Today's news is littered with specific examples of the failures of Obama's economic policies. It is now about 15 months AFTER the passage of the purported "stimulus bill" of the Obama-Pelosi-Ried axis . That is plenty of time for all lags in its effects. And what so we see ? Nothing but a whimpering economy with huge numbers of unemployed and underemployed people, scrapping to find or create work. Now there's nothing wrong with that - that shows the nobility of the American people, their work ethic and the entrepreneurial spirit.
BUT for spending almost $1 trillion, one would expect - demand - solid successes. What does the US have to show for that $1 trillion ? Almost nothing. Why ? Because it was frittered away and wasted on the politically favored. Do we have new rail networks being built or refurbished to save energy and provided infrastructure to move people and exports goods ? Nope. What about America's ports ? Are they getting infrastructure support ? Nope. How about high speed Internet for help our people become more globally connected ? Nope. A modernized air traffic control system ? Nope. The tale of lost opportunities is endless.
Here are a few examples from the WSJ of proof that Obama is a cluster FUBAR for the American people:
Joblessness Hits the Pulpit
More Churches Lay Off Clergy as Donations Drop; Few Get Severance Benefits
States' Tax Collections Falter, Widening Budget Gaps
April tax collections are falling short of forecasts and even dropping below last year's depressed levels in a number of states, complicating budget troubles and prompting some governors to dip into rainy-day funds. Following several months of modest improvement, the weak April revenue numbers are disappointing for states that hoped for economic recovery soon.
Census Takers Provide Early Snapshot of U.S.
Many of Bureau's Workers Hold Advanced Degrees, Showing State of Economy
... Thanks to double-digit unemployment and battered retirement plans, unusually high numbers of people with advanced degrees and top-level management experience have applied for temporary census jobs, many of which pay $10 to $25 an hour depending on level and location.
Auction Highlights a Drop in U.S. Capacity
MOBILE, Ala.—The slow unraveling of a piece of the U.S. economy was visible last week on the waterfront of this port city as much of what was left of Bender Shipbuilding & Repair Co. went on the auction block. More than 2,500 "lots" were laid out on the floor of one of Bender's faded buildings and on the ground outside. Items ranging from bundles of chain hoists to a 700-ton machine for bending steel girders were up for sale. ... Sitting on a giant metal valve slated for auction, he said he worries that if more shipbuilders like him go out of business, he'll have a harder time getting the supplies he needs. "The guy who's making this," he said, rapping his knuckles on the valve. "I don't know where he's going to be" if there aren't enough customers.
So what to do ?
The Tea parties seems to be successful in targeting some incuments, BUT to me they might be being co-opted by big mouth demagogues with foolish conspiratorial ideas. The people's misdirected anger is frittering away the opportunity of a generation for real change. In the anger of the 1970s was born the tax cut movement and Ronald Reagan. What do we see now ? Tea party people in partnership with socialist Bernie Sanders of Vermont in attacking the Federal Reserve. Shades of the old John Birch Society villain list - the CFR. Sheesh, good people are being duped too easily, perhaps from not knowing enough history.
A couple HS friends and I are starting a new not-for-profit corporation to try to re-direct the energy of the American people to more productive, positive efforts. I'll write more later when the entity is officially formed. To me, it's self-evident that the wealth of America is our own people; what we have and do with our current human, economic and physical assets will determine our future. There is no magic bullet or free lunch ... or free money from DC. We have what we do and make by ourselves. Period.
Actions
On Friday Krypto bought her first slug of stocks (US, Europe and Emerging market index funds) with money from selling some TIPS. Now, patience. On significant further declines, Krypto will buy more from TIP sales.
Sky intends to buy some CLF soon. It's pulled back a lot and being an American company, does not have the risks inherent in BHP or FCX. Also, it is more likely a takeover target, not an acquiror.
Word of the Day
"Refractory" - adjective and noun [$10]
Refractory means (adjective) 1. stubborn, unmanageable, rebellious; 2. a. (of a wound, disease, etc.) not yielding to treatment; 2. b. (of a person, etc.) resistant to infection; 2. c. (of a substance) hard to use or work; (noun) a substance especially resistant to corrosion, heat, etc.
Sentence: Pundits are now calling America's employment problem a refractory, long term problem; but that's just foolish when no real efforts have been made and more anti-jobs government taxes and mandates are still being imposed.
Monday, May 17, 2010
Friday, May 14, 2010
TGIF
Ms. Market seems to be tired and recovering from the hangover of the exuberance of Monday. Krypto has many buy orders in US stocks, European stocks & Emerging Market stocks. And Sky has one for a resource stock. I'll swing that bat upon a reasonable pullback.
DC
Pelosi put on a fig leaf to try to cover up the House looting of the public on travel expenses. But she's gotten caught, as today's WSJ story shows. The Senate hasn't even done that. I guess they still underestimate public anger. I hope the anger holds and the bums get tossed out. And hope that the public elects honest alternatives, not just another big mouth.
Word of the Day
"Redound" - verb, intransitive [$10] a very old one from the card file - must date to high school.
Redound means (A) to lead to a usu. unplanned end as if by an inevitable flow of consequences; (B) 1. to have an effect; 2. to return, recoil; 3. to contribute, accrue.
Sentence: Let's hope the voter anger redounds to a more honest Congress this November.
DC
Pelosi put on a fig leaf to try to cover up the House looting of the public on travel expenses. But she's gotten caught, as today's WSJ story shows. The Senate hasn't even done that. I guess they still underestimate public anger. I hope the anger holds and the bums get tossed out. And hope that the public elects honest alternatives, not just another big mouth.
Word of the Day
"Redound" - verb, intransitive [$10] a very old one from the card file - must date to high school.
Redound means (A) to lead to a usu. unplanned end as if by an inevitable flow of consequences; (B) 1. to have an effect; 2. to return, recoil; 3. to contribute, accrue.
Sentence: Let's hope the voter anger redounds to a more honest Congress this November.
Thursday, May 13, 2010
3G
I've been wrestling with what will be my focus for the next three months - that is, besides bashing beefers (aka big, evil funds).
First, at the prodding of Mrs. B, an old high school teacher and my readings from the ancient world, I will start to learn ancient Greek. That will complete my language program to truly cover ALL the major languages of Europe and European history. I have one advantage - I already know the Greek alphabet from my physics training.
Second, I will start an intensive program in German. My German has languished as the beginner study materials available are a bit inferior to those available for the other languages. BUT I think with an intensive effort, I can overcome that and move my German to the next level, where the study materials are quite good.
Third is GREASE. I am making this the summer of the Half-track. A local friend & I will finish the brakes and suspension spring check-out. We have one track brake to adjust properly, which involves removal and re-installation of a 400 lb. track. After that, the rest is easy. Then I'll clean the spark plugs and fire it up. The half-track will roll again !!! Photos to be posted when it does.
A 3G summer should be fun.
Actions
Market were up again, frustrating me. Doing nothing, have cash to reinvest.
Word of the Day
"Pertinacious" - adjective [$10]; "Pertinacity" - noun [$10]
Pertinacious means stubborn, persistent, obstinent (in a course of action).
Pertinacity means the quality of being pertinacious.
Sentence: Bunkerman hopes the "tea party" movement has pertinacity in finding honest candidates who will reduce the size of government.
First, at the prodding of Mrs. B, an old high school teacher and my readings from the ancient world, I will start to learn ancient Greek. That will complete my language program to truly cover ALL the major languages of Europe and European history. I have one advantage - I already know the Greek alphabet from my physics training.
Second, I will start an intensive program in German. My German has languished as the beginner study materials available are a bit inferior to those available for the other languages. BUT I think with an intensive effort, I can overcome that and move my German to the next level, where the study materials are quite good.
Third is GREASE. I am making this the summer of the Half-track. A local friend & I will finish the brakes and suspension spring check-out. We have one track brake to adjust properly, which involves removal and re-installation of a 400 lb. track. After that, the rest is easy. Then I'll clean the spark plugs and fire it up. The half-track will roll again !!! Photos to be posted when it does.
A 3G summer should be fun.
Actions
Market were up again, frustrating me. Doing nothing, have cash to reinvest.
Word of the Day
"Pertinacious" - adjective [$10]; "Pertinacity" - noun [$10]
Pertinacious means stubborn, persistent, obstinent (in a course of action).
Pertinacity means the quality of being pertinacious.
Sentence: Bunkerman hopes the "tea party" movement has pertinacity in finding honest candidates who will reduce the size of government.
Wednesday, May 12, 2010
More Failures in Government
Today's papers illustrate that government in the US at both the Federal and local levels has moved further into fantasy land.
On the local level, read this one from the FT: "Health campaigners have opened up another front in the battle against childhood obesity after a California county prepared to approve a ban on the use of toys and gifts to sell fast-food meals. ... Ken Yeager, the county supervisor who introduced the latest measure, told the Financial Times the ban was a “tool to combat the skyrocketing rate of childhood obesity”."
Why stop at fast food ? Candy, etc. to follow ? No more baseball cards in bubble gum. No more toys in Cracker-Jacks. Heck, they will probably ban Animal Crackers, too.
Why not just seize all children at birth and put them in state-run clinics where they can be properly indoctrinated into agents of state policy ? Where does one draw the line there ?
Here's another example of arbitrary government from the WSJ: "When officials at New York Stock Exchange parent NYSE Euronext and the Nasdaq Stock Market's owner Nasdaq OMX Group Inc. decided last week to cancel certain transactions made during Thursday's market tumult, they drew a sharp dividing line. On one side stood investors allowed to cash in on the trade of a lifetime. On the other side were people who narrowly missed. Now some are speaking out against the exchanges' decision, which they say was arbitrary and has served to undermine confidence in the markets."
Who can say they aren't correct ? The order cancellations WERE arbitrary. Why a cut-off at 60% ? That's a HUGE change. Why not 10% ? I'd guess the SEC/Exchanges want to protect the "market makers", letting as many trades go through as possible.
The SEC/Exchanges (except NYSE) really don't care about investors. All they want to do is preserve the vig for the Street and the big money boys.
We need people with a clear philosophy of fairness to INVESTORS and who want market to serve INVESTORS, not the Street or big money traders. But all we have now are people who want their next job to be a high paying one with the likes of Goug'em Sachs or its law firms.
Sigh ...
We need to clean out the stables full of manure that is DC.
Actions
None yet. Krypto wants lower prices to swing her bat.
Word of the Day
"Gimcrack" - noun & adjective [$10]
Gimcrack means (adjective) showy but flimsy & worthless; (noun) a cheap, showy ornament, a knickknack.
Sentence: All I expect from the SECto the latest market disaster in another gimcrack response to be announced in a big press conference with soothing, but meaningless words.
On the local level, read this one from the FT: "Health campaigners have opened up another front in the battle against childhood obesity after a California county prepared to approve a ban on the use of toys and gifts to sell fast-food meals. ... Ken Yeager, the county supervisor who introduced the latest measure, told the Financial Times the ban was a “tool to combat the skyrocketing rate of childhood obesity”."
Why stop at fast food ? Candy, etc. to follow ? No more baseball cards in bubble gum. No more toys in Cracker-Jacks. Heck, they will probably ban Animal Crackers, too.
Why not just seize all children at birth and put them in state-run clinics where they can be properly indoctrinated into agents of state policy ? Where does one draw the line there ?
Here's another example of arbitrary government from the WSJ: "When officials at New York Stock Exchange parent NYSE Euronext and the Nasdaq Stock Market's owner Nasdaq OMX Group Inc. decided last week to cancel certain transactions made during Thursday's market tumult, they drew a sharp dividing line. On one side stood investors allowed to cash in on the trade of a lifetime. On the other side were people who narrowly missed. Now some are speaking out against the exchanges' decision, which they say was arbitrary and has served to undermine confidence in the markets."
Who can say they aren't correct ? The order cancellations WERE arbitrary. Why a cut-off at 60% ? That's a HUGE change. Why not 10% ? I'd guess the SEC/Exchanges want to protect the "market makers", letting as many trades go through as possible.
The SEC/Exchanges (except NYSE) really don't care about investors. All they want to do is preserve the vig for the Street and the big money boys.
We need people with a clear philosophy of fairness to INVESTORS and who want market to serve INVESTORS, not the Street or big money traders. But all we have now are people who want their next job to be a high paying one with the likes of Goug'em Sachs or its law firms.
Sigh ...
We need to clean out the stables full of manure that is DC.
Actions
None yet. Krypto wants lower prices to swing her bat.
Word of the Day
"Gimcrack" - noun & adjective [$10]
Gimcrack means (adjective) showy but flimsy & worthless; (noun) a cheap, showy ornament, a knickknack.
Sentence: All I expect from the SECto the latest market disaster in another gimcrack response to be announced in a big press conference with soothing, but meaningless words.
Tuesday, May 11, 2010
Unplug the Machines. II.
An article in today's Wall Street Journal online makes the situation last Thursday clear: it was a catastrophe perfectly preventable and precisely caused by excessive use of machines for trading. And it was caused by Wall Street firms and the big hedge funds. "Real" investors had nothing to do with it.
***A few quotes from the WSJ follow***
Did a Big Bet Help Trigger 'Black Swan' Stock Swoon?
On any other day, this $7.5 million trade for 50,000 options contracts might have briefly hurt stock prices, though not caused much of a ripple. But coming on a day when all varieties of financial markets were deeply unsettled, the trade may have played a key role in the stock-market collapse just 20 minutes later.
The trade by Universa, a hedge fund advised by Nassim Taleb, author of "Black Swan: The Impact of the Highly Improbable," led traders on the other side of the transaction—including Barclays Capital, the brokerage arm of British bank Barclays PLC—to do their own selling to offset some of the risk, according to traders in Chicago.
Then, as the market fell, those declines are likely to have forced even more "hedging" sales, creating a tsunami of pressure that spread to nearly all parts of the market.
The tidal wave of selling fed into a market already on edge about the economy in Europe. As the selling spread, a blast of orders appears to have jarred the flow of data going into brokerage firms, such as Barclays Capital, according to people familiar with the matter.
Exchanges, in turn, were clogged by huge volumes of offers to buy and sell stocks, say traders and exchange executives. Even before some individual stocks collapsed to just a penny a share, data from the NYSE Euronext's electronic Arca exchange started to appear questionable, say traders.
...
"It did point out that there is a structural flaw," said Gus Sauter, chief investment officer at Vanguard Group. "We have to think through how you preserve the immediacy and yet preserve the liquidity."
The episode highlights a bigger question about the stock market. In recent years, the market has grown exponentially faster and more diverse. Stock trading's main venue is no longer the New York Stock Exchange but rather computer servers run by companies as far afield as Austin, Texas; Kansas City, Mo.; and Red Bank, N.J.
This diversity has made stock-trading cheaper, a plus for both institutional and individual investors. It has also made it more unruly and difficult to ensure an orderly market. Today that responsibility falls largely on a group of high-frequency traders who make up an estimated two-thirds of stock-market volume. These for-profit hedge funds look out for their own investors' interests and not those of investors in the stocks they trade.
***end of quotes***
It's simple. Whenever the market (or individual stock) moves past a precise limit, unplug the machines. Make people make the decisions. Expose orders widely to everyone and give PEOPLE time to think. In these situation, liquidity is irrelevant. Fairness matters a lot more.
If this sounds like the OLD NYSE order imbalance mechanism, then you're right. Bring it back and enforce it on ALL markets.
The market is for investors, not computer traders. They come last.
Actions
I deferred Krypto's orders as yesterday gave no good buy points. The futures are down today, to it's likely I'll buy Krypto's buys today.
Word of the Day
"Kakistocracy" - noun [$100]
Kakistocracy means government by the worst person; a form of government in which the worst persons are in power.
Sentence: Al Capone's Chicago was a 20th century example of a small kakistocracy that was not ideologically driven. But modern DC seems moving towards a venal kakistocracy where its ruling classes are interested only in their own money and power, not the good of the nation.
***A few quotes from the WSJ follow***
Did a Big Bet Help Trigger 'Black Swan' Stock Swoon?
On any other day, this $7.5 million trade for 50,000 options contracts might have briefly hurt stock prices, though not caused much of a ripple. But coming on a day when all varieties of financial markets were deeply unsettled, the trade may have played a key role in the stock-market collapse just 20 minutes later.
The trade by Universa, a hedge fund advised by Nassim Taleb, author of "Black Swan: The Impact of the Highly Improbable," led traders on the other side of the transaction—including Barclays Capital, the brokerage arm of British bank Barclays PLC—to do their own selling to offset some of the risk, according to traders in Chicago.
Then, as the market fell, those declines are likely to have forced even more "hedging" sales, creating a tsunami of pressure that spread to nearly all parts of the market.
The tidal wave of selling fed into a market already on edge about the economy in Europe. As the selling spread, a blast of orders appears to have jarred the flow of data going into brokerage firms, such as Barclays Capital, according to people familiar with the matter.
Exchanges, in turn, were clogged by huge volumes of offers to buy and sell stocks, say traders and exchange executives. Even before some individual stocks collapsed to just a penny a share, data from the NYSE Euronext's electronic Arca exchange started to appear questionable, say traders.
...
"It did point out that there is a structural flaw," said Gus Sauter, chief investment officer at Vanguard Group. "We have to think through how you preserve the immediacy and yet preserve the liquidity."
The episode highlights a bigger question about the stock market. In recent years, the market has grown exponentially faster and more diverse. Stock trading's main venue is no longer the New York Stock Exchange but rather computer servers run by companies as far afield as Austin, Texas; Kansas City, Mo.; and Red Bank, N.J.
This diversity has made stock-trading cheaper, a plus for both institutional and individual investors. It has also made it more unruly and difficult to ensure an orderly market. Today that responsibility falls largely on a group of high-frequency traders who make up an estimated two-thirds of stock-market volume. These for-profit hedge funds look out for their own investors' interests and not those of investors in the stocks they trade.
***end of quotes***
It's simple. Whenever the market (or individual stock) moves past a precise limit, unplug the machines. Make people make the decisions. Expose orders widely to everyone and give PEOPLE time to think. In these situation, liquidity is irrelevant. Fairness matters a lot more.
If this sounds like the OLD NYSE order imbalance mechanism, then you're right. Bring it back and enforce it on ALL markets.
The market is for investors, not computer traders. They come last.
Actions
I deferred Krypto's orders as yesterday gave no good buy points. The futures are down today, to it's likely I'll buy Krypto's buys today.
Word of the Day
"Kakistocracy" - noun [$100]
Kakistocracy means government by the worst person; a form of government in which the worst persons are in power.
Sentence: Al Capone's Chicago was a 20th century example of a small kakistocracy that was not ideologically driven. But modern DC seems moving towards a venal kakistocracy where its ruling classes are interested only in their own money and power, not the good of the nation.
Monday, May 10, 2010
Unplug the Machines
The solution to avoid ANY more crack-ups in the markets is so simple and pure that, of course, the SEC and Congress will not do it. This potential for a disaster has been talked to death for almost 25 years since the crash of 1987.
Thursday's meltdown appears to have been purely machine driven as they took over the markets: trading algorithms, rapid-fire trading, program trades ... on and on. They moved so fast that no one had time to make rational decisions. And we all know that the "selling" was largely naked short selling by hedge funds and market makers. You know very well they did not have borrows in place. That famous "market maker" exception - that's the same fig leaf Goldman Sachs hides behind for a lot of its deceptive trades.
Sigh ... 25 years of building trouble and no one listens or does anything. That's the power of money. Wall Street and hedge fund money has bought the markets for their own playground. The seller ? The SEC, which dithers for years doing ... nothing.
The solution ?
Unplug the machines. Not permanently, as in stable markets they provide good liquidity benefits in stable or slowly drifting markets. Unplug them whenever stock has fallen (or risen) 2% or a major average has fallen (or risen) 2% from the prior day's close. Let people handle those trades. And enforce trading halts nationwide. And extend them to options and futures markets. AND to derivatives. AND "dark pools". Apply them to ALL broker-dealers for ANY trades.
I don't care if "market makers" have a tougher time. That's their problem. If they want to sell options and can't "hedge", just charge more for the risk.
I don't care if electronic exchanges have trouble and lose business. That's tough - they simply do not work fairly in rapid markets. Force all trades in fast, unstable markets onto the NYSE.
More: no short selling when a stock is down 2%. No naked shorts by ANYONE including market makers AND ETFs. And for ANY short sale not from the broker's in-house holdings, I think a borrow should be pre-arranged.
No more ETFs backed by derivatives. And get rid of the ones that exist now. The markets should be brought back to REALITY from the phantom zone.
Travel
I spent a few days in my hometown last week. What a fine place to live ! Uh .. that is, if one has a good job. Unemployment is very high and I'd guess "underemployment" is stunning. A cousin had me over for a BBQ - ahhhh ... the pleasures of burgers, baked beans and beer ! And a taco salad for multicultural diversity.
And then ... Big Al had a BBQ and produced a culinary masterpiece: grilled spam burgers with cheese. Mon dieu ... c'est magnifique !!!
Actions
Krypto has many buy orders for me, as does Sky. I will do them sometime today, likely not at the open as futures indicate a huge up day on the news of the Euro-EU stabilization package. Krypto wants me to sell TIPs, and cash and buy European, Emerging market and US. Sky wants me to re-buy some resource stocks (these will be one or all of BHP, FCX and CLF).
By the way, I closed Fido Fund as a separate fund and now put those stocks in the Sky Fund, run by my fine herding dog, Sky, as directed by whistle commands from Mrs. B.
More ... Sky placed 6th and 7th in the weekend's sheep herding trials in northern New Hampshire. This was Mrs. B's (near) debut as a handler and she did very well, of course. Krypto was a bit of a goofball, but she's a beginner.
Book of the Week
The Grass Crown, by Colleen McCullough is the follow-on book to The First Man in Rome. This very fine historical novel combines good writing with solid research to produce an engaging and enjoyable story of the rise of Sulla to power in Rome. And it puts "meat" onto the dry historical accounts of the 100 years destruction of the Roman Republic. By who ? Easy ... the rich and powerful in the Senate did it by their lust for money and power. Too few had old fashioned integrity or any sense of fairness.
The Grass Crown is superb - if you are interested in Rome, read it.
Word of the Day
"Retradition" - noun [$1000] (rare)
Retradition means the action of handing back.
Sentence: Financial markets need the retradition of ALL trading in fast or unstable markets back to the NYSE where humans can stop the machines from causing disasters.
Thursday's meltdown appears to have been purely machine driven as they took over the markets: trading algorithms, rapid-fire trading, program trades ... on and on. They moved so fast that no one had time to make rational decisions. And we all know that the "selling" was largely naked short selling by hedge funds and market makers. You know very well they did not have borrows in place. That famous "market maker" exception - that's the same fig leaf Goldman Sachs hides behind for a lot of its deceptive trades.
Sigh ... 25 years of building trouble and no one listens or does anything. That's the power of money. Wall Street and hedge fund money has bought the markets for their own playground. The seller ? The SEC, which dithers for years doing ... nothing.
The solution ?
Unplug the machines. Not permanently, as in stable markets they provide good liquidity benefits in stable or slowly drifting markets. Unplug them whenever stock has fallen (or risen) 2% or a major average has fallen (or risen) 2% from the prior day's close. Let people handle those trades. And enforce trading halts nationwide. And extend them to options and futures markets. AND to derivatives. AND "dark pools". Apply them to ALL broker-dealers for ANY trades.
I don't care if "market makers" have a tougher time. That's their problem. If they want to sell options and can't "hedge", just charge more for the risk.
I don't care if electronic exchanges have trouble and lose business. That's tough - they simply do not work fairly in rapid markets. Force all trades in fast, unstable markets onto the NYSE.
More: no short selling when a stock is down 2%. No naked shorts by ANYONE including market makers AND ETFs. And for ANY short sale not from the broker's in-house holdings, I think a borrow should be pre-arranged.
No more ETFs backed by derivatives. And get rid of the ones that exist now. The markets should be brought back to REALITY from the phantom zone.
Travel
I spent a few days in my hometown last week. What a fine place to live ! Uh .. that is, if one has a good job. Unemployment is very high and I'd guess "underemployment" is stunning. A cousin had me over for a BBQ - ahhhh ... the pleasures of burgers, baked beans and beer ! And a taco salad for multicultural diversity.
And then ... Big Al had a BBQ and produced a culinary masterpiece: grilled spam burgers with cheese. Mon dieu ... c'est magnifique !!!
Actions
Krypto has many buy orders for me, as does Sky. I will do them sometime today, likely not at the open as futures indicate a huge up day on the news of the Euro-EU stabilization package. Krypto wants me to sell TIPs, and cash and buy European, Emerging market and US. Sky wants me to re-buy some resource stocks (these will be one or all of BHP, FCX and CLF).
By the way, I closed Fido Fund as a separate fund and now put those stocks in the Sky Fund, run by my fine herding dog, Sky, as directed by whistle commands from Mrs. B.
More ... Sky placed 6th and 7th in the weekend's sheep herding trials in northern New Hampshire. This was Mrs. B's (near) debut as a handler and she did very well, of course. Krypto was a bit of a goofball, but she's a beginner.
Book of the Week
The Grass Crown, by Colleen McCullough is the follow-on book to The First Man in Rome. This very fine historical novel combines good writing with solid research to produce an engaging and enjoyable story of the rise of Sulla to power in Rome. And it puts "meat" onto the dry historical accounts of the 100 years destruction of the Roman Republic. By who ? Easy ... the rich and powerful in the Senate did it by their lust for money and power. Too few had old fashioned integrity or any sense of fairness.
The Grass Crown is superb - if you are interested in Rome, read it.
Word of the Day
"Retradition" - noun [$1000] (rare)
Retradition means the action of handing back.
Sentence: Financial markets need the retradition of ALL trading in fast or unstable markets back to the NYSE where humans can stop the machines from causing disasters.
Sunday, May 2, 2010
Off to Ohio
I'm off to my hometown in Ohio until Friday evening. Next post will be Monday, May 10.
I hope Sulla (=Barry = Obama) and the rest of the DC racketeers don't mess up the world too much in the interim without my guidance ;)
Enjoy the week !
Traders: make money !
Uh ... that only applies to natural people, not hedge funds ;)
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