Felix Zulauf Warns Of “Another Deflationary Episode” As “The Mother Of All Bubbles” Pops

Felix Zulauf Warns Of “Another Deflationary Episode” As “The Mother Of All Bubbles” Pops

Tyler Durden on 02/15/2014 17:01 -0500

“There is a valuation problem with most global equity markets – the most with the US,” warns Felix Zulauf in the following brief clip, adding that sentiment “is extremely one-sided,” but the classic bear-market-inducing recession, he notes, is not on the immediate horizon. Instead, he warns, other problems may be the catalyst for a correction in the US – specifically China’s “mother of all bubbles”, fragility in Asian banks, and balance of payments crises continuing in emerging markets. Zulauf suggests “you have to be short stocks, own US treasury bonds, and also buy gold as panic and risks go up.” Read more of this post

Seth Klarman On Selling “The Hardest Decision of All”

Seth Klarman On Selling “The Hardest Decision of All”

by VW StaffFebruary 14, 2014, 1:47 pm

Seth Klarman On Selling ”The Hardest Decision of All”  From Seth Klarman’s Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor Read more of this post

Life’s Work: A HBR Interview with John Cleese

Life’s Work: John Cleese

An Interview with John Cleese by Adi Ignatius

John Cleese became a comedy icon in the 1970s for his work on Monty Python’s Flying Circus and Fawlty Towers. Later, while continuing to act, he ventured into corporate training, producing videos that mixed management wisdom with dry British wit. He’s now working on a memoir, doing stand-up shows to pay his alimony bills, and preparing for a much-anticipated Python reunion.Interviewed by Adi Ignatius

HBR: How did the Python team manage itself? Who made the final decisions? Read more of this post

The Truth About Trust: How It Determines Success in Life, Love, Learning, and More

The Truth About Trust: How It Determines Success in Life, Love, Learning, and More Hardcover

by David DeSteno  (Author)

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What really drives success and failure?
Can I trust you? It’s the question that strikes at the heart of human existence. Whether we’re talking about business partnerships, romantic relationships, child-parent bonds, or the brave new world of virtual interaction, trust, when correctly placed, is what makes our world spin and lives flourish. Read more of this post

It’s one of the great executive challenges of our time: How can I give my all to my job and yet live a rich, rewarding personal life?

From the Editor: My Work, My Life

by Adi Ignatius

It’s one of the great executive challenges of our time: How can I give my all to my job and yet live a rich, rewarding personal life?

We talk a lot about work/life balance—implying that 50/50 is the ideal split between our jobs and everything else. But as Harvard Business School’s Boris Groysberg and Robin Abrahams show in “Manage Your Work, Manage Your Life,” achieving such a balance is an elusive, if not impossible, goal. Instead, the authors suggest, leaders should make deliberate choices about the lives they want to lead—about which opportunities to pursue and which to decline. Otherwise, they’re apt to be constantly juggling priorities and rarely engaging fully in anything. Read more of this post

Some Unease in Tech Circles About Comcast Deal

Feb 13, 2014

Some Unease in Tech Circles About Comcast Deal

SHIRA OVIDE

Most big Silicon Valley companiesremained mum after the Comcast-Time Warner Cable deal was announced, despite the fact that many of them rely oncable companies and others to deliver broadband service to homes. But some venture capitalists and other high-tech executives weighed in. Read more of this post

Uber Car-Hailing App Expands in China’s Congested Market

Uber Car-Hailing App Expands in China’s Congested Market

San Francisco Company Takes on Alibaba, Tencent

COLUM MURPHY in Shanghai and PAUL MOZUR in Beijing

Updated Feb. 13, 2014 11:34 a.m. ET

Uber, the car-hailing app that is growing fast in New York and London, outlined ambitions to serve China’s legions of potential passengers. Read more of this post

Termites Teach Robots a Thing or Two

Termites Teach Robots a Thing or Two

ROBERT LEE HOTZ

Updated Feb. 13, 2014 7:17 p.m. ET

CHICAGO—Inspired by termites, Harvard University researchers have designed a construction crew of tiny robots able to build complicated structures without blueprints or outside intervention. Read more of this post

Pablo Picasso’s most readily accessible painting isn’t in a museum. It hangs in a New York restaurant, in a building whose owner reportedly thinks that the painting is a piece of junk and wants to get rid of it.

Picasso’s Unmovable Feast

TERRY TEACHOUT

Feb. 13, 2014 3:39 p.m. ET

Pablo Picasso’s most readily accessible painting isn’t in a museum. It hangs in a New York restaurant—a restaurant that is housed in a building whose owner reportedly thinks that the painting is a piece of junk and wants to get rid of it. Read more of this post

Noonan: Reliving History-and Learning From It; What Diane Blair’s papers tell us about the Clintons, and why people preserve their archives.

Noonan: Reliving History—and Learning From It

What Diane Blair’s papers tell us about the Clintons, and why people preserve their archives.

PEGGY NOONAN

Feb. 13, 2014 7:07 p.m. ET

All the Northeast is covered in snow, and the sound and clamor of Washington is muffled. The federal government took a day off; the news is full of weather. Not a bad time to ponder why people do what they do—more specifically, why witnesses to history often take notes on what they see and hear, and in time leave their papers to universities and libraries. Obviously we’re keying off this week’s story of Diane Blair, a close friend of Hillary Clinton, who died in 2000 and whose papers were given by her husband to the University of Arkansas. There they were kept sealed until 2010. An enterprising reporter for the Washington Free Beacon, Alana Goodman, took a look and found a small trove of journal entries and memos that add texture to our understanding of the Clinton era. Which, it occurs to me, may some day be referred to as the first Clinton era, but that’s another column. Read more of this post

Career women in bad marriages

Career women in bad marriages

Friday, February 14, 2014 – 09:08

The Star/Asia News Network

KUALA LUMPUR – Harian Metro reported that three female professionals in Kuala Lumpur have been subjected to torture and sexual abuse by their husbands. Read more of this post

Businessmen of a century ago didn’t place ‘competition’ on a revered pedestal. Merger and monopoly were considered preferable.

Book Review: ‘Harriman vs. Hill,’ by Larry Haeg

Businessmen of a century ago didn’t place ‘competition’ on a revered pedestal. Merger and monopoly were considered preferable.

ROGER LOWENSTEIN

Feb. 13, 2014 5:49 p.m. ET

Takeover wars seem to have lost their sizzle. What happened to the battles of corporate goliaths? Where have they gone, those swaggering deal makers? “Harriman vs. Hill” is a corporate dust-up that takes us back to the beginning of the 20th century, when tycoons who traveled by private rail merrily raided each other’s empires while the world around them cringed. Read more of this post

S’pore ex-lecturer talks of dicey journey with drugs

S’pore ex-lecturer talks of dicey journey with drugs

Friday, Feb 14, 2014
The New Paper
By Rennie Whang

SINGAPORE – He was a lecturer with a tertiary institute and a former general manager with a public-listed company.

In December 2010, he was busted for taking methamphetamine, also known as Ice. Read more of this post

Scott Hodge: Here’s What ‘Income Equality’ Would Look Like Take about $4 trillion from the top 40% of families and give it to the bottom 60%—voilà, no more inequality.

Scott Hodge: Here’s What ‘Income Equality’ Would Look Like

Take about $4 trillion from the top 40% of families and give it to the bottom 60%—voilà, no more inequality.

SCOTT A. HODGE

Feb. 13, 2014 6:16 p.m. ET

President Obama has talked a lot recently about reducing income inequality. Yet he neither acknowledges how much money the government is redistributing, nor how much more would be needed to close the income gap. Perhaps that’s because the project would require redistribution on a staggering scale. Read more of this post

German Thriftiness Vexes Banks; A Glut of Deposits Has Lenders Struggling to Invest It All

German Thriftiness Vexes Banks

A Glut of Deposits Has Lenders Struggling to Invest It All

CHRISTOPHER LAWTON and LAURA STEVENS

Feb. 13, 2014 4:16 p.m. ET

FRANKFURT—Hauke Hanke’s frugality is becoming a problem for Germany’s banks. Like many of his compatriots, the 30-year-old scientist from Berlin typically saves as much as 25% of his paycheck every month. Read more of this post

Luxury hotel brands swap keys in India’s economic slump

Luxury hotel brands swap keys in India’s economic slump

Thursday, February 13, 2014 – 12:50

Aditi Shah

Reuters

Mumbai – Less than nine months after opening the first hotel in Mumbai under its brand, Hong Kong luxury chain operator Shangri-La Asia (0069.HK) handed the keys back to the owner. Read more of this post

India’s aviation sector struggling to soar

India’s aviation sector struggling to soar

Friday, Feb 14, 2014

Nirmala Ganapathy

The Straits Times

NEW DELHI – India’s aviation sector is starting to shake off the doldrums with the launch of two new airlines, at least one this year, in a rapidly expanding market. Read more of this post

Wall Street’s grandfathers of commodities to survive Fed revamp better than others

Wall Street’s grandfathers of commodities to survive Fed revamp better than others

Wed, Feb 12 2014

By Anna Louie Sussman

NEW YORK (Reuters) – As the U.S. Federal Reserve considers new ways of reining in banks’ trading in what it sees as risky physical commodity markets, Wall Street‘s two oldest and biggest players may ultimately gain in stature. Read more of this post

China’s Shadow Lenders Turn to Property; Strategic Shift Comes as Default Risk Rises on Older Loans

China’s Shadow Lenders Turn to Property

Strategic Shift Comes as Default Risk Rises on Older Loans

DINNY MCMAHON And ESTHER FUNG

Updated Feb. 13, 2014 6:44 a.m. ET

China’s key shadow-banking institutions have aggressively ramped up funding to the property sector, a marked shift in strategy at a time when lenders face increased risk that older loans they have made won’t be repaid.

According to data issued Thursday by the China Trustee Association, a government-backed industry group, China’s trust companies provided more than 10 times as much new funding to the property sector in the last three months of 2013 as they did a year earlier. The increase came as overall growth in lending by the trust firms came in at 7.7% relative to the previous quarter, well below a quarterly pace that typically exceeds 10%. Read more of this post

China smog makes capital “barely suitable” for life: report

China smog makes capital “barely suitable” for life: report

Thursday, February 13, 2014 – 11:16

Reuters

SHANGHAI – Severe pollution in Beijing has made the Chinese capital “barely suitable” for living, according to an official Chinese report, as the world’s second-largest economy tries to reduce often hazardous levels of smog caused by decades of rapid growth. Read more of this post

Comcast Eyes Netflix Territory; Cable Provider Seeks Rights to ‘Despicable Me 2,’ to Show Free to Subscribers

Comcast Eyes Netflix Territory

Cable Provider Seeks Rights to ‘Despicable Me 2,’ to Show Free to Subscribers

BEN FRITZ

Updated Feb. 12, 2014 6:26 p.m. ET

Comcast Corp. CMCSA +0.44% is looking to edge in on Netflix Inc. NFLX -1.17% ‘s territory—with the help of its own movie studio.

The cable giant is in talks to acquire the pay-television rights to “Despicable Me 2,” a film produced by Comcast’s Universal Pictures, in a deal that appears to mark the first entrance of a cable provider into that business. Read more of this post

Pernod versus Rémy: battle of the booze-makers

February 11, 2014 7:20 am

Pernod versus Rémy: battle of the booze-makers

By Adam Thomson in Paris

Pernod Ricard and Rémy Cointreau share more than a passing resemblance. Both are French, both make cognac and other spirits and both founding families retain important stakes. They also both have offices in Paris – in Haussmann-era buildings, less than two miles apart. Read more of this post

There is no such thing as the banking profession; Self-inflicted injuries result from a lack of both common purpose and shared values

Last updated: February 12, 2014 7:13 pm

There is no such thing as the banking profession

By John Gapper

Self-inflicted injuries result from a lack of both common purpose and shared values

Antony Jenkins’ efforts to change the culture of Barclays by cutting bankers’ pay are on hold. At its investment bank, it is paying bonuses that are 13 per cent higher to “compete in the global market for talent”. The bank’s chief executive wants to reform the pay of US and Asian investment bankers but it is beyond his control. Read more of this post

Everything I Know About Investing I Learned From My Drivers’ Ed Teacher

February 12, 2014, 11:00 AM

Everything I Know About Investing I Learned From My Drivers’ Ed Teacher

JASON ZWEIG

Kids who grow up in farm country learn how to drive early.

When I was a teenager in the mid-1970s in the foothills of New York’s Adirondack Mountains, I and all my friends drove tractors and bashed-up jalopies through the hayfields and on the dirt roads long before any of us had a learner’s permit or a driver’s license. Read more of this post

A Stanford recipe for bloat-free expansion

February 12, 2014 3:56 pm

A Stanford recipe for bloat-free expansion

Review by Andrew Hill

Scaling Up Excellence: Getting to More Without Settling for Less, by Robert Sutton and Huggy Rao, Crown Business, $26

How to get big without getting bloated is one of the greatest challenges facing growing businesses. Start-ups want to know how they can expand without adding layers of deadening process. At the same time, large companies want to know how to replicate the creativity and in­novative prowess of start-ups without triggering an anarchic free-for-all. Drawing on the authors’ own and others’ insights, Scaling Up Excellencepromises many answers to those pressing questions. Read more of this post

EMs are paying the price of ETF liquidity; Volatility inflamed by ability of exchange traded funds to exit quickly; Chances are high of mass exodus from EM; No framework for co-ordinating an orderly reversal of flows

February 12, 2014 10:05 am

EMs are paying the price of ETF liquidity

By John Authers

Volatility inflamed by ability of exchange traded funds to exit quickly

Are exchange traded funds the best way to invest in emerging market equities?

Last week, I wrote a column arguing that the structure of ETFs, which allows trading through the day, had contributed significantly to the scale of the recent sell-off in emerging markets, and was helping to make the sector more volatile. Read more of this post

Accountants PwC, Deloitte, KPMG and EY face taming moves; Are the Big Four accounting leviathans about to be tamed?

February 12, 2014 6:32 pm

Accountants PwC, Deloitte, KPMG and EY face taming moves

By Sam Fleming

Are the Big Four accounting leviathans about to be tamed?

Even as their revenues ascend to fresh records, PwC, Deloitte, KPMG and EY are struggling to navigate new legal and regulatory pitfalls in two of their most important markets – China and the European Union.

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On Wednesday the four networks’ Chinese affiliates were preparing to appeal a US decision to bar them from working for any US-listed Chinese companies for six months. The spat between the two countries threatened to check progress for the accountancies in one of their fastest-growing regions, as well as souring broader commercial relations between the nations. Read more of this post

Canada Clamps Down on Investor Visas; Ottawa Ends Its Immigrant Investor Program Popular Among Wealthy Chinese

Canada Clamps Down on Investor Visas

Ottawa Ends Its Immigrant Investor Program Popular Among Wealthy Chinese

JASON CHOW in Hong Kong and ALISTAIR MACDONALD in Toronto

Updated Feb. 12, 2014 8:28 p.m. ET

Canada’s cancellation of an immigration program popular with wealthy Chinese is adding to concerns that a country once welcoming of China’s investment and immigrants is now closing the door on both. Read more of this post

How big data lets us see a little further into the unknown; Small changes can lead to bigger changes in outcomes. And then there is the human factor

February 11, 2014 6:36 pm

How big data lets us see a little further into the unknown

By John Kay

Small changes can lead to bigger changes in outcomes. And then there is the human factor

It is Monday, and it is raining again in thesouth of France. But it was sunny yesterday. And it was also dry last Wednesday, although it then rained almost continuously from Thursday through to Saturday. Read more of this post

U.S. Firms Fret Over China Debt, Investment Rules

Feb 12, 2014

U.S. Firms Fret Over China Debt, Investment Rules

U.S. companies that do business in China are worried about investment rules that limit their growth there, as well as about the repercussions of rising levels of debt in the world’s second-biggest economy, a U.S. business group said Monday. Read more of this post