The Big Picture

Jimmy Page Explains How ‘Stairway’ was Written
Succinct Summations of Week’s Event’s 1/9/15
New for 2015: Masters in Business!
Teixobactin
10 Friday AM Reads
1971 Ferrari 246 Dino GT M-series

Jimmy Page Explains How ‘Stairway’ was Written

Posted: 09 Jan 2015 04:00 PM PST

Via Open Culture: Stairway to Heaven was one of the biggest rock songs of the 1970s – loved, imitated and sometimes parodied. Now Led Zeppelin’s classic track is back on the turntable, on a re-mastered version of the band’s fourth album. 43 years after its release, the song continues to hold a place in many music fans’ hearts.

Guitarist Jimmy Page gives a personal account of how a rock anthem came together.

~~~

Here is an early test recording:

Page, Plant, Bonham and Jones jamming to an unfinished Stairway to Heaven.

Succinct Summations of Week’s Event’s 1/9/15

Posted: 09 Jan 2015 01:00 PM PST

Succinct Summations week ending January 9th

Positives:

1. The U.S. Economy added 252k jobs in December.
2. Unemployment rate fell to 5.6%; Revisions to the jobs report added 50k jobs to each of the prior past two months.
3. U.S. consumer confidence jumped to a seven-year high;
4. ADP's December private payrolls rose by 241k.
5. Eurozone retail sales rose 0.6% m/o/m, better than the expected rise of just 0.2%.
6. German unemployment fell to 6.5%, the lowest level in almost twenty-five years.
7. Vehicle sales came in at 16.8mm SAAR, slightly lower than the 16.9mm expected but still strong and above the 12-month average.

Negatives:

1. Average hourly earnings fell 0.2% m/o/m.
2. Wages rose just 1.7% y/o/y, well below the 2.2% expected and the weakest readings since October 2012.
2. Factory orders fell 0.7% in November, vs the 0.5% expected decline.
3. December was the first time ever that all ten components of the ISM services report declined.
4. Markit service sector fell to a ten-month low, coming in at 53.3.
5. ISM non-manufacturing PM came in at 56.2, vs the 58 expected.
6. Initial jobless claims came in at 294k, slightly higher than expected.
7. Labor Participation Rate fell to 62.7%, levels not seen since 1977.

Thanks, Mike!

New for 2015: Masters in Business!

Posted: 09 Jan 2015 09:30 AM PST

Thank you for all of the emails and tweets asking about Bloomberg’s Masters in Business radio / podcast. We are back this year with a new series of interviews. We have some truly amazing people queued up for this the show.

It looks to be a rather spectacular line up: Bill Gross of Janus, Howard Marks of Oaktree, Cliff Asness of AQR, Jim McCann of 1-800Flowers, and more.

I am hoping to add some more people from outside of finance, including arts

We start the new year with a special “youth edition” of MiB, featuring Patrick O’Shaugnessy, author Millennial Money. While many people seem to believe that the Millenial generation is screwed due to the financial crisis, weak job market and burdensome student loans, Patrick discusses the advantages of youth in investing, in particular the magic of compounding returns over 40-50 years. That will be broadcast tomorrow at10am 6pm and repeat on Sunday.

If you missed any of the first 25 shows, all of our prior podcasts are available on Apple iTunes.

Teixobactin

Posted: 09 Jan 2015 08:00 AM PST

In light of the discovery of the first new anti-biotic in decades, let’s have a look at the molecular chemistry involved:

click for ginormous graphic

Source: Compound Interest

10 Friday AM Reads

Posted: 09 Jan 2015 04:30 AM PST

Between the markets, the bone chilling cold, and the terrorist attack in Paris, this weekemd cannot get here soon enough. Of course, we have your morning train reads:

• 2014 was Hedge Funds' Annus Horribilis (CIO)
• Once the biggest ETF in the land, GLD is No Longer in Top 10 (ETF)
• Beating the stock market has become even harder (Marketwatch)
• Why the Media Started Caring About the American Worker Again (Atlantic)
• A Cult Following for Fed-Themed Tie Commemorating End of Stimulus (Moneybeat)

Continues here

1971 Ferrari 246 Dino GT M-series

Posted: 09 Jan 2015 03:00 AM PST

One of my favorites, a gorgeous little thing, originally derided as a “girl’s car — a poor criticism, as it is lovely design has stood the test of time. It is yet another car whose price has run away from me, now unaffordable to buy, and too valuable to be a fun, weekend driver . . .

Source: Classic Driver