The Big Picture

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• 10 Monday PM Reads
• Buybacks: Money well spent?
• Correction or New Bear Market ?
• 10 Monday AM Reads
• TDS: Lawsuits of the Rich and Shameless

10 Monday PM Reads Posted: 13 Oct 2014 02:30 PM PDT My afternoon train reads: • What the F*#k Should Investors Do? (Part 1) (Institutional Investor) and part II (here) • Emerging markets adapt to 'new normal' as commodities cycle ends (FT) • The Other Bull Market (Fool) • 5 things to do when markets plunge (Post) see also Bears Stalk the 'Goldilocks' Stock Market (WSJ) • Bill Gross: Why I Left PIMCO (CIO) • The Prize in Economic Sciences 2014 oes to Jean Tirole, Toulouse 1 Capitole University, France (Nobel) • It's Official: Partisan Rancor Worst in Over a Century (Bloomberg) • Climate change, Benghazi, the Fed: The science behind the right's irrational obsession with conspiracies (Salon) • Google — Motorola was a win. (Medium) see also China, The Troika, and Don’t Be Evil: A Master Class In Google (Medium) • How Libertarians Would Handle an Ebola Outbreak in Texas (Newsweek) What are you reading?     Asian Market Hubs Move Into Gold Source: WSJ

Buybacks: Money well spent? Posted: 13 Oct 2014 09:00 AM PDT Great charts from the FT’s weekend article, titled Buybacks: Money well spent?:     Source: FT     Source: FT

Correction or New Bear Market ? Posted: 13 Oct 2014 06:30 AM PDT Here we are, 10-plus months into the year, and we have nothing to show for it. At least, that is the case if we measure our progress by the gains (or losses) of the Dow Jones Industrial Average. The index is now unchanged for the year after last week’s losses. The previously one direction market has suddenly recalled what volatility looks like, having for the most part forgotten. Yes, stocks go up AND down. At the beginning of the fourth quarter, the Standard & Poor’s 500 Index was up about 7 percent for the year; those gains have now been cut by more than half. The Russell 2000 small cap index was already almost 5 percent, and the past few weeks have added to the red. The Nasdaq 100 is still positive on the year, but the has given back some of its gains. I can’t tell you what will happen in the coming weeks or months, nor can I tell you what to do, not knowing your time horizon, risk tolerance and client base. I can, however, bring to your attention some interesting data points you may not have been aware of: Continues here

10 Monday AM Reads Posted: 13 Oct 2014 05:15 AM PDT Hope you feel rested and refreshed! I have a feeling this week is going to get a bit funky! Start it right with our morning train reads: • How Scared Should Investors Be? (WSJ) see also Bear markets are a learning experience. Really. (USA Today) • The Quantitative Value Philosophy: Buy the Cheapest, Highest Quality Value Stocks (Alpha Architect) • It's the "new mediocre", not a global recession (FT) see also Why is the recovery so weak? It's the austerity, stupid. (Washington Post) • A Dozen Things I've Learned From Jeffrey Gundlach About Investing (25iq) Continues here

TDS: Lawsuits of the Rich and Shameless Posted: 13 Oct 2014 03:00 AM PDT Former AIG Chairman and CEO Hank Greenberg sues the U.S. government, claiming that the terms of the company’s $184 billion bailout were insufficient and unfair. The Daily Show Get More: Daily Show Full Episodes,The Daily Show on Facebook,Daily Show Video Archive TDS 9:58

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