Monday, April 14, 2014

Some enchanted morning reading

Here's some news to waste your time with:

Ritholtz - all the bearish narratives are bullshit, buy the S&P and quit whining. Short-term market moves are random-ish because human buy and sell points are lumpy. Human buy and sell points are lumpy probably because our setpoints for pain and pleasure (thus sell and buy points) don't lie on a continuum, but are clustered at certain levels. Add to that positive feedback in herd behaviour and you've got your explanation.

Reformed Borker (Bork Bork Bork!) - on diversification and stuff. Why you need either brass balls or rabies to be 100% in US equities. Then again, his buddy Barry used to say it's no problem avoiding drawdowns in US equity positions - just use the 200DMA as a stop.

FT Alphaville - leaving Las Bambas, hahaha, you see what we did there? Glenstrata now has a big pile of money to play with. I also find it interesting that China wanted to buy a big copper mine, given the whole "Chinese copper demand is collapsing OMG" narrative.

Chronicles of Brodrick - three important gold charts. Charts 1 and 3 simply tell you what's happened already and in no way imply any sort of trend, so you can ignore them. But I found this chart interesting:

Pretty freaky that we have actually seen a bear market in discoveries over the past 15 years, no?

Ritholtz - famous witty insults of the past. No "feck you, ya feckin' fecker"s here. One of my favourites is
"I have never killed a man, but I have read many obituaries with great pleasure.”
- Clarence Darrow


  1. If this is a graph of discoveries currently in production, it could be a reflection of the length of time it takes to get a typical mine into production. Fifteen years is pretty typical, especially for large mines, so not many discoveries of the past fifteen years are in production yet.

    Or we just aren't trying hard enough.

    1. Maybe the money has been going into something else for the past fifteen years. Like coke and whores.