Sunday, August 31, 2014

Thursday, August 28, 2014

Quote of the day

Matt Levine:
Here is some market intelligence for you: Don't insider trade in short-dated out-of-the-money call options! Come on. 

The Euro

FLG has long said that the euro is fundamentally a political, not an economic or financial issue. Megan McArdle:

It’s hard to see how anyone gets out of the euro without at least a deep local crisis, and quite possibly another round of global crises, as the chain reaction melts down markets around the world.

[...]

That doesn’t mean that it won’t eventually happen; I still think this remains a real risk. But if it does, public officials will probably be denying the possibility right up to the bitter, unpleasant end.
What makes McArdle's post interesting is that even though the creation, continuation, and dissolution of the euro is fundamentally political issue, it doesn't mean there won't be economic and financial pressures on and consequences of those political decisions.  FLG brings this up because it's easy to be confused, and many people are, that the euro is an economic issue because of this interaction.

Monday, August 18, 2014

Getting Older

FLG saw a picture of one of his high school classmates who is now a dead ringer for Truman Capote.  It freaked FLG out.

Melissophobia

A couple of weeks ago, FLG was sitting in his backyard, smoking a cigar, watching a swarm of bees around a tree.   It reminded him that when he was elementary school he was deathly afraid of killer bees.  FLG's memory is verbatim this explanation -- a dystopian killer bee future where everybody would be afraid to go outside.

That never came to pass, but then FLG was on the shuttle flight up to New York last week, reading the Wall Street Journal, when he saw this article.  So, there was something to the fears.

Sunday, August 17, 2014

FLG's Dream Pocket Square

FLG has a few of the very cool pocket squares from Kent Wang.  This is his personal favorite.  Some others are inspired by tapestries.  If Kent Wang ever offered a pocket square of this tapestry depicting the Battle of Gaugamela, it would be awesome and FLG would be the first to buy the damn thing.  

Time Horizons: Annie Edition

FLG hasn't seen Annie in decades, but it was on TV yesterday.

Assistant:  President Roosevelt called three times. He said it was urgent.

Daddy Warbucks: Everything's urgent to a Democrat.

Monday, August 11, 2014

FLG Didn't Know

Strategy Page:
Like Israel, Singapore can mobilize a force that can defeat any of its neighbors.

Friday, August 8, 2014

Time Horizons: Immigration

Krauthammer:
President Obama is impatient. Congress won’t act on immigration, he says, and therefore he will. 

Prime example of differing time horizons at work.  

Obama:  There is injustice happening now.  Something must be done about it now.  Potential future and second order consequences are not as important as the current and tangible problem.

The Right (and in this case the Right stretches, as Krauthammer points out, pretty far into moderately left leaning folks):  Potential future and second order effects of this type of action are far more important than the current and tangible problem.

This also highlights one of the aspects of the time horizons theory that FLG took a while to understand -- policymakers of both parties in a democracy are inherently more short time horizon oriented. 

FLG Objects

...on general principle to any list of best college campuses that doesn't include the University of Colorado at Boulder.

Saturday, August 2, 2014

Quote of the day

McArdle:
We’re at the crest of a swelling wave of nostalgia for vast corporate bureaucracies, which are easier for vast government bureaucracies to heavily regulate without driving them out of business entirely.

God help us. 
 
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