The Stingy News Weekly (07/10/2016)
"Two brains are better than one; in fact, group thinking could be the very reason the human species survived. According to author Joseph Henrich, it's a wonder that humans made it this far considering we are a comparatively weak and dimwitted mammal." [Behaviour]
Lessons from Benjamin Graham
"Much as Mark Twain said about the weather, Graham understood that people would read the ideas in his books but that nobody would do anything about them." [Graham]
Wholesale transfer pricing
"John Malone made himself rich by owning the cable systems and saying to new channels, 'I will be glad to give you distribution on our cable system as long as you issue us AB% of the equity in your company.' The wholesale transfer price of getting distribution on his cable systems was AB% of the equity. On the flip side, John Malone always made sure there were at least two suppliers of set-top boxes for his cable business so he was not on the ugly side of wholesale transfer pricing." [Economics]
The pitfalls of negative rates
"Now, not everyone agrees with my view that central bankers have overused interest rates to solve the world's problems (the bank boosters point out that inflation is currently very low, which justifies lower rates), but I hope most of them would agree that by going negative, central bankers have introduced a whole new set of risks and unknowns. After all, the world economy is not designed to work with negative interest rates." [Markets]
Advisors worth their fees?
"The advisor offers us tax advice. He coaches us on ways to keep our household costs down. We meet every quarter to re-evaluate our goals and see how we're doing. He also calms my nerves when markets go crazy." [Brokers]
7-day mental quarantine
"My wife and I are setting up a customs screening station in our driveway. No, we're not starting an international airport. And it's not for solicitors, strangers or gift-bearing guests. It's for us and our stuff." [Thrift]
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