The Big Picture

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• Investing in the New Normal
• 10 Thursday PM Reads
• Comedians in Cars Getting Coffee: Sarah Silverman “I’m Going To Change Your Life Forever”
• Major Asset Classes: 1850 – Present
• 10 Thursday AM Reads
• America’s Worst Charities
• Network Data

Investing in the New Normal Posted: 13 Jun 2013 03:00 PM PDT Click for video Source: Mauldin Economics   Click for video Source: Mauldin Economics

10 Thursday PM Reads Posted: 13 Jun 2013 01:45 PM PDT My afternoon train reads: • Hilsenrath: Fed Likely to Push Back on Market Expectations of Rate Increase (Real Time Economics) see also Fed tapering should help, not hurt, the dollar (CNNMoney) • These Bond ETFs Can Battle Rising Interest Rates (Investors.com) • Volatility is back! (CNNMoney) • B of A’s Refi Pitch a Bubble-Era Flashback (American Banker) • New Home Prices Say What's Different This Time (Bloomberg) • Darrell Issa’s IRS Investigation Is Falling Apart (Businessweek) • Edward Snowden is Exhibit A for How Washington Blows Money on Contractors (Atlantic) • Winners and Losers in the Coming Super-Network War (Barron’s) • Three Ways to Discover If Your Puppy's a Prodigy (Speakeasy) • Jony Ive Redesigns Things (John Ive Tumblr) What are you reading?   Bullish Sentiment Rises Source: Bespoke

Comedians in Cars Getting Coffee: Sarah Silverman “I’m Going To Change Your Life Forever” Posted: 13 Jun 2013 11:30 AM PDT   Click for video Source: Comedians in Cars Getting Coffee

Major Asset Classes: 1850 – Present Posted: 13 Jun 2013 08:30 AM PDT Click to enlarge   I do not ever recall seeing all these in one place in one chart: S&P 500, DJIA, Gold, Silver, West Texas Intermediate, Total Debt as a % of GDP and the US 10yr to 1850. Many of these are at or close to all time highs. (Note the exception is the US 10yr Yield, which trade at an inverse to the bond). We rarely look at them all together. In doing so, it's amazing that for as much problems that we appear to have politically, economically and socially, the markets appear unfazed in any way. Resilient.   UPDATE: June 13 2013, 3:49pm Adjusted for Inflation you say? Done: Click to enlarge   Source: Ralph M Dillon Global Financial Data, June 12, 2013 www.globalfinancialdata.com

10 Thursday AM Reads Posted: 13 Jun 2013 07:00 AM PDT My morning reads: • Risk On Risk Off is Out: The Street Walks a New Talk (WSJ) • More evidence that Thomson Reuters data may be leaking out earlier than it's meant to (Quartz) • Manhattan’s Stormy Listing Trend (Curbed) see also NYC Coop/Condo Inventory (Miller Samuel Inc.) • Home Prices are Not Affordable (cepr) • The real threat to the markets this summer (msn money) • Revolving Door: Former Members (Open Secrets) • Asking the U.S. government to allow Google to publish more national security request data (Google) • The Secret War (Wired) see also Cryptic Overtures and a Clandestine Meeting Gave Birth to a Blockbuster Story (NYT) • Facebook is Getting Old (Daily Dot) • Fixing the Digital Economy (NYT) What are you reading?   Nikkei Enters Bear Market Source: WSJ

America’s Worst Charities Posted: 13 Jun 2013 04:17 AM PDT I have to direct your attention this morning to a monster piece in Tampa Bay Times titled: America’s Worst Charities. Aside from the obvious Pulitzer Prize potential, the series is a fantastic look at the massive waste of money – donated in good faith by people who have reasonable expectations that the cash would actually do some good to people in need. Instead, the worst charities are simply treadmills, raising more money to apply it to the not very important business of raising more money. The finance industry has deep ties to the world of philanthropy (aka charity industry), as wealthy clients very often engage in major “gifting.” Foundations and donations are a major part of tax and estate planning. As the series makes clear, intelligent philanthropy is much harder than it looks. I always advise that before writing a check, you do your homework. Start with GiveWell and Charity Navigator (also check out Evaluating the Charity Evaluators). Focus on what actually helps people, rather than poorly run, self-interested shops that are borderline scams. (Also, check your ego and avoid trying to have a building with your name on the side of it). And for heaven’s sake, stop giving money to outfits that pocket 90% of the donations, leaving little or no aid for its intended purpose.       ~~~ Click to enlarge Source: Tampa Bay Times

Network Data Posted: 13 Jun 2013 03:00 AM PDT This is from 1 year ago, and is suddenly very relevant: Network from Michael Rigley on Vimeo. Information technology has become a ubiquitous presence. By visualizing the processes that underlie our interactions with this technology we can trace what happens to the information we feed into the network. Vimeo via boingboing

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