The Worst Form of Government…

…except for all the others, is the famous quotation from Winston Churchill. How does democracy work so well, when people have so little factual information about their government?  It is natural for people to economize in reading and to emphasize that which is entertaining.  Sociologists and political scientists long ago discovered the mechanism for effective […]

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The Message of the Market(ing)

The big operations can always afford to do market research and initiate slick campaigns.  For those of us who do not have a big research budget, we can observe what they have discovered.  As usual, these are probably contrarian indicators.  Simply put, they are playing to the worst instincts of the weakest investors and traders. […]

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The Cycle of Negativity

Markets often get the little things right while missing the big picture, something we call local efficiency.  The last thirty months has been a period where those with the greatest influence over the marginal invested dollar have paid little attention to improving fundamentals.  In 2004 I wrote a paper describing it as the opposite of […]

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Dell Recall and a Blast from the Past

The news of the Dell recall and the exploding batteries (thermal incidents Dell calls them?  Sheesh!!) reminded me of the Intel floating point processor recall in 1994.  I remember that I was working out at the club when the story hit.  Intel was trading down sharply on the news, which described a minor problem that […]

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