Friday, February 28, 2014
News: I like to box. How I like to box! So, every day, I box a Gox. In yellow socks I box my Gox. I box in yellow Gox box socks.
So apparently while I was out shopping, Russia declared war on the Ukraine and killed everyone in a nuclear holocaust. So everyone puked the S&P 500 until they realized the S&P 500 doesn't have any Ukrainian companies.
So here's the last few newsbits of the day:
BI - Q4 GDP revised down. Yawn.
Bespoke - S&P 500 all-time closing high. What's that old saying? "But it is what it is"? Hm. What do you think "but it is what it is" means in the context of yet another new alltime high in the S&P 500? Maybe you should ask Soviet stooge Max Keiser, permadoom fiction author James Kunstler, or some Elliot Wave charlatan to interpret this chart for you? Because obviously the answer is not in the chart, right? The chart is not the chart, and another new alltime high in the S&P 500 must be a portent of imminent doom, no? Because it isn't what it is, right?
FT Alphaville - PBoC says the beatings will continue until morale degrades. I like these guys more and more.
FT beyond brics - India versus Vodafone, continued. This is part of what Jim O'Neill is referring to when he says "all these EMs have to do is stop acting like bloody idiots".
BI - MtGox CEO admits the bitcoins are all gone. What a fantastic thing this new cryptocurrency is! You can apparently get it all stolen from you! Wow, you really sold me on it now!
Ritholtz - Elon Musk - visionary or rent-seeker? As an aside, my general theory of secular bull and secular bear markets is that a secular bear is where rent-seeking (and other forms of corruption) conquers productive endeavour.