The Big Picture

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• Is Monetary Policy Overburdened?
• 10 MidWeek PM Reads
• Expanding Horizons: Taking a Global Perspective on Dividend Yield
• A Few Words About Valuation
• Banks to Be Hit With Rate Fines
• 10 MidWeek AM Reads
• Look Out Above, Twitter IPO Edition
• Lamborghini Veneno = $4 Million (and there are none left for sale)

Is Monetary Policy Overburdened? Posted: 07 Nov 2013 02:00 AM PST

10 MidWeek PM Reads Posted: 06 Nov 2013 02:00 PM PST My evening train reading • U.K. acts to cap retirement-plan fees at 75 bps (MarketWatch) • The great austerity shell game (Guardian) see also The Bank Guarantee That Bankrupted Ireland (Occupy) • Hedge Funds' 'Two and Twenty' Era is 'Done' (Barron’s) • Two Papers That Could Persuade the Fed to Prolong Stimulus (Business Week) see also Two Fed Economists Have Given Us A Big Hint About The Fed’s Next Easing Move (Business Insider) • Wolf: Germany is a weight on the world (FT) • Twitter — Scenario 3, courtesy of Aviate Global (FT Alphaville) see also Facebook? Overvalued? What Makes You Think So? (WSJ) • Bernanke Giving Homebuyers Second Chance With Pledge (Bloomberg) • Price Elasticity Can Work: Dropping Ebook Price To $1 Catapulted Year-Old Book Onto NYT Best Seller List (Techdirt) • Packet Capture by NSA (Google+) • How Americans Get TV News at Home (Journalism.org) but see Can’t Get Away From It All? The Problem Isn’t Technology — It’s You (Wired) What are you reading?   Under Obama, spending has been flat Source: MarketWatch

Expanding Horizons: Taking a Global Perspective on Dividend Yield Posted: 06 Nov 2013 11:00 AM PST Video Returns for Investors at Unprecedented Lows from The Big Picture on FORA.tv   Full Video here

A Few Words About Valuation Posted: 06 Nov 2013 10:00 AM PST Source: Mebane Faber     A few weeks ago, Yale Professor Robert Shiller won the Nobel prize for his work on irrationality and inefficiency of markets. Since then, we have been treated to a plethora of stories on some of his other work — especially so-called CAPE, Shiller's measure of long term valuation. The general consensus seems to be that CAPE — the cyclically adjusted price-to-earnings ratio – is elevated, stocks are overvalued, and a crash is imminent. This is a misreading of both valuation measures, as well as causes of crashes.   Continued here

Banks to Be Hit With Rate Fines Posted: 06 Nov 2013 09:00 AM PST Click for giant graphic. Source: WSJ

10 MidWeek AM Reads Posted: 06 Nov 2013 06:30 AM PST Good Twitter IPO morning: • Going public: How Twitter’s IPO will work (AP) see also The Single Biggest Determinant of Startup Valuations at IPO (Tom Tunguz) • You’re Not Listening To Robert Shiller If His CAPE Ratio Has You Scared Of Stocks (Business Insider)   Continued here.

Look Out Above, Twitter IPO Edition Posted: 06 Nov 2013 04:30 AM PST click for updated Futures   The market began Tuesday with futures deep in the red, only to closed mixed — the shallow pullback was apparently jumped on by investors. The anecdotes I keep coming across is that many remain professionals are under-invested; perhaps this latest dip buying is an attempt by some to get positioned for a possible year end rally. CONTINUED HERE

Lamborghini Veneno = $4 Million (and there are none left for sale) Posted: 06 Nov 2013 03:30 AM PST Lamborghini is known for making one-of-a-kind vehicles and their latest creation is no exception. At a price of just $4M, the Veneno is awe-inspiring with only 4 cars in existence. Bloomberg gives you an up close look at Lamborghini's newest sports car. Source: Bloomberg, Nov. 6 2013

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