miercuri, 3 iulie 2013

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Seth's Blog : The sea of strangers

 

The sea of strangers

Is there anything more frightening than showing up (really showing up) in the place where you are unknown and alone?

All our warning systems are on high alert. From an evolutionary perspective, strangers represent danger. They are not only a direct threat, but carry the risk of rejection and all the insecurity that comes with it.

But the opposite can be true: Strangers can represent opportunity. The opportunity to learn, to make new connections, to build bridges that benefit everyone.

This is an internal debate, not something that comes from outside. When we look for rejection and reasons to hold back, that's exactly what we will find. On the other hand, if we seek possibility and look for people that need us as much as we need them, there they are.

Everyone is, at some level, shy. Everyone has the instinct to hold back, because that instinct is baked in. Those that overcome it aren't born gregarious, they are people who realize the self-fulfilling truth of finding what they're looking for.

The connected person is no different from you, they've merely made a generous choice, confronting their innate fear instead of hiding from it. The reward for overcoming this inertia belongs to the connector and to everyone she connects.

It's easier than ever to convene, to organize, to create spaces where strangers will cease to be strangers and turn into allies and friends. Those that convene overcome their resistance just one time, and then benefit from the generosity they've delivered to the group. The only difference between a group of strangers and a group of friends is that the friends benefitted from someone willing to go first.

When we weave together strangers and turn them into a tribe, we create real value, value that lasts.

 
     

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marți, 2 iulie 2013

Mish's Global Economic Trend Analysis

Mish's Global Economic Trend Analysis

EU officials Give Greece Three Days to Deliver Reforms or Face Consequences; The Eventual Outcome

Posted: 02 Jul 2013 08:53 PM PDT

Reuters reports Greece Has Three Days to Deliver Reforms or Face Consequences.
Greece has three days to reassure Europe and the IMF that it can deliver on conditions attached to its bailout in order to receive its next tranche of aid, four euro zone officials said on Tuesday.

The lenders are unhappy with progress Greece has made towards reforming its public sector, a senior euro zone official involved in the negotiations said, while another said they might suspend an inspection visit they resumed on Monday.

Athens, which has about 2.2 billion euros of bonds to redeem in August, needs the talks to conclude successfully.

If they fail, the International Monetary Fund might have to withdraw from the 240 billion euro ($313 billion) bailout to avoid violating its own rules, which require a borrower to be financed a year ahead.

MISSED DEADLINES

"It is a very difficult negotiation," a senior Greek official participating in the talks said. "We're moving fast to wrap up as many issues as possible as soon as possible."

Athens and the troika are at odds over an unpopular property tax and a sales tax for restaurants, while a shortfall of more than 1 billion euros has emerged at state-run health insurer EOPYY, meaning automatic spending cuts may have to be agreed to bring it back on an even keel.

The government plans to ask its creditors to lower this year's privatization target of 2.6 billion euros after failing to find a buyer for natural gas company DEPA.

The beleaguered government of Prime Minister Antonis Samaras has ruled out imposing any new austerity measures. Unemployment has hit a record 27 percent and Greeks have lost about a third of their disposable income as a result of bailout policies.
The Eventual Outcome

Given that Greece has caved in on every demand so far, it's certainly likely Greece will do so again, right now.

But if Greece does not immediately cave in, then expect the Troika to grant more time until Greece does cave in. If by some remote chance, should Greece not cave in, then expect the Troika to slightly change its demands so that Greece will meet the demands.

I actually prefer to be wrong about this. I would prefer Greece to tell the Troika "go to hell", then default. History suggests the odds that will happen "this time" are remote.

However, somewhere along the line, and totally unexpected, Greece (or Portugal, or Spain, or Ireland, or Cyprus) will indeed have had enough of the Troika, then accept the consequences and default.

I cannot predict the time, but I am quite certain of the eventual outcome.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.

Ritholtz on Gold and on Making Predictions; How Secular Bull Markets End; Winning vs. Investing

Posted: 02 Jul 2013 11:59 AM PDT

Folly of Forecasting

Inquiring minds may be interested in this flashback from Barry Ritholtz originally written published June 2005 and republished March 27th, 2011 on The Folly of Forecasting.
It's very easy for a confident-sounding analyst, fund manager or professor to say something on TV that can throw off the best laid plans of investors.

I wish an SEC-mandated disclosure accompanied all pundit forecasts: "The undersigned states that he has no idea what's going to happen in the future, and hereby declares that this prediction is merely a wildly unsupported speculation."

Don't hold your breath waiting for that to happen.

Is Gold Overdue for a Bounce?

One Day ago Barry Ritholtz pondered the question Is Gold Overdue for a Bounce?
If you are a trader — and I no longer consider myself one — then you have to be wondering when Gold is going to bounce. It has plummeted on little inflation, a strong dollar and an improving economy. When the breathless narrative of hyper-inflation, collapsing fiat currency and end of the world failed to come about, Gold's spectacular rise ended.

[Mish comment - depending on one's timeframe, that last sentence may easily be construed to be a prediction, the rest of the sentence is hyperbole]

Now, it has free-fallen so far that a counter-trend rally is over due.

[Mish comment - Is that a prediction or a suggestion?]

The charts below show two different ranges where gold can find a footing and rally. That is likely to present your next and perhaps last best exit.

[Mish comment - Is that a warning and a prediction, or just a suggestion?]

Barring some new developments — like all the gold in Fort Knox becoming irradiated — I do not expect to see a resumption of the 2001-11 uptrend.

[Mish comment - That is  an expectation, not quite a prediction, yet complete with preposterous hyperbole regarding all the gold in Fort Knox becoming irradiated]
Don't Be Fooled; Sell Gold at $1,400, Then It's All Downhill, Says Ritholtz

Today on Market Ticker Ritholtz says Sell Gold at $1,400, Then It's All Downhill.
"I wouldn't be surprised to see a nice bounce in gold from this level up to $1400, $1440, but I don't know if it's sustainable after that." His advice to investors: "Hit the bid" once gold climbs to near $1400... $600 to $800 an ounce is certainly a possibility."
Ritholtz was very careful to make his predictions sound like non-predictions while asserting the "gold bull market is over". Of course that assertion itself is another prediction.

Gold Monthly Trendline



Whether or not the trendline is broken depends on how you draw it, but I suspect that even Ritholtz would have to admit the above interpretation is reasonable enough. And if the above trendline is intact, then it's impossible to say whether or not the secular bull market is over.

Gold 1972-1981



Between 1972 and 1980 there were three selloffs of 30% or greater one of which was a 50% selloff. Was the gold bull market over? Certainly not the secular bull market.

Is the secular bull market over now?

I doubt it, but I suppose it's possible.

Why do I doubt it? Because secular bull markets tend to end with public participation in a massive way and prices going parabolic.

Here are some examples: Gold and silver in the 1980s, tech stocks in 2000, housing in 2005, the stock market in general in 2007 and arguably again (this time on the misguided belief the Fed has the markets back and nothing can go wrong).

How Secular Bull Markets End

Anyone recall Time Magazine going "gaga" over housing, using exactly that word on the cover? A Summer 2005 cover marked the secular peak in housing.

What follows next is a repeat of my April 10, 2010 post US vs. Japan Land Prices Pictorial Update
In Spring of 2005 I announced It's a Totally New Paradigm



In June I announced It's time to shift the arrow on the basis of Time Magazine going gaga over real estate.

In December I wrote that It's Too Late.

When you see stuff like this, not only is it too late, it's way too late.



I am pleased to announce that we have moved the arrow once again.
The current picture looks something like this.

Grave Dancing

Ritholtz claims to be agnostic regarding gold. I suggest his current hyperbole proves otherwise, even though he once liked the metal.

For the record, Ritholtz is a good guy, we just happen to disagree regarding gold. 

And I certainly side with Ritholtz regarding the folly of $10,000 or even $3,000 gold predictions by hyperinflationists, especially when people put timeframes on them.

But not every gold fan is a hyperinflationist or an inflationist of any kind. As a staunch deflationist, as well as someone who is definitely not agnostic regarding gold, I am proof enough.

And who is it now that is coming out of the woodwork to dance on the grave of gold? It's a Plague of Gold Bears Now Say "Gold Unsafe at Any Price".

What's the Real Long-Term Driver for Gold? Click on the preceding "Plague of Gold Bears" link to find out.

Gold - The Despised Asset Class



In Gold We Trust

The above chart is from the report In Gold We Trust by Incrementum AG

Incrementum concludes (and I agree) ...
We are firmly convinced that the fundamental argument in favor of gold remains intact. There exists no back-test for the current era of finance. Never before have such enormous monetary policy experiments taken place on a global basis. If there was ever a time when monetary insurance was needed, it is today.

Gold is the only liquid investment asset that neither involves a liability nor a creditor relationship. It is the only international means of payment independent of governments, and has survived every war and national bankruptcy. Its monetary importance, which has established and manifested itself in the course of the past several centuries, is in the process of being rediscovered.

Contrary to 1979/1980, the current gold bull market will unlikely end due to a sudden strong rise in interest rates, as the balance sheets of governments, households and corporations are tainted by huge debt. In the current environment, this would lead to a deflationary depression. According to the BIS, the combined debt burden of governments, households and non-financial corporations in the 18 OECD core countries has risen from 160% of GDP in 1980 to 340% of GDP in 2012.

In order to counter the current problems in the financial sector, but also in the real economy, the Fed, the Bank of Japan, the Bank of England and the ECB are going to continue to hold interest rates at a low level. There has always been a strong link between negative real interest rates and the gold price.
Is It Different This Time?

Did the bull market end with bears coming out of the woodwork and gold's share of financial assets a mere 0.5%?

Price Targets

People keep asking, but I have no price targets for either gold or silver. Within a couple years, neither $1,000 nor $2,500 would shock me for the price of gold.

However, history suggests the secular bull will not end without the public going gaga over the stuff.

Winning vs. Investing

Ritholtz says he no longer considers himself a trader. I am in the same camp. I consider myself an investor (with all the problems that entails, including the ups and downs of positioning for long-term trends).

Cyclical bear markets make things tough, especially when a parade of bulls thinks the Fed can keep other asset classes levitated forever.

Sometimes long-term positioning makes one look silly in the intermediate timeframe, and sometimes not. But I like my chances here with gold, whether or not "all the gold in Fort Knox is irradiated".

I don't recall who first said this, but "If investing was easy, it would be called winning, not investing."

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.

Credit Contraction Exceeds 6% in Spain, Highest Ever in Crisis

Posted: 02 Jul 2013 12:34 AM PDT

According to prime minister Mariano Rajoy, Spain has been on the verge of recovery for two years. Rajoy has also promised to bring Spain's budget deficit to 3% of GDP for two straight years. And EU has extended the timeline for Spain to hit that goal from 2012 to 2013 to 2014 to 2015 and now to 2016.

Last year Spain's budget deficit was 7.1% and the unemployment rate is nearly 27% with a youth unemployment rate over 56%. 

Spain's Misery Index

Today we can add another piece to Spain's misery index. Via Google Translate, please consider Credit Contraction Exceeds 6% for First Time.
Despite the efforts, or the good wishes of the Government, the day of the reopening of the credit tap still seems distant. According to the Bank of Spain, loans to the private sector residents, families and businesses have registered a fall of 6.1% in the month of May, the highest percentage in the entire crisis.

The evolution of the total loan portfolio shows that quarter to quarter, month to month, continues to reduce credit volume in rapid steps.

Spain Lending Stats

  • February Down 5.5%
  • March Down 5.7%
  • April Down 5.8%
  • May Down 6.1%
  • House Purchases Down 3.7% first quarter
  • House Purchases Down 4.5% in May
  • New Loans Down 26% January-April 2013 vs. January-April 2012
  • Small to Medium (SME) business loans Down 15.1% from same period last year

And we are supposed to believe conditions are improving, recovery is just around the corner, and Spain will reduce its budget deficit to 3%.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.
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Damn Cool Pics

Damn Cool Pics

Very British Problems

Posted: 02 Jul 2013 02:45 PM PDT

Selection of very British problems.





















The Best Tornado Photos of 2013

Posted: 02 Jul 2013 11:02 AM PDT

Here are the best tornado shots of the year. Beautiful and devastating.


















Selena Gomez Wears No Underwear

Posted: 02 Jul 2013 09:18 AM PDT

Selena Gomez with no underwear. It could be even better than Britney, Paris and Lindsay. But the dress ruined it all.




















Beyond the BOOM: How Fireworks Work [Infographic]

Posted: 02 Jul 2013 08:56 AM PDT

There are over 213 million pounds of fireworks sold every year, and each firework is a display of precision and scientific creativity. This infographic from Ghergich & Co. outlines the innards of a firework, including the bursting charge, the stars, and the black powder-all precisely mixed to give audiences everywhere an unforgettable light show.

This infographic also breaks down the nation's largest fireworks displays by the number of shells at each show and by the number of spectators. Finally, the image outline the shows in D.C, Boston, Massachusetts, Tennessee, Seattle, and Addison, Texas; a small town of 15,000 that brings in over 500,000 spectators!

Click on Image to Enlarge.
Beyond the Boom – How Fireworks Work
Via ghergich
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