The Stingy News Weekly (08/08/2010)
Is giving bad!?
"When one of the most popular economic blogs writes a post like this (title: "Should We Be Leery of the Generosity of the Uber Rich?" - no - seriously - that is the title!), and the overwhelming majority of the commenters agree with the author, it makes me weep for the future of America."
Tracing oil reserves
"Today, a principal tenet of geology is that a vast majority of the world's oil arose not from lumbering beasts on land but tiny organisms at sea. It holds that blizzards of microscopic life fell into the sunless depths over the ages, producing thick sediments that the planet's inner heat eventually cooked into oil. It is estimated that 95 percent or more of global oil traces its genesis to the sea."
"The outperformance of value stocks was a little more consistent across the liquidity spectrum as you can see from the chart below. In this case, value stocks outperformed growth stocks by around 10% across the board. However, for high liquidity stocks, this difference represented a 4-fold increase in abnormal returns (from around 3% to around 12%)."
The original captain of industry
"Lipton's story starts out as a period piece but turns out to be completely contemporary. Unfortunately, The Great Lipton lived in an age before The Apprentice, when there were few options for a flamboyant CEO outside the C-suite. Without him, though, there might never have been such a show."
Warren Buffett's Mr. Fix-It
"When investors think of Berkshire Hathaway, they of course think of Warren Buffett and his record as a hands-off, if highly attentive, CEO. He gives free rein to the heads of his large collection of companies, ranging from Geico to Dairy Queen to Benjamin Moore to the Buffalo News to NetJets. Yet even in Buffett's empire, sometimes a CEO blows it, and his business needs to be fixed or a deal needs to get done -- fast. When that happens, Buffett's go-to guy is David Sokol."
The meaning of fair
"Chapman University experimental economist Bart Wilson argues that fairness should not be construed as equality of outcome, but as a process in which everyone plays by the rules and honors agreements. When lawmakers obscure the definition of this word, it may result in policy that is ineffective, arbitrary, and fundamentally unfair."
Tim's 2010 Conference
"Glacier, Indigo, EGI Financial, Sun-Rype Products and Arlington, which is a little bit of a special situation. But all of these companies, I think, are really through any restructuring. They're somewhere in various stages of cash generation or discovery, and whether or not we sell them or not, depends an awful lot on the price they're trading at."
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