Mystery Surrounding Collapse Of Hong Kong Mercantile Exchange Deepens; Four Arrested

Mystery Surrounding Collapse Of Hong Kong Mercantile Exchange Deepens; Four Arrested

Tyler Durden on 05/25/2013 22:30 -0400

hkmex

A week ago, when the brand new Hong Kong Mercantile Exchange suddenly shuttered after being in operation for only two years, urgently settling what little contracts were outstanding, many questions were left unanswered. Such as: how it was possible that the exchange, expected by many to become the new preferred trading venue for Asian precious metals and to steal the CME’s crown, could close on such short notice, without barely having been given a fair chance at being profitable, let alone dominating Pacific rim metals trading. This mystery deepened further after reports that the exchange barely had seen any volume, with allegedly only a tiny 200 open contractsremaining to be settled upon shuttering. Now, the confusion surrounding the HKMex closure has taken another big step for bizarrokind following news that not only have at least four HKMex senior executive have been arrested having been found to be in possession of false bank docs for nearly half a billion in dollars, but that government itself was forced to “shore up confidence” in CY Leung, Hong Kong’s 3rd Chief Executive, whose former top aide was none other Barry Cheung Chun-yuen, founder of the HKMex.

Yet another major geopolitical scandal centered around gold: how original. Read more of this post

Top Korean civil servants’ wealth averages $2mil

Top Korean civil servants’ wealth averages $2mil

President Park saw an increase in wealth of 120 million won to 2.56 billion won, compared to before taking her post. -Korea Herald/ANN

Oh Kyu-wook
Sun, May 26, 2013
The Korea Herald/Asia News Network

20130526.132651_20130524000709_0

The average wealth of the government’s top officials is 1.83 billion won (S$2 million), a government report has showed. The government’s Public Ethic Committee disclosed on Friday the assets of 27 top senior civil servants, including President Park Geun-hye, Prime Minister Chung Hong-won and other Cabinet members. Read more of this post

What Is the Theory of Your Firm? Walt Disney’s Theory of Value Creation in Entertainment (1957 Illustration)

What Is the Theory of Your Firm?

by Todd Zenger

R1306D_A_LG

Illustration: © 1957 Disney

If asked to define strategy, most executives would probably come up with something like this: Strategy involves discovering and targeting attractive markets and then crafting positions that deliver sustained competitive advantage in them. Companies achieve these positions by configuring and arranging resources and activities to provide either unique value to customers or common value at a uniquely low cost. This view of strategy as position remains central in business school curricula around the globe: Valuable positions, protected from imitation and appropriation, provide sustained profit streams.

Unfortunately, investors don’t reward senior managers for simply occupying and defending positions. Equity markets are full of companies with powerful positions and sluggish stock prices. The retail giant Walmart is a case in point. Few people would dispute that it remains a remarkable firm. Its early focus on building a regionally dense network of stores in small towns delivered a strong positional advantage. Complementary choices regarding advertising, pricing, and information technology all continue to support its low-cost and flexibly merchandised stores. Read more of this post

The Wave of Transient Advantage

Transient Advantage

by Rita Gunther McGrath

R1306C_B_LG

Strategy is stuck. For too long the business world has been obsessed with the notion of building a sustainable competitive advantage. That idea is at the core of most strategy textbooks; it forms the basis of Warren Buffett’s investment strategy; it’s central to the success of companies on the “most admired” lists. I’m not arguing that it’s a bad idea—obviously, it’s marvelous to compete in a way that others can’t imitate. And even today there are companies that create a strong position and defend it for extended periods of time—firms such as GE, IKEA, Unilever, Tsingtao Brewery, and Swiss Re. But it’s now rare for a company to maintain a truly lasting advantage. Competitors and customers have become too unpredictable, and industries too amorphous. The forces at work here are familiar: the digital revolution, a “flat” world, fewer barriers to entry, globalization.

Strategy is still useful in turbulent industries like consumer electronics, fast-moving consumer goods, television, publishing, photography, and…well, you get the idea. Leaders in these businesses can compete effectively—but not by sticking to the same old playbook. In a world where a competitive advantage often evaporates in less than a year, companies can’t afford to spend months at a time crafting a single long-term strategy. To stay ahead, they need to constantly start new strategic initiatives, building and exploiting many transient competitive advantages at once. Though individually temporary, these advantages, as a portfolio, can keep companies in the lead over the long run. Firms that have figured this out—such as Milliken & Company, a U.S.-based textiles and chemicals company; Cognizant, a global IT services company; and Brambles, a logistics company based in Australia—have abandoned the assumption that stability in business is the norm. They don’t even think it should be a goal. Instead, they work to spark continuous change, avoiding dangerous rigidity. They view strategy differently—as more fluid, more customer-centric, less industry-bound. And the ways they formulate it—the lens they use to define the competitive playing field, their methods for evaluating new business opportunities, their approach to innovation—are different as well. Read more of this post

You Make Better Decisions If You “See” Your Senior Self

You Make Better Decisions If You “See” Your Senior Self

by Hal Hershfield

F1306D_A

The finding: Many people feel disconnected from the individuals they’ll be in the future and, as a result, discount rewards that would later benefit them. But brief exposure to aged images of the self can change that behavior. 

The research: Hal Hershfield ran fMRI scans on subjects and found that the neural patterns seen when they described themselves 10 years in the future were markedly different from those seen when they described their current selves (but similar to those seen when they talked about actors). In a later asset allocation task, people whose brain activity changed the most when they began discussing their future selves were the least likely to favor large long-term gains over small immediate ones. However, in follow-up experiments, when subjects were shown aged images of themselves, that tendency disappeared. Read more of this post

The Fractalist: Memoir of a Scientific Maverick

He Conceived the Mathematics of Roughness

MAY 23, 2013 Jim Holt

The Fractalist: Memoir of a Scientific Maverick
by Benoit B. Mandelbrot
Pantheon, 324 pp., $30.00

holt_1-052313_jpg_230x1466_q85

Benoit Mandelbrot, the brilliant Polish-French-American mathematician who died in 2010, had a poet’s taste for complexity and strangeness. His genius for noticing deep links among far-flung phenomena led him to create a new branch of geometry, one that has deepened our understanding of both natural forms and patterns of human behavior. The key to it is a simple yet elusive idea, that of self-similarity.

To see what self-similarity means, consider a homely example: the cauliflower. Take a head of this vegetable and observe its form—the way it is composed of florets. Pull off one of those florets. What does it look like? It looks like a little head of cauliflower, with its own subflorets. Now pull off one of those subflorets. What does that look like? A still tinier cauliflower. If you continue this process—and you may soon need a magnifying glass—you’ll find that the smaller and smaller pieces all resemble the head you started with. The cauliflower is thus said to be self-similar. Each of its parts echoes the whole. Read more of this post

TED curator Chris Anderson: How to Give a Killer Presentation

How to Give a Killer Presentation

by Chris Anderson

A little more than a year ago, on a trip to Nairobi, Kenya, some colleagues and I met a 12-year-old Masai boy named Richard Turere, who told us a fascinating story. His family raises livestock on the edge of a vast national park, and one of the biggest challenges is protecting the animals from lions—especially at night. Richard had noticed that placing lamps in a field didn’t deter lion attacks, but when he walked the field with a torch, the lions stayed away. From a young age, he’d been interested in electronics, teaching himself by, for example, taking apart his parents’ radio. He used that experience to devise a system of lights that would turn on and off in sequence—using solar panels, a car battery, and a motorcycle indicator box—and thereby create a sense of movement that he hoped would scare off the lions. He installed the lights, and the lions stopped attacking. Soon villages elsewhere in Kenya began installing Richard’s “lion lights.”

The story was inspiring and worthy of the broader audience that our TED conference could offer, but on the surface, Richard seemed an unlikely candidate to give a TED Talk. He was painfully shy. His English was halting. When he tried to describe his invention, the sentences tumbled out incoherently. And frankly, it was hard to imagine a preteenager standing on a stage in front of 1,400 people accustomed to hearing from polished speakers such as Bill Gates, Sir Ken Robinson, and Jill Bolte Taylor. Read more of this post

Romancing Alpha, Forsaking Beta

What Eisenhower Taught Me About Decision-Making; Bill Marriott Jr. says a 1954 chat with President Eisenhower taught him that when it comes to making decisions, it’s always important to be inclusive of others

May 25, 2013

What Eisenhower Taught Me About Decision-Making

By ADAM BRYANT

26-CORNER-popup

This interview with J.W. Marriott Jr., known as Bill, executive chairman and former C.E.O. of Marriott International, was conducted and condensed by Adam Bryant.

J.W. Marriott Jr., known as Bill, is executive chairman and former C.E.O. of Marriott International, says a brief chat with President Eisenhower in 1954 taught him the importance of always asking others, “What do you think we should do?

Q. Do you remember the first time you were somebody’s boss?

A. I guess it was in the Navy. I was in the Navy Supply Corps on an aircraft carrier. I eventually took over the officers’ mess. I had worked in my dad’s restaurant when I was in college, and I had all the recipe cards sent to me because I didn’t like the food they were serving on board. I went to these Navy stewards and said, “I want you guys to follow the recipes.” And they looked at me, they didn’t say much, and they didn’t follow the recipes. I came back a few weeks later and said, “You’ve got to start following these recipes.” And they didn’t follow the recipes. They were all World War II veterans, they’d been everywhere and they had learned not to pay attention to all these green, young ensigns. In later years, I realized I’d failed to get them on the team. I had walked in and said: “Here, do it. I’m an officer. Salute and do it.” They ignored me and didn’t do it, and we still had lousy food when I left the ship. I realized that I should have sat down with them and said, “What do you think we can do to improve the food?” Read more of this post

Intuition Pumps And Other Tools for Thinking

Intuition Pumps And Other Tools for Thinking [Kindle Edition]

Daniel C. Dennett (Author)

16241139

Publication Date: May 6, 2013

One of the world’s leading philosophers offers aspiring thinkers his personal trove of mind-stretching thought experiments. Over a storied career, Daniel C. Dennett has engaged questions about science and the workings of the mind. His answers have combined rigorous argument with strong empirical grounding. And a lot of fun.

Intuition Pumps and Other Tools for Thinking offers seventy-seven of Dennett’s most successful “imagination-extenders and focus-holders” meant to guide you through some of life’s most treacherous subject matter: evolution, meaning, mind, and free will. With patience and wit, Dennett deftly deploys his thinking tools to gain traction on these thorny issues while offering readers insight into how and why each tool was built.

Alongside well-known favorites like Occam’s Razor and reductio ad absurdum lie thrilling descriptions of Dennett’s own creations: Trapped in the Robot Control RoomBeware of the Prime Mammal, and The Wandering Two-Bitser. Ranging across disciplines as diverse as psychology, biology, computer science, and physics, Dennett’s tools embrace in equal measure light-heartedness and accessibility as they welcome uninitiated and seasoned readers alike. As always, his goal remains to teach you how to “think reliably and even gracefully about really hard questions.”

A sweeping work of intellectual seriousness that’s also studded with impish delights, Intuition Pumps offers intrepid thinkers—in all walks of life—delicious opportunities to explore their pet ideas with new powers. Read more of this post

Philosopher Daniel Dennett Presents Seven Tools For Critical Thinking

Philosopher Daniel Dennett Presents Seven Tools For Critical Thinking

in Philosophy | May 21st, 2013 7 Comments

Love him or hate him, many of our readers may know enough about Daniel C. Dennett to have formed some opinion of his work. While Dennett can be a soft-spoken, jovial presence, he doesn’t suffer fuzzy thinking or banal platitudes— what he calls “deepities”—lightly. Whether he’s explaining (or explaining away) consciousnessreligion, or free will, Dennett’s materialist philosophy leaves little-to-no room for mystical speculation or sentimentalism. So it should come as no surprise that his latest book,Intuition Pumps And Other Tools for Thinking, is a hard-headed how-to for cutting through common cognitive biases and logical fallacies. In a recent Guardian article, Dennett excerpts seven tools for thinking from the new book. Having taught critical thinking and argumentation to undergraduates for years, I can say that his advice is pretty much standard fare of critical reasoning. But Dennett’s formulations are uniquely—and bluntly—his own. Below is a brief summary of his seven tools.

1. Use Your Mistakes

Dennett’s first tool recommends rigorous intellectual honesty, self-scrutiny, and trial and error. In typical fashion, he puts it this way: “when you make a mistake, you should learn to take a deep breath, grit your teeth and then examine your own recollections of the mistake as ruthlessly and as dispassionately as you can manage.” This tool is a close relative of the scientific method, in which every error offers an opportunity to learn, rather than a chance to mope and grumble. Read more of this post

What Gets You Up in the Morning? Purpose is a uniquely powerful source of fuel – and satisfaction. That’s why we resonate so strongly with exhortations that speak to it

MAY 24, 2013, 11:41 AM

What Gets You Up in the Morning?

By TONY SCHWARTZ

In the last several weeks, I had two radically different experiences spending extended time with leaders at two large, global companies. A long, alcohol-fueled dinner with the first group was a pure downer: dull, rote and devoid of positive energy.

The day with the second — a group of young managers at Google — was utterly exhilarating. After eight hours together, discussing what it takes to be an inspiring leader, the conversation was still going strong.

What accounts for the difference?

The Google leaders were considerably younger than their counterparts in the first group, who worked for a financial services company. Also, Google is regularly recognized as a great place to work. But the most powerful difference, I’m convinced, is that the Googlers – hundreds of whom I’ve worked with over the years – feel they’re contributing to something meaningful and larger than themselves, and the other executives evinced no passion whatsoever for their work. Read more of this post

Hone the Job You Have Into One You Love

May 25, 2013

Hone the Job You Have Into One You Love

By SHANE J. LOPEZ

OVER the past few months, American workers have been suffering from a major case of spring fever. Many of them, for the first time in years, are thinking about testing the waters of the slowly improving economy. They are looking for better jobs than those they’ve been clinging to throughout the recession. Maybe, they think, they can even find a job they love. Read more of this post

Amma’s Multifaceted Empire, Built on Hugs; Amma is best known for literally embracing the masses; she has hugged millions of people around the world, a feat that has earned her the nickname “the hugging saint.”

May 25, 2013

Amma’s Multifaceted Empire, Built on Hugs

By JAKE HALPERN

26-AMMA-slide-VSMB-articleLarge

THERE are entourages — and then there is the retinue of Mata Amritanandamayi, a 59-year-old Indian guru known simply as Amma, or “mother.” On Friday, she began a two-month North American tour during which she will be accompanied by 275 volunteers. They plan to ride in four buses across the continent from Bellevue, Wash., to Marlborough, Mass., visiting 11 cities, including New York. And at each stop along the way, Amma will sit on stage for 15 hours at a stretch, greeting her thousands of devotees.

Amma is best known for literally embracing the masses; she has hugged millions of people around the world, a feat that has earned her the nickname “the hugging saint.” Her status as a spiritual therapist has attracted a large following in the United States. In India, however, what Amma offers is far more significant and complex. She has built a vast organization that is the envy of both India’s public and private sectors. As Oommen Chandy, the chief minister of the state of Kerala, told me: “From nothing, she has built an empire.” Read more of this post

Investors Are Borrowing Like Crazy To Leverage Up Their Stock Market Bets

Investors Are Borrowing Like Crazy To Leverage Up Their Stock Market Bets

Doug ShortAdvisor Perspectives | May 25, 2013, 7:06 AM | 3,695 | 7

Note from dshort: One of my economic correspondents, James Ross, called my attention to the fact that the NYSE has released new data for margin debt, now available through April. I’ve updated the charts in this commentary to include the new numbers.

NYSE-margin-debt-SPX-since-1995NYSE-margin-debt-SPX-growth-since-1995NYSE-investor-credit-SPX-since-1980 Read more of this post

Why a hold recommendation is no recommendation at all

Why a hold recommendation is no recommendation at all

David Kaufman | 13/05/24 | Last Updated: 13/05/24 3:55 PM ET
It is part of the human condition to want to classify things. In the world of finance, where many analysts suffer from what is referred to as “physics envy,” there is an inescapable draw to being able to reduce any problem, large or small, into a neat box that can be labelled with a simple word or phrase. Hence the infatuation with recommending investments as either a buy, sell or hold. If this made sense, that would be one thing. But it doesn’t. There is no such thing as a hold.

The hold recommendation on a stock, at best, gives investors mixed signals. At worst, it makes them suspicious. Either way, the go-between rating is here to stay and knowing how to read it may add considerable value to a portfolio.
The proof of this statement requires an exercise for which three assumptions are necessary. First, that the set of possible investment choices is far greater than the number of required investments. Second, that there are little or no transaction costs (whether in the form of commissions, redemption fees or taxes) that apply in moving from one investment to another. And third, that there is enough liquidity in any investment to buy and sell it without having an impact on its value. Read more of this post

Making Sense Of The Internet Of Things

Making Sense Of The Internet Of Things

MATT TURCK

posted 1 hour ago

Editor’s note: Matt Turck is a managing director of FirstMark Capital. Follow him on Twitter@mattturck.

The emerging Internet of Things — essentially, the world of physical devices connected to the network/Internet, from your Fitbit or Nest to industrial machines — is experiencing a burst of activity and creativity that is getting entrepreneurs, VCs and the press equally excited. The space looks like a boisterous hodgepodge of smart hobbyists, new startups and large corporations that are eager to be a part of what could be a huge market, and all sorts of enabling products and technologies, some of which, including crowdfunding and 3D printing, are themselves far from established. The chart to the right is an attempt at making sense of this frenetic activity. From bottom to top, I see three broad areas – building blocks, verticals and horizontals:

internetofthings2 Read more of this post

Bond Turbulence Complicates Life for Japan’s Insurers

May 24, 2013, 8:27 a.m. ET

Bond Turbulence Complicates Life for Japan’s Insurers

By ELEANOR WARNOCK And KOSAKU NARIOKA

TOKYO—Japanese life-insurance companies, among the country’s biggest institutional investors, say market turbulence is making it harder to purchase Japanese government bonds—though recent yield rises may have made domestic debt more attractive.

Yields have gyrated since the Bank of Japan early last month introduced an easing program by which it will buy JGBs equal to more than 70% of all new issuance this year. But very much contrary to the expectations of both the bank and market participants, the overall effect has been higher yields, amid concerns about the program’s effects on the market. Read more of this post

Shareholders? Fuhgeddaboudit! It’s that time of year when shareholders speak their minds at annual meetings. But that doesn’t mean the companies’ boards are always listening.

May 25, 2013

Shareholders? Fuhgeddaboudit!

By GRETCHEN MORGENSON

WE are nearing the end of proxy season, that once-a-year moment when shareholders can speak their minds, sort of, to the officers and directors overseeing their companies. But that doesn’t mean corporate boards always listen.

Consider what happened after the May 14 annual meeting of the CommonWealth Real Estate Investment Trust. Joseph L. Morea, a CommonWealth trustee, was up for re-election, and more than three quarters of the shares voted were cast against him. Under the company’s guidelines, this meant that he had to resign. CommonWealth, as is typical at many companies, requires that its independent directors resign if they don’t receive majority support from shareholders for their re-election. Read more of this post

The Hunt for Steve Cohen, founder of SAC Capital, the $14 billion hedge fund, who some regard as the most successful stock picker of his time.

June 2013

The Hunt for Steve Cohen

i.0.steve-cohen-andre-carrilho_0

With arrest after arrest in a massive, seven-year insider-trading investigation, U.S. Attorney Preet Bharara is getting closer to the biggest fish of them all: Steve Cohen, founder of SAC Capital, the $14 billion hedge fund, who some regard as the most successful stock picker of his time. C.E.O.’s have fallen, lives and companies have been upturned, but Cohen has thus far escaped. Bryan Burrough and Bethany McLean go deep inside Bharara’s probe—and SAC’s org chart—to reveal just how much blood is in Wall Street’s waters.

By Bryan Burrough AND Bethany McLeanIllustration by André Carrilho

THAR SHE BLOWS Steve Cohen has become a focal point of a seven-year probe into insider trading, led by U.S. Attorney Preet Bharara. So far, 71 people have been convicted or admitted guilt.  Twenty-five years ago Wall Street, and much of America, was transfixed by a sweeping set of insider-trading investigations centered on the greatest financier of the age, junk-bond king Michael Milken, of Drexel Burnham Lambert. Day after day, week after week, month after month, stories of U.S. Attorney Rudolph Giuliani’s relentless investigation dribbled out to the press. One by one, Giuliani picked off Milken’s minions, confronting them at their homes, handcuffing them at their offices, pulling them before secret grand juries, indicting a few, pressing for evidence that Milken had broken the law. It all took on an inexorable quality. In their hearts, most everyone knew that Milken was going down sooner or later—and he did, paying more than $1 billion in fines and spending 22 months in prison. He was banned for life from the securities industry, and his firm was dismantled. Read more of this post

With The Unwind Approaching, Here Are $18.6 Billion SAC Capital’s Largest Stock Positions

With The Unwind Approaching, Here Are $18.6 Billion SAC Capital’s Largest Stock Positions

Tyler Durden on 05/25/2013 16:46 -0400

20130525_SAC1_0

Nearly three years ago, following the publishing of “Is The SEC’s Insider Trading Case Implicating FrontPoint A Sting Operation Aimed At S.A.C. Capital?” which exposed the key aspects of SAC’s insider trading strategy, and which linked SAC, and the hedge fund world in general, to expert networks three weeks before virtually anyone outside of the 2 and 20 (or 3 and 50 as the case may be) world had heard of them and before they became a household euphemism for insider trading, we expected the full rabid fury of the world’s best paid legal team to fall upon us. It didn’t, which meant only one thing: we were correct, or they had bigger fish (to avoid harpooning) on their mind. Turns out it was both. In the months and years following our publication, what we speculated has become fact, and as Vanity Fair’s Bryan Burroughs reports, some 71 people have now been convicted or admitted guilt in the case of the government vs Stevie Cohen. But the final blow against the formerly infallible hedge fund that redefined the concept of “information arbitrage”, and whose track record was almost as successful as that of Bernie Madoff, came from Blackstone, which as Reuters reported moments ago, has decided to pull all its money from SAC, which is the official end of SAC as an outside investment asset management operation. Read more of this post

What Detroit crisis? Pension fund trustees spend $22,000 of retirement system funds to hang out in Hawaii

What Detroit crisis? Pension fund trustees hang out in Hawaii

8:08am EDT

By Malia Mattoch McManus

HONOLULU (Reuters) – The city of Detroit may be facing a deepening financial crisis but that hasn’t stopped four trustees of its public pension funds from spending $22,000 of retirement system funds to attend a conference in Hawaii this week.

The trip 4,500 miles west to a four-star resort on the world-famous Waikiki Beach in Honolulu doesn’t sit well with the top officials now running Detroit’s finances under an emergency order from the state of Michigan. Emergency Manager Kevyn Orr has not ruled out a bankruptcy as the city struggles under a $15 billion debt burden, which is being strained further by its hefty pension obligations. Read more of this post

Chinese premier faces clash with local crime gangs; ‘In each of the other five provinces we studied, we found crime syndicates and underworld networks acting in a sort of symbiosis with local states’

Chinese premier faces clash with local crime gangs

May 24, 2013

John Garnaut

The good news for China, and economies such as Australia that rely on it, is that the new Chinese Premier has been conditioning his troops for a bracing round of market-oriented reforms.

”Reforming is about curbing government power, it is a self-imposed revolution, it will require real sacrifice, and it will be painful,” said Li Keqiang, setting the tone with his first comments as Premier on March 17. ”We need to leave to the market and society what they can do well.”

The bad news is that it was easier for Li’s predecessors to give power and resources away than it will be for him to take them back. The post-financial crisis mutation of the China model – rivers of credit, unfettered administrative power and appropriated household land – may have saved the economy in 2009 but it also entrenched a resource-extracting monster that will not easily be constrained. Read more of this post

A tussle in China over the Communist Party bowing to the Constitution; A movement in China to make the Communist Party subordinate to the national constitution has conservatives fighting back

A tussle in China over the Communist Party bowing to the Constitution

A movement in China to make the Communist Party subordinate to the national constitution has conservatives fighting back.

By Peter FordStaff writer / May 24, 2013

BEIJING

It is hard to imagine bloggers and tweeters in most parts of the world working themselves into a lather of intellectual excitement about “constitutional government.” Yet in China last Wednesday, the phrase was a trending search term on the country’s most popular social media platform, Sina weibo, yielding nearly 6 million results. By Friday, official censors had deleted nearly three quarters of those comments, in a sign that the subject is of more than academic interest. Indeed, it poses a question central to China’s future: Could the ruling Communist Party maintain its grip on power if it respected the national Constitution? Read more of this post

How Twitter Is Reshaping The Future Of Storytelling

How Twitter Is Reshaping The Future Of Storytelling

WRITTEN BY: Rita J. King

We might have fewer characters to work with, but we still hunger for narrative. New mediums aren’t destroying fiction, they’re allowing us to innovate even more in how we create and consume our stories. Plus: an appearance by John Hodgman!

Every five days, a billion tiny stories are generated by people around the world. Those messages aren’t just being lost in the ether, like the imaginary output of monkeys randomly attempting to produce the works of Shakespeare. Instead, the tweets are being archived by the Library of Congress as part of the organization’s mission to tell the story of America. The archive now includes 170 billion posts and counting.

The patterns of human life will be stored in this Twitter archive like a form of digital sediment. Every meme and revelation will leave an imprint in the record constructed of posts by half a billion Twitter users around the world (and over 150,000 more signing up every day).

How has the future of storytelling been influenced by Twitter? Read more of this post

<span>%d</span> bloggers like this: