The Big Picture |
- Bernanke Plans to Make Voice Heard
- The 2011 Big Picture Investor Conference
- Succinct Summation of (Short) Week’s Events
- A Look at Absurd US Healthcosts (vs. Rest of the World)
- Information Triage
- Breaking Down CPI vs Prior Inflation Cycles
- The Other Side of Active ETFs: Follow the Money
- Bill Black: Rating Agencies “Harm The World” and Should Not Exist
- Bill Black: Banks Are Above the Law, So Another Crisis is Coming
- Must Read: Apropos of Everything (Continued)
| Bernanke Plans to Make Voice Heard Posted: 21 Apr 2011 11:00 PM PDT On April 27, Ben Bernanke will do something no Fed chief has done before: Stand before journalists two hours after a policy meeting and answer questions about the central bank’s decisions. |
| The 2011 Big Picture Investor Conference Posted: 21 Apr 2011 05:06 PM PDT Back in Jun 2009, we held a Big Picture Conference (Recap here). The response to the last conference was terrific; We are thinking about doing another one in September of this year. This is always a bit of a project: The conference rooms cost money, as does flying people in and hosting them. I try to keep the costs reasonable (say $895 versus $2500). So before proceeding, I wanted to ask the crowd a few questions:
Use the comments to add your thoughts or suggestions . . . For those of you interested in attending, add your email address and I will keep you updated as to the speakers list and agenda as it develops.
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| Succinct Summation of (Short) Week’s Events Posted: 21 Apr 2011 12:30 PM PDT Succinct summation of short week’s events: Positives:
Negatives:
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| A Look at Absurd US Healthcosts (vs. Rest of the World) Posted: 21 Apr 2011 11:30 AM PDT |
| Posted: 21 Apr 2011 11:00 AM PDT Great concept — that is exactly how I sift through the daily deluge of data: Information Triage:
Source: WordSpy |
| Breaking Down CPI vs Prior Inflation Cycles Posted: 21 Apr 2011 09:30 AM PDT Very interesting set of charts looking at Consumer Prices from The Chart Store. Over the course of 12 post WW2 business cycles, the following shows the periods of Inflation. Two things worth noting: The current cycle versus the composite of all prior cycles is relatively modest. This suggest that inflation is currently tame. However, as the same chart shows, it has begin to move higher — and that raises concerns of increased inflationary pressures in the not-too-distant future. > Click for larger chart > The following chart suggest rising consumer inflation expectations:
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| The Other Side of Active ETFs: Follow the Money Posted: 21 Apr 2011 08:45 AM PDT Ari Weinberg is the WSJ Editor for Financial Tools; His perspective can also be seen on occasion at the Journal’s MarketBeat. ~~~ PIMCO made a big splash in the small world of actively-managed exchange-traded funds by filing for an ETF version of its Total Return Fund. As many have accurately noted, PIMCO's filing makes a statement to the traditional mutual fund world that Bill Gross, who has $236 billion at his command, isn't afraid to disclose the daily positions and valuations for thousands of assets. Gross doesn't need to fear front runners in his market. He is the market. (ht @retheauditors) While the PIMCO Total Return ETF will not be a share class of the larger fund – due to Vanguard's patent on the hub-spoke share class structure – the fund will no doubt see a huge influx of cash to feed Gross's Total Return replication. This is where you need to follow the money. First, it's important to understand the business of regulated asset managers and mutual funds. Whether you like it or not, all asset managers are asset gatherers. They have to be to stay afloat and get to scale. Hedge funds, or unregulated asset managers, have created a model in which they are paid partly for the assets they manage but mostly for the returns they generate above a benchmark. Most regulated funds do not operate this way. The portfolio managers and the asset management companies divide the rents generated by the expense ratio. They make more money by generating returns which attract more assets. (Sure, they reduce the expense ratio as the fund gets bigger, but they'll gladly take a smaller percentage of a bigger pie. The numbers still work out fine. Just ask Bill Gross.) But Gross didn't become a billionaire by simply running his actively managed mutual fund. He followed the money. ~~~ Continues at MarketBeat. |
| Bill Black: Rating Agencies “Harm The World” and Should Not Exist Posted: 21 Apr 2011 08:30 AM PDT |
| Bill Black: Banks Are Above the Law, So Another Crisis is Coming Posted: 21 Apr 2011 06:55 AM PDT |
| Must Read: Apropos of Everything (Continued) Posted: 21 Apr 2011 06:15 AM PDT Earlier this month, I published a piece in the Think Tank titled Apropos of Everything by regular TBP contributor Paul Brodksy of QB Partners. It went viral, and Paul received literally 100s of emails about it. Many o you asked to be informed when the follow up was published. It is now live in the Think Tank: All three parts are your weekend homework assignments . . . |
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