IBM is notoriously bad at attributing their revenue. They want to look like they are moving into cloud and AI as that is what investors want to see but most of their money is still coming from mainframes and the software that runs on it and the professional services that keep them running. Literally every financial institution in the world still uses IBM mainframes and pay a shitload of money for them. But mainframes are now ‘hybrid’ cloud and the software uses AI components.
https://twitter.com/WillManidis/status/1618371271330500613
Finance bros relearn history about as well as tech bros.
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Short reports tend to be right, though. I’m ok with the fact that they get in at a better price before publishing. Imo they ought to make money for the work they do exposing fraud. Despite their front-running, to me it seems that shorting the same tickers they do is a profitable strategy because the market often doesn’t price in the information. The price dip (if there is one) is either temporary or way too small. People don’t believe short reports with 50 pages of evidence, but they’ll gladly believe the endless stream of bullshit articles and pundits pumping a stock. Somehow the objection of, “But they stand to profit off of this!” only gets raised when the information is bearish.
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Re: trading Indian stonks, I couldn’t find a box to tick in IBKR’s permissions tab and I see why: Trading Access to the Indian Financial Markets for Non-Residents | Knowledge Base
By regulation, trading access to the Indian financial markets for individuals residing outside India is currently restricted to “Non-Resident Indians” (“NRIs”) and “Financial Institution Intermediaries” (“FIIs”) only.
In short, to qualify for NRI status you must:
…
b. Hold Indian citizenship, or;
c. Be a Person of Indian Origin as defined in the Indian Foreign Exchange Management Deposit Regulations of 2000.
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Icahn has been an idiot for 30 years, but he’s profitable because unlike Buffett he takes advantage of copycat investors and often sells after his positions become public/ buys calls for when they will become public and all the copycats flow in and drive up the price.
He destroyed TWA.
He ruined a bank or two in the financial crisis as well.
LOL Icahn, anyone here could run a company better than him
Stop raising rates pls
https://twitter.com/paulkrugman/status/1620416131914960898?s=46&t=6O-0tHx47ZbMcHE4858zoQ
Jerome Powell is going to use the Joe Rogan defense. Feels like labor still has too much leverage still.
Knoll’s law of media accuracy says that “everything you read in the newspapers is absolutely true, except for the rare story of which you happen to have firsthand knowledge”. So it’s disappointing to read something written by someone you like that happens to be in your specific area, and that something suggests that this writer might actually have worms in his brain. (like Yglesias and his recent bps goof)
Fortunately, Matt Levine appears to be completely immune to Knoll’s law. Today’s description of the J&J bankruptcy case is the clearest thing I’ve read on it.
Edit: In particular, I think I not only understand the Texas two-step process now, but am actually sympathetic to it.
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Economy is back. Eggs are back to $2.99/dz at my local Albertsons.
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Chickens vaccinated from avian flu, new population control vector unlocked
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Reading about pensions in the news drives me up the wall. I spent all my formative working years learning to be a pension actuary and signing off on pension funding reports and dealing with pension regulators. Every time there was a corporate insolvency I’d read news stories about how people “lost their pensions” and then go find out from more detailed public records that the pension plan was something like 88% funded when the company went insolvent and after the corporation’s assets were dissolved another 4% of the pension liabilities was recovered for the beneficiaries. A net 8% loss on your pension is a hardship for some people, no doubt, but reporters wouldn’t even get educated about the fundamentals of pension security legislation. But those stories should absolutely have been framed as “defined benefit pension regime that employers complain about non-stop turns out to work pretty well most of the time”.
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Pretty sure S&P jumped 40 bps after you posted this. Do it again!
For many years now the use of the phrasing that things are going to “scale” or be done “at scale” or whatever has been a blaring alarm that the person is full of shit. Of course there’s a valid business concept there, but it’s just code for over promising now.
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$200 trillion is 8 times US GDP.
It’s astonishing that anyone buys her bullshit.