Weekend Reading – Stuff we found interesting this week

Welcome to our weekly roundup of the stuff we read that was interesting to us and hopefully to you.

NOTHING ON DSK FROM THE IMF – the titulation of the main stream media and the punditry has left us cold.

From this week’s Barrons magazine, easily the best financial publication on the plant – with the FT, a story of shrinking resources and a permanent shift in value. This is both well written, Alan Abelson after all, and interesting. Worth the time.

Link to a video with stock market historian and CLSA consultant Russell Napier discusses with head of Lex John Authers his warning that the real bear market in the S&P has yet to come and could push the US equities index down to 400, plus he explains how emerging markets could trigger a leap in US Treasury yields.   But like everything this is just a view and if you listen to what he says there are still plenty of opportunities.

Dr Martin Parkinson is the new Secretary of the Australian Treasury and he gave his first public speech in the role the week. We are Keynesians at heart and his comments on uncertainty rang loud and true with us and if you wondered about the AUD’s strength and dutch disease just look at chart 7 but the worst bit is a paragraph or two latee he says that for all the pressure on te non-mining economy the miners “effectively” pay less tax. But at least we have China.

People are pretending that having hit the debt ceiling this week that any default in the US will be ONLY technical in nature. We worry it will open Pandora’s box but trust it won’t ocurr. Here is a blog we did atMacoBusiness earlier this week and here is another interesting Barrons article.

Personally I don’t agree with the premise of this one, that active managers are better than the index funds for anything but a small subset, but I confess to thinking if I manage your money actively with index funds you’ll get abetter return than average. SO I guess I must agree.

Last year Andrew Haldane wrote a great piece about “patience and finance” – I blogged about it here. This week he was back for more – he is a must read.

Oh and even though the RBA minutes were as Hawkish as they come the data is very very different.

And of course the FT’s week in review

Have a great weekend

Greg McKenna

greg@lighthousesecurities.com.au

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