Saturday, December 29, 2012

Saturday links: learning hard lessons - Abnormal Returns ...

  • abnormalreturns
  • December 29th, 2012

Investing

Seven lessons from the financial crisis for high net-worth clients.? (Enterprising Investor)

Five reasons the Facebook ($FB) IPO was a blessing in disguise.? (Pando Daily)

Why everyone, including federal investigators, is fascinated with SAC Capital?s Steve Cohen.? (NYTimes)

Technology

How Google ($GOOG) got its iOS apps right.? (TNW)

Social networks are changing the way we relate with others and our past selves.? (Phil Pearlman)

Society

Why don?t we do great stuff any more?? (The Reformed Broker)

On the dangers of yoga for dudes.? (NYTimes)

What constitutes a true craft beer?? (Time)

How backpacks became a must-have accessory for kids of all ages.? (Slate)

Profiles

A profile of Beck.? (Vulture)

How Mitt Romney lost the election.? (Boston Globe)

Robert C. Baker, the father of the chicken nugget.? (Slate)

Philanthropy

The argument for focusing your charitable giving.? (NYTimes)

Philanthropy: you are doing it wrong.? (Felix Salmon)

History

The secret lifesaving legacy of Jack Klugman.? (Wonkblog)

Ben Franklin?s contributions to economics.? (Macrofugue)

Advice

On the link between exercise and the human brain.? (Well)

How to negotiate for anything.? (Quartz)

How to best discipline your kids.? (WSJ)

Mixed media

Dating is a jungle these days: high credit scores need only apply.? (NYTimes)

What can we learn about Germany from the resurgence in German football.? (Quartz)

Are babies born good?? (Smithsonian via @longreads)

Books

An interview with Michael Mauboussin author of The Success Equation: Untangling Skill and Luck in Business, Sports and Investing.? (Simoleon Sense)

What do Nate Silver and Nassim Taleb have to say about forecasting in an increasingly complex society.? (NY Review of Books)

A review of Michael J. Sandel?s What Money Can?t Buy: The Moral Limits of Markets.? (Farnam Street)

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Source: http://abnormalreturns.com/saturday-links-learning-hard-lessons/

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Monday, December 17, 2012

After landslide, Abe says Japan has difficult road

Japan's main opposition Liberal Democratic Party leader Shinzo Abe answers a reporter's question at the party headquarters in Tokyo, Sunday night, Dec. 16, 2012. The conservative LDP stormed back to power in parliamentary elections Sunday after three years in opposition, exit polls showed, signaling a rightward shift in the government that could further heighten tensions with rival China. (AP Photo/Junji Kurokawa)

Japan's main opposition Liberal Democratic Party leader Shinzo Abe answers a reporter's question at the party headquarters in Tokyo, Sunday night, Dec. 16, 2012. The conservative LDP stormed back to power in parliamentary elections Sunday after three years in opposition, exit polls showed, signaling a rightward shift in the government that could further heighten tensions with rival China. (AP Photo/Junji Kurokawa)

Japanese Prime Minister Yoshihiko Noda reacts during a press conference after his Democratic Party of Japan made a big loss in parliamentary elections in Tokyo Sunday, Dec. 16, 2012. Noda has resigned as chief of the DPJ to take responsibility for the party's loss in parliamentary elections. The main opposition Liberal Democratic Party won between 275 and 300 seats in the 480-seat lower house of parliament in Sunday's election, NHK exit polls projected. (AP Photo/Itsuo Inouye)

Japan's main opposition leader Shinzo Abe, right, of the Liberal Democratic Party, and the party Secretary-General Shigeru Ishiba pose for photos as they place a rosette on the name of one of those elected in parliamentary elections at the party headquarters in Tokyo Sunday, Dec. 16, 2012. Japan's conservative LDP stormed back to power Sunday after three years in opposition, exit polls showed, signaling a rightward shift in the government that could further heighten tensions with rival China. (AP Photo/Junji Kurokawa)

In this Saturday, Dec. 15, 2012 photo, supporters of Japan's largest opposition Liberal Democratic Party (LDP) gather with national flags during a parliamentary election campaign in Tokyo. Japanese were voting Sunday, Dec. 16 in parliamentary elections that were expected to put the LDP, once-dominant conservatives, back in power after a three-year break ? and bring in a more nationalistic government amid tensions with big neighbor China. (AP Photo/Kyodo News) JAPAN OUT, MANDATORY CREDIT, NO LICENSING IN CHINA, HONG KONG, JAPAN, SOUTH KOREA AND FRANCE

Japanese Prime Minister Yoshihiko Noda arrives for a press conference after his Democratic Party of Japan made a big loss in parliamentary election in Tokyo Sunday, Dec. 16, 2012. Noda announced his resignation as the DPJ chief. Japan's conservative Liberal Democratic Party returned to power in a landslide election victory Sunday after three years in opposition, exit polls showed, signaling a rightward shift in the government that could further heighten tensions with rival China. The DPJ slogan reads: Making decisions to get things moving. (AP Photo/Itsuo Inouye)

(AP) ? After leading his conservative party to a landslide victory that will bring it back to power after a three-year hiatus, Shinzo Abe stressed Monday that the road ahead will not be easy as he tries to revive Japan's sputtering economy and bolster its national security amid deteriorating relations with China.

The Liberal Democratic Party, which led Japan for most of the post-World War II era until it was dumped as the economy fizzled in 2009, won 294 seats in the 480-seat lower house of parliament in Sunday's nationwide elections, according to media reports. Official results were expected later Monday.

With the elections over, a vote among the members of parliament to install the new prime minister is expected as soon as Dec. 25. Abe, who was prime minister from 2006-2007, is almost certain of winning that vote because the LDP now holds the majority in the lower house.

"We won more seats than even we expected," Abe, 58, said Monday. "We have a very heavy responsibility."

Outgoing Prime Minister Yoshihiko Noda announced his resignation late Sunday, calling the election results "severe" and acknowledging his party failed to live up to the nation's high expectations.

His Democratic Party of Japan reportedly won only 57 seats. Among its casualties were eight Cabinet ministers ? the most lost in an election since World War II.

Economic issues, including plans to raise taxes and other measures to bolster Japan's underperforming economy, were the top concerns among voters.

Abe, who would be Japan's seventh prime minister in 6 1/2 years, will likely push for increased public works spending and lobby for stronger moves by the central bank to break Japan out of its deflationary trap.

Stock prices soared Monday morning to their highest level in more than eight months, reflecting hopes in the business world that the LDP will be more effective in its economic policies than the Democrats were.

Although the election was the first since the March 11, 2011, earthquake, tsunami and nuclear disasters, atomic energy ? which the LDP conditionally supports ? ended up being a side issue, though polls showed that about 80 percent of Japanese want to phase it out completely.

Instead, Abe and his party stressed national security amid an ongoing dispute with China over a group of small uninhabited islands that both nations claim.

That kind of tough talk resonates with some voters who fear their country is falling too far behind China's rising economic and military clout, but it could also deepen a rift between Tokyo and Beijing that has already begun to sour diplomatic ties and trade.

Abe is known as a hawk on China relations ? which could mean more friction with Japan's giant neighbor and key trading partner.

During his previous tenure as prime minister, Abe pursued a nationalistic agenda, pressing for more patriotic education and upgrading the defense agency to ministry status. The LDP wants to revise Japan's pacifist constitution to strengthen its Self-Defense Forces and, breaching a postwar taboo, designate them as a "military."

It also proposes increasing Japan's defense budget and allowing Japanese troops to engage in "collective self-defense" operations with allies that are not directly related to Japan's own defense.

But with the economy in more dire straits, it remains to be seen how Abe will behave this time around.

As the results came in Sunday night, he acknowledged that the outcome of the elections was as much ? if not more ? of a protest against the status quo as it was an endorsement of his party's platform.

The LDP will stick with its longtime partner New Komeito, backed by a large Buddhist organization, to form a coalition government, party officials said. Together, they now control 325 seats, securing a two-thirds majority that would make it easier for the government to pass legislation.

A dizzying array of more than 12 parties, including several news ones, contested, some with vague policy goals. The most significant new force is the right-leaning, populist Japan Restoration Party, which won 54 seats, according to NHK.

The party is led by the bombastic nationalist former Tokyo Gov. Shintaro Ishihara and lawyer-turned Osaka Mayor Toru Hashimoto ? polarizing figures with forceful leadership styles. Ishihara is another hawk on China, having stirred up the latest dispute with Beijing by proposing Tokyo buy the islands from their private Japanese owners and develop them.

The anti-nuclear Tomorrow Party ? formed just three weeks ago ? captured only nine seats, according to NHK. Party head Yukiko Kada said she was very disappointed to see the LDP, the original promoter of Japan's nuclear energy policy, make such a big comeback.

___

Associated Press writers Elaine Kurtenbach, Mari Yamaguchi and Eric Talmadge contributed to this report.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/cae69a7523db45408eeb2b3a98c0c9c5/Article_2012-12-16-Japan-Election/id-32bb675b9f774451863780ceea8ab6ab

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Jay Rogers Local Motors Uses Crowdsourcing - Business Insider

Playboy

Local Motors' Rally Fighter.

Ford has been selling cars for more than a century and is still going strong, especially after an excellent 2012.

But one person in the industry says the mass production model the automaker pioneered is on its last legs.

"Ford was a fad that came for a hundred years," Jay Rogers says, "and now I believe it is going."

Rogers is the head of Local Motors, the 40-employee company that is taking a new approach to designing vehicles: crowdsourcing.

Profiled in Playboy by Neal Gabler, Rogers is a Princeton-educated Marine Corps veteran, and wants to use the online community to design cars for niche markets.

So far, Local Motors has produced one car: the $75,000 Rally Fighter. The street legal ride gets 16 mpg and is made for off-roading. So far, 60 have been sold.

The Rally Fighter was designed by Sangho Kim, an art student in Pasadena, who received $10,000 for creating the design that is now in production. (It uses a Chevy engine.)

It's a ridiculous vehicle that marks a new way of building cars: small-scale, designed by potential customers, and not reliant on massive production facilities that are expensive to change.

Rogers hopes the Rally Fighter will be the first in a line of crowdsourced cars catering to local markets (whence the name Local Motors) ? different rides for Paris, New York, and Boston, among many.

Rogers' business is more flexible than that of large-scale automakers, but he faces other challenges. Among them is the fact that Local Motors must rely on people who are not auto engineers to come up with cars that can be built.

Yet there are successful automakers who build small numbers of cars for niche markets: Rolls-Royce. Bugatti. McLaren. Their business models work because they charge so much for their products, they don't need to sell them in large quantities.

Rogers hope to make cars for the people, by the people, is different, and more difficult to execute. But if it works, it could change the industry.

Source: http://www.businessinsider.com/jay-rogers-local-motors-uses-crowdsourcing-2012-12

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Thursday, December 6, 2012

Cargo ship believed sunk in North Sea, rescue under way

AMSTERDAM (Reuters) - A cargo ship carrying cars has "almost certainly" sunk after colliding with a container ship in the North Sea on Wednesday evening, and a rescue operation was under way, the Dutch coastguard said.

The collision between the Baltic Ace, a car carrier sailing under a Bahamas flag, and the Corvus J, a container ship from Cyprus, took place about 40-50 km (25-30 miles) from the Dutch port of Rotterdam in an important North Sea shipping lane, coastguard spokesman Peter Verburg said.

Verburg said the rescue of 24 crew from the Baltic Ace was under way, after members of the crew were found on four life rafts. They were being lifted to safety by helicopters near the scene of the collision, but it was unclear if anyone was missing, he said.

Dutch media reported that the Baltic Ace was en route from Zeebrugge in Belgium to Kotka in Finland, while the Corvus J was going from Grangemouth in Scotland to Antwerp, Belgium.

Operations at Rotterdam Port are not affected by the collision, a spokesman told Reuters. Rotterdam is Europe's biggest port and handles commodities and manufactured goods.

"It doesn't have any consequences for the port, it is far away from the entrance to the port," spokesman Sjaak Poppe said.

(Reporting by Anthony Deutsch and Sara Webb; Editing by Michael Roddy and Pravin Char)

Source: http://news.yahoo.com/cargo-ship-sinking-north-sea-collision-rescue-under-204457827.html

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