Stockpickers await their day with Godot; Will 2014 see the end of ‘risk-on, risk-off’ sentiment?

December 29, 2013 12:55 pm

Stockpickers await their day with Godot

By John Authers

Will 2014 see the end of ‘risk-on, risk-off’ sentiment? Will 2014 see the return of a stockpickers’ market? Investment managers have been waiting for it almost as long as Vladimir and Estragon waited for Godot. Year after year, at least since the credit crisis broke out in 2007, fund manager presentations have predicted an imminent end to the top-down waves of “risk-on” and “risk-off” sentiment that have driven all stocks together. This will give stockpickers the chance to shine. But it never happens. Read more of this post

New Kind of Stress Tests Big-Bank Outlook

New Kind of Stress Tests Big-Bank Outlook

DAVID REILLY

Dec. 29, 2013 7:55 p.m. ET

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What is the endgame? That question is being raised more and more by bankers trying to assess the flood of new regulation continuing to wash over their firms. They will keep asking it in 2014 as even more rules are finalized and new ones crop up.

Read more of this post

Multinationals are now laying off or plan to let go of their workers globally amid a sluggish global economy

Multinationals laying off employees in China, elsewhere

Staff Reporter

2013-12-30

International firms are now laying off or plan to let go of their workers globally amid a sluggish global economy, according to the Beijing-based Economic Observer. A man, 52, going under the pseudonym Wang Jie, was one of the first employees at his multinational telecommunications equipment company to be let go two weeks ago. He understood the difficult situation his company was facing, but was still unable to accept the fact that he was fired after having worked with the firm since 1996. Read more of this post

Italy’s Chinese garment workshops boom as workers suffer

Italy’s Chinese garment workshops boom as workers suffer

5:11pm EST

By Silvia Aloisi

PRATO, Italy (Reuters) – Shen Jianhe lost both her job and home when Italian police shut down her garment factory in the Tuscan city of Prato. By day, the 38-year-old mother of four would sew trousers at one of the nearly 5,000 workshops run by Chinese immigrants in Prato, which largely turn out cheap clothing for fast-fashion companies in Italy and across Europe. Read more of this post

Immigrants are 13% of the U.S. population, but they make up nearly 20% of the owners of small businesses

More Immigration Means More Jobs for Americans

Immigrants are 13% of the U.S. population, but they make up nearly 20% of the owners of small businesses.

JOHN DEARIE And COURTNEY GEDULDIG

Updated Dec. 29, 2013 6:24 p.m. ET

Congress may be on recess, but top Republicans are signaling that 2014 could be crucial for immigration reform. On Dec. 16, Rep. Paul Ryan (R., Wis.) said in a radio interview that the U.S. immigration system is “broken” and “indefensible” and that he will support reform as long as it “maintains Republican, conservative principles.” Speaker of the HouseJohn Boehner  seems to agree: The Ohio Republican recently hired a longtime immigration advocate as an adviser, after stating in November that reform is “absolutely not” dead. Read more of this post

France’s Hollande Gets Court Approval for 75% Millionaire Tax

France’s Hollande Gets Court Approval for 75% Millionaire Tax

French President Francois Hollande received approval from the country’s constitutional court to proceed with his plan to tax salaries above 1 million euros at 75 percent for this year and next. Read more of this post

Economic fears expose Laos’ unequal boom

Economic fears expose Laos’ unequal boom

Mon, Dec 23 2013

By Aubrey Belford and Amy Sawitta Lefevre

VIENTIANE (Reuters) – For the Communists running Laos, the fruits of capitalism have never been so bountiful. The Nam Phou fountain at the heart of the torpid capital, Vientiane, has transformed from a relic into a neon-lit phantasmagoria, surrounded by expensive restaurants. On the increasingly congested roads, the elite car choice is a Range Rover or, failing that, a Lexus. Read more of this post

Bitcoin Buys Burgers to Beer as Shoppers Go Virtual

Bitcoin Buys Burgers to Beer as Shoppers Go Virtual

What do a street-van burger, a wedding bouquet and a Beatles album have in common? They’re all on a growing list of products shoppers can buy over the counter using the virtual currency Bitcoin. Read more of this post

Accounting standards: The Tower of Babel; Notion of single accounting language is not progressing smoothly

December 29, 2013 5:24 pm

Accounting standards: The Tower of Babel

Notion of single accounting language is not progressing smoothly

The Tower of Babel, with its one-tongue culture, was a good idea that ended badly. The notion of a single accounting language – which should have similar appeal for investors – has not yet incurred divine wrath. But it is not progressing smoothly, either. International Financial Reporting Standards (or their predecessor rules) arrived in the early-1970s. Their usage took a big step forward when they became mandatory for EU-listed companies eight years ago. Today, they are deployed in more than 100 countries. Read more of this post

The lesson from Sarofim’s five decades in the investment business: Buy quality stocks; hold them forever

SATURDAY, DECEMBER 28, 2013

A Lion in Winter

By ANDREW BARY | MORE ARTICLES BY AUTHOR

The lesson from Sarofim’s five decades in the investment business: Buy quality stocks; hold them forever.

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After more than five decades in the investment business, Fayez Sarofim remains bullish on U.S. stocks, particularly brand behemoths like Coca-Cola and Philip Morris International that he has owned for decades. Sarofim has long favored well-regarded industry leaders over smaller upstarts. Read more of this post

Chinese leader Xi Jinping has been spotted buying steamed buns in Beijing, causing the internet to go into meltdown with photos of the president carrying the buns and paying for them himself

Hot off the press: Xi Jinping buys his own steamed buns

Staff Reporter

2013-12-28

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Chinese leader Xi Jinping has been spotted buying steamed buns in Beijing, causing the internet to go into meltdown with photos of the president carrying the buns and paying for them himself, according to state-run Chinese News Service. A Chinese internet user going by the name “Four Seas Micro Broadcasting” posted a message on Sina Weibo at Saturday noon saying: “Dear netizens, I cannot believe what I saw?! President Xi came to Qingfeng to grab a steam bun! Uploading picture immediately.” The post came with a picture of the rpesident. The netizen posted another message at 1:21 pm saying: “President Xi queued in person and paid for his buns. He also took a plate himself to collect the purchased bun. Qingfeng should launch a set meal for President Xi.” The posts have been reposted by state media including People’s Daily, Xinhua and China National Television. Four Seas Micro Broadcasting’s personal profile showed the netizen is a senior internet worker and has been certified as a news commentator by Sina Weibo. The store where Xi bought his buns, Qingfeng Steamed Dumpling Shop, was founded in 1948. It began focusing on steamed buns since 1956 and established a well-known brand. It is a subsidiary of state-run Huatian Foods and Drink Group.

The Best Financial Advice I Ever Got (or Gave): Wisdom from 22 successful investors

The Best Financial Advice I Ever Got (or Gave)

Wisdom from 22 successful investors.

LIZ MOYER, JASON ZWEIG, RYAN WALLERSON, LIAM PLEVEN, LESLIE SCISM, KIRSTEN GRIND And DAVID BENOIT

Dec. 27, 2013 6:10 p.m. ETThe holidays are a time for relaxing, helping the less fortunate, showering family and friends with love and attention—and, sometimes, for smiling and nodding through unsolicited stock tips from an overbearing relative who has been sampling the eggnog. But good advice can make careers and forever change lives for the better. So The Wall Street Journal asked an array of prominent people who manage, invest, study and write about money to share the single best piece of financial advice they ever received—or gave. The respondents included investors who collectively have earned billions of dollars for clients and themselves; founders and owners of businesses that are household names; and Nobel laureates who shaped the world’s understanding of the forces that drive the stock market. A leading federal judge who has presided over cases related to the financial crisis shared his thoughts, as did an agent who has negotiated some of the most lucrative contracts in the history of sports and an adviser who helps clients recover financially after a divorce.

In most cases, the recommendations are easy to follow today. Some reflect conventional wisdom, while some fly in its face. Not every tidbit is consistent with all the others. The responses, some of which were edited for clarity, appear below. But first, a word of caution: Like all advice, it should be weighed soberly—ideally, at a good distance from the eggnog. Read more of this post

The Best Financial Advice I Ever Got (or Gave): Wisdom from 22 successful investors.

The Best Financial Advice I Ever Got (or Gave)

Wisdom from 22 successful investors.

LIZ MOYER, JASON ZWEIG, RYAN WALLERSON, LIAM PLEVEN, LESLIE SCISM, KIRSTEN GRIND And DAVID BENOIT

Dec. 27, 2013 6:10 p.m. ET

The holidays are a time for relaxing, helping the less fortunate, showering family and friends with love and attention—and, sometimes, for smiling and nodding through unsolicited stock tips from an overbearing relative who has been sampling the eggnog. But good advice can make careers and forever change lives for the better. So The Wall Street Journal asked an array of prominent people who manage, invest, study and write about money to share the single best piece of financial advice they ever received—or gave. The respondents included investors who collectively have earned billions of dollars for clients and themselves; founders and owners of businesses that are household names; and Nobel laureates who shaped the world’s understanding of the forces that drive the stock market. A leading federal judge who has presided over cases related to the financial crisis shared his thoughts, as did an agent who has negotiated some of the most lucrative contracts in the history of sports and an adviser who helps clients recover financially after a divorce. In most cases, the recommendations are easy to follow today. Some reflect conventional wisdom, while some fly in its face. Not every tidbit is consistent with all the others. The responses, some of which were edited for clarity, appear below. But first, a word of caution: Like all advice, it should be weighed soberly—ideally, at a good distance from the eggnog. Read more of this post

The Merchant of Just Be Happy: Martha Beck has built a multimillion-dollar business as a life coach, or, as she sometimes calls herself, a wayfinder

December 28, 2013

The Merchant of Just Be Happy

By TAFFY BRODESSER-AKNER

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Martha Beck, at her North Star Ranch, has built a multimillion-dollar business as a life coach, or, as she sometimes calls herself, a wayfinder.

On a cool mid-September afternoon at the California horse ranch of the life coach Martha Beck, two blindfolded, crouching men came to an impasse. The men had been told to think of themselves as animals and to use only their sense of hearing to try to locate and tag each other — all in an effort to awaken the senses and instincts presumably deadened by desk jobs and smartphones. Read more of this post

Allergan CEO David Pyott made Botox a best seller around the world, launching the field of “medical aesthetics.”

SATURDAY, DECEMBER 28, 2013

Smoothing Out Allergan’s Wrinkles

By DYAN MACHAN | MORE ARTICLES BY AUTHOR

CEO David Pyott made Botox a best seller around the world, launching the field of “medical aesthetics.”

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Many companies made America, but Allergan remade it, from wrinkle-free foreheads on down. A leader in medical devices and specialty pharmaceuticals—Botox is its biggest brand—the Irvine, Calif.-based company is riding a powerful trend toward self-improvement—of brow, bust, and critical spaces in between. Read more of this post

Why Programmers Work At Night

Why Programmers Work At Night

SWIZEC TELLERA GEEK WITH A HAT 

JAN. 14, 2013, 8:05 PM 579,107 213

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A popular saying goes that programmers are machines that turn caffeine into code. And sure enough, ask a random programmer when they do their best work and there’s a high chance they will admit to a lot of late nights. Some earlier, some later. A popular trend is to get up at 4am and get some work done before the day’s craziness begins. Others like going to bed at 4am. At the gist of all this is avoiding distractions. But you could just lock the door, what’s so special about the night? I think it boils down to three things: the maker’s schedule, the sleepy brain and bright computer screens. Read more of this post

Why the cult of hard work is counter-productive

Why the cult of hard work is counter-productive

From footballers’ work rates to the world of Big Data, the cult of “productivity” seems all-pervasive – but doing nothing might be the best thing for your well-being and your brain.

By Steven Poole [1] Published 11 December 2013 11:53

From footballers’ work rates to the world of Big Data, the cult of “productivity” seems all-pervasive – but doing nothing might be the best thing for your well-being and your brain. Recently, I saw a man on the Tube wearing a Nike T-shirt with a slogan that read, in its entirety, “I’m doing work”. The idea that playing sport or doing exercise needs to be justified by calling it a species of work illustrates the colonisation of everyday life by the devotion to toil: an ideology that argues cunningly in favour of itself in the phrase “work ethic”. Read more of this post

Britain must look beyond London and put faith in manufacturing

Britain must look beyond London and put faith in manufacturing

Redressing the balance of wealth to benefit the regions beyond the south-east is a big challenge – but one that must be met

The Observer, Sunday 29 December 2013

David Simonds cartoon of John Bull on rollerskates

This month has seen further confirmation of Britain’s economic recoveryand an indictment of that recovery’s composition. If 2013 has brought some form of revival, then we must wish that 2014 brings balance to it. The evidence that this country’s return to growth is out of kilter was threefold. First, never-before-seen data showed that south-west London had more mortgage debt than all of Wales. The capital is at the centre of a housing market revival that is powering the recovery, while the rest of the UK trails in its wake. Indeed, 44% of all mortgage debt in the country is held by people in London and the south-east, areas which account for nearly 40% of British GDP. Read more of this post

Heart and soul resolutions; Something simple and meaningful can make a real difference in somebody’s life.

Updated: Sunday December 29, 2013 MYT 7:20:50 AM

Heart and soul resolutions

BY SOO EWE JIN

Something simple and meaningful can make a real difference in somebody’s life.

OKAY. It’s that time of the year when columnists like us are granted the licence to offer some New Year resolutions to others. We can be serious, or we can be funny. But the reality is that few people will take our suggestions seriously unless they strike a chord within us. In the spirit of this column, which draws on many real-life experiences I go through myself, I would like to offer 10 resolutions that are up to us, as individuals, to fulfil. They do not depend on others doing their part first. The power, as we say, rests solely in our hands. Read more of this post

Famous Writers’ Sleep Habits vs. Literary Productivity, Visualized

http://www.brainpickings.org/wp-content/uploads/2013/11/sleepproductivitywriters_1500_1.jpg

Famous Writers’ Sleep Habits vs. Literary Productivity, Visualized

“In both writing and sleeping,” Stephen King observed in his excellent meditation on the art of “creative sleep” and wakeful dreaming, “we learn to be physically still at the same time we are encouraging our minds to unlock from the humdrum rational thinking of our daytime lives.”

Over the years, in my endless fascination with daily routines, I found myself especially intrigued by successful writers’ sleep habits – after all, it’s been argued that “sleep is the best (and easiest) creative aphrodisiac” and science tells us that it impacts everything from our moods to our brain development to our every waking moment. I found myself wondering whether there might be a correlation between sleep habits and literary productivity. The challenge, of course, is that data on each of these variables is hard to find, hard to quantify, or both. So I turned to Italian information designer Giorgia Lupi and her team at Accurat – who make masterful visualizations of cultural phenomena seemingly impossible to quantify – and, together, we set out to explore whether it might be possible to visualize such a correlation.

First, I handed them my notes on writers’ wake-up times, amassed over years of reading biographies, interviews, journals, and other materials. Many came from two books – Daily Rituals: How Artists Work by Mason Currey and Odd Type Writers: From Joyce and Dickens to Wharton and Welty, the Obsessive Habits and Quirky Techniques of Great Authors by Celia Blue Johnson – as well as from the Paris Review interviews and various collections of diaries and letters. We ended up with a roster of thirty-seven writers for whom wake-up times were available – this became the base data set, around which we set out to quantify, then visualize, the literary productivity of each author. One important caveat is that there is an enormous degree of subjectivity in assessing a literary – or any creative – career, but since all information visualization is an exercise in subjective editorial judgment rather than a record of Objective Truth, we settled on a set of quantifiable criteria to measure “productivity”: number of published works and major awards received. Given that both the duration and the era of an author’s life affect literary output – longer lives offer more time to write, and some authors lived before the major awards were established – those variables were also indicated for context. Lastly, I reached out to Wendy MacNaughtonillustrator extraordinaire and very frequent collaborator – and asked her to contribute an illustrated portrait for each of the authors. The end result – a labor of love months in the making – is this magnificent visualization of the correlation between writers’ wake-up times, displayed in clock-like fashion around each portrait, and their literary productivity, depicted as different-colored “auras” for each of the major awards and stack-bars for number of works published, color-coded for genre. The writers are ordered according to a “timeline” of earliest to latest wake-up times, beginning with Balzac’s insomniac 1 A.M. and ending with Bukowski’s bohemian noon. The most important caveat of all, of course, is that there are countless factors that shape a writer’s creative output, of which sleep is only one – so this isn’t meant to indicate any direction of causation, only to highlight some interesting correlations: for instance, the fact that (with the exception of outliers who are both highly prolific and award-winning, such as like Bradbury and King) late risers seem to produce more works but win fewer awards than early birds.

sleepproductivitywriters_1500_1

Texas Man Arrested For Not Returning A Library Book

Texas Man Arrested For Not Returning A Library Book

WILL WEISSERTASSOCIATED PRESS
DEC. 27, 2013, 7:19 PM 4,220 23

Have an overdue library book? It could get you fined — even jailed — in Texas, other states

AUSTIN, Texas (AP) — Call it throwing the book at the bookworms. A Texas man who was arrested for failing to return an overdue library book ignited an online flurry of snarky comments and headlines about the Lone Star State extending its tough-on-crime bravado to books. But such cases aren’t unheard of, and many communities faced with shrinking budgets and rising costs have ordinances calling for fines or even arrest warrants when library property isn’t returned. In Texas alone, the issue has cost libraries an estimated $18 million. Read more of this post

Next-gens might feel that the older generation aren’t doing enough to help them develop a good relationship with the family firm. But they can take matters into their own hands.

LOVE THE FAMILY BUSINESS

ARTICLE | 27 DECEMBER, 2013 09:30 AM | BY SARAH MICHAELS

Next-gens might feel that the older generation aren’t doing enough to help them develop a good relationship with the family firm. But they can take matters into their own hands. CampdenFB takes a look.

There is more to successfully taking over a family business than being given a big office and a few shares. Successions only work if the next generation feel a strong bond with the business. Such a bond doesn’t just happen, but can only be the result of concerted efforts and detailed plans, which have to be worked at for many years. So say two academics from Barcelona’s IESE business school, Josep Tapies and Lucia Cela, who asked next-gens how they felt about their family businesses, and wrote a paper about the results, titled A Model of Psychological Ownership in Next-Generation Members of Family-owned Firms. Read more of this post

To Optimize Talent Management, Question Everything

To Optimize Talent Management, Question Everything

by John Boudreau, Ravin Jesuthasan and David Creelman  |   11:00 AM December 27, 2013

Should you hire as if your workforce will stay a month, a year, or their entire career?  The answer makes a big difference in the qualifications you set, how well candidates must “fit” with the job, the team or the organizational culture, and the “deal” you offer.  A traditional employment model may work for some, while a model based on short-term employment may work for others.  At the extreme, it may be best never to “hire” your workers at all, or to “fire” and “hire” them several times.  Leaders need solid principles to build talent strategies that fit the situation, with an optimization approach.  Too often the necessary principles for optimization are lost in the chorus of divergent views and pithy examples.  This chorus can also obscure the need to question long-held assumptions.  Letting go of those assumptions may be the key to seeing new options that make optimization possible. Read more of this post

3M has a plan to keep the Post-it note relevant to young smartphone addicts

3M has a plan to keep the Post-it note relevant to young smartphone addicts

By John McDuling @jmcduling December 26, 2013

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Newspapers, magazines and telephone directories are all paper products that have fallen prey to the rise of digital technology. But the humble Post-it note has thus far dodged the bullet. These small squares of paper with a strip of adhesive on their rear, which have been selling for more than three decades, have proven indispensable to many offices and households. And they’ve continued to earn nicely for their maker, industrial conglomerate 3M. Read more of this post

Low Bordeaux winery prices attract Chinese buyers

Low Bordeaux winery prices attract Chinese buyers

Staff reporter

2013-12-29

The Chinese are lining up to buy vineyards in France, eyeing the lucrative business opportunities that come from selling wine in China given the country’s expanding wine consumption. Read more of this post

Guangzhou said it will stick to housing cooling measures, a day after an official said it was mulling ways to withdraw

Guangzhou Holds back Plans to Lift House Restrictions

12-26 12:15 Caijing

Guangzhou said it will stick to housing cooling measures, a day after an official said it was mulling ways to withdraw from such measures.

Local authorities in Guangzhou made a retreat yesterday from a statement that it would consider lifting government controls in the real estate sector, after It was found conflicting with a central government order to keep these policies in place. Read more of this post

China’s Economy: Five Barometers of Change in 2014

Dec 27, 2013

China’s Economy: Five Barometers of Change in 2014

By Richard Silk

China’s economy had a roller-coaster 2013, with a rosy start giving way to a slowdown and widespread gloom, before a rebound in the third quarter brought things full circle. The full-year growth figures, due to be released in January, will likely clock in around 7.6%. While that kind of pace would be stupendous for developed countries currently stuck in the doldrums, it would mark China’s slowest growth since 1999. China’s new leaders, who took office earlier this year, claim to be okay with that. They say the economy needs structural reform to steer it away from an unsustainable path that has led to rapidly mounting debt and spawned a huge expansion of heavy industry at the expense of the consumer. Here are five places to look in the new year for signs of just how serious China’s leaders are about change – and how well the economy is handling it. Read more of this post

Beijing bans Electronics Arts’ “Battlefield 4: China Rising” for ‘cultural aggression’

Beijing bans Battlefield 4: China Rising for ‘cultural aggression’

Staff Reporter

2013-12-28

The latest expansion of Battlefield 4, a video game developed by Electronic Arts, has been banned by the Chinese government who have accused the game of threatening its national security and discrediting China’s image in a form of “cultural aggression,” according to tech website ZDNet and Malaysia’s Oriental Daily News. Read more of this post

80% China’s bank shares fall below net asset value; scepticism prevails with reported figures and NPL problem

80% China’s bank shares fall below net asset value

Staff Reporter

2013-12-29

Although the banking industry is one of the most profitable sectors in China, investors have suffered losses in the stock market as more than 80% of banks’ shares listed in China A-shares closed at prices that were lower than their net asset value on exchange on Thursday. Read more of this post

Overseas Investors Spurn Indonesian Debt

Overseas Investors Spurn Indonesian Debt

By Yudith Ho, Kyoungwha Kim & Liau Y-Sing on 4:16 pm December 28, 2013.
Jakarta/Singapore/Kuala Lumpur. Indonesia’s elections and current account deficit are deterring Western Asset Management and PineBridge Investments from snapping up 2013’s worst-performing developing nation bonds. Read more of this post