latest MarketWatch piece: The problem is earnings

Click on the pic below to read the piece.

earnings falling

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Latest MarketWatch piece: handicapping the next debacle

Click on the pic below to read the story:

psycho shower

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Monday reads

Scary pension math
Dividends matter
Meaning of stock declines
Why pessimism sounds smart
Volatility clusters
Handling a bear

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Hedonic adjustment

Middle class people are really better off because they can afford more iPhone today than they could 5 years ago? Are you kidding me?

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Thursday Reads

$8 Cauliflower in Canada
Davos — like a “bad habit”
Making sense of stock declines
Monetary policy is a limited tool
Debt, demography, and distribution of income
Investing the old fashioned way (without central bank support)

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Jim Cramer recommends offshore driller Ensco on March 10, 2014

ensco cramer

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C’mon, Howard

Quote from Howard Marks’s latest memo:

“We haven’t had a boom (either in the economy or in the stock market), so I don’t think we’re fated to have a bust.”

Really? No boom in the stock market? What should we call well over 150% in 7 years? C’mon, Howard…..

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A much-needed new Barron’s roundtable member

What a breath of fresh air Jeffrey Gundlach was at his debut as a Barron’s roundtable member. The permabulls couldn’t avoid the bad news Gundlach pounded them with including junk bonds crashing (and the fact that they can’t diverge so much from stocks for so long), stagnation probably pushing the Fed not to raise in 2016, lack of growth in China, and what’s wrong with unconstrained bond funds.

That roundtable has been so stale for years. Gundlach is exactly what it needed.

Abby Joseph Cohen won’t be able to talk incessantly and mindlessly about the “supertanker” American market/economy (or some such ridiculous metaphor) with Jeffrey Gundlach around….

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