The Big Picture

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• 10 Monday PM Reads
• The Antibiotic Abacus
• Liesman to Santelli: “You Are a Money Loser!”
• 10 Monday AM Reads
• Context Required: Mom & Pop vs Professional Investors

10 Monday PM Reads Posted: 14 Jul 2014 01:30 PM PDT My afternoon train reads: • On the hunt for higher yields, investors in Asia snap up perpetual bonds (WSJ) see also Growth in Japan? (Fidelity) • Empty floors fray traders’ nerves (WSJ) • Financial Advisers: Show Us Your Numbers (MoneyBeat) • Bad thinking: Nothing Can Make Me Bullish on Stocks Now: Manduca (Bloomberg TV) • Secret Path Revealed for Chinese Billions Overseas (Bloomberg) • A Dozen Things I’ve Learned from Fred Wilson (25iq) • 10 Happiness Hacks: Backed By Science (The Spirit Science) see also 10 Simple Things You Can Do Today That Will Make You Happier, Backed By Science (HuffPo) • Gerrymandering watch: A Florida judge just voided the state’s congressional districts. (WonkBlog) • The Beginning of Time-Lapse (Pacific Standard) • Does Anyone Even Want a Smartwatch? (NY Mag) What are you reading?   Changes in the Factors Affecting Carbon Dioxide Emissions Source: NY Times

The Antibiotic Abacus Posted: 14 Jul 2014 11:30 AM PDT Source: Information Is Beautiful

Liesman to Santelli: “You Are a Money Loser!” Posted: 14 Jul 2014 10:00 AM PDT As a reminder, this is why you should leave your TV off all day . . .   Be sure to watch until the very end . . .   Is Yellen risking inflation? Source: CNBC, Mon, 14 Jul ’14 | 12:01 PM ET

10 Monday AM Reads Posted: 14 Jul 2014 06:30 AM PDT Welcome back to the Monkey House! (with all due respect to Kurt Vonnegut). This morning, we have some expertly curated reads to start off your week ( Continues here): • A Long-Term Investor’s Guide to Beating the Odds (City Wire Global) • Where did money go in Q2? (Irrelevant Investor) • Are you more financially literate than a 15-year-old? (Real Time Economics) • Pension funds seek 'sweet spot' in alternatives (FT)  Continues here

Context Required: Mom & Pop vs Professional Investors Posted: 14 Jul 2014 05:30 AM PDT This morning, I want to direct your attention to a Bloomberg News article titled “Individuals Pile Into Stocks as Pros Say Bull Is Spent..” It is a worthwhile read, but a bit of context is required. The article notes that Main Street and Wall Street are allocating money in diametrically opposed ways: “Individual investors are plowing money back into the U.S. stock market just as professional strategists say gains for this year are over. About $100 billion has been added to equity mutual funds and exchange-traded funds in the past year, 10 times more than the previous 12 months, according to data compiled by Bloomberg and the Investment Company Institute.” At the same time, various big-name forecasters are predicting the "stock market will be stagnant." They further observe "valuations are at four-year highs." Individuals pile into equities while the pros pull out? The knee-jerk response is to run for the hills, or Treasuries, or whatever your favored disaster trade might be. Unfortunately, it is never quite that simple. A little bit of context explains why neither of these indicators is of much significance. Continues here

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