Wednesday, September 17, 2014

TYX: Gundlach registers long bond fund


Jeffrey Gundlach's DoubleLine Funds filed on Wednesday with the U.S. Securities and Exchange Commission to register shares of its Long Duration Total Return Bond Fund.

Greenwich Associates: "institutional investors. want. pro who understands. the market. & can. guide"


institutional investors have been expecting more in return.  They want advice from a professional who understands how the market works and can act as a guide, argues Kevin McPartland, head of research for market structure and technology at Greenwich.  "Just knowing your clients' kids' names and having Yankees tickets isn't enough any more."

Behavioral Anomalies: Asness,climateer, "behavioralists go to far ...failures ... most.don't work"

if 3 card monte were easy, it wouldn't pay enough for asness and climateer to play ...


we still think most declared behavioralists go too far.   Reading the behavioralist literature, you might get the imression that anomalies are everywhere and easily profited from.  We've spen many years both studying and trading on these anomalies.  Our experience, though certainly a net positive, is that many of these are out of sample failures.  That is, it's relatively easy to find something that looks like it predicts return on paper, and it's also relatively asy to come pu with a seemingly plausible behavioral rationale for why markets might be missing something.   But when you actually try to trade on the anomaly (the best kind of out of sample test if done for long enough in a consistent manner), in our expeirence most of these things don't work. ...  Our experience suggests that you can doit (over the long haul), but it ages you rapidly.   (Cliff has been told he has the spleen and Golgi apparatus of a 75 year old coal miner.)....

whenever we have found instances of individuals or firms that seem to have something so special... the more certain we are that they are one to something, the more likely it is that either they are not taking money or they take out so much in either compensation or fees that investors are left with what seems like a pretty normal expected rate of return...

climateer: Have the behavioralists gone too far?

Tuesday, September 16, 2014

Krugman v Cornell: "be civil" v "nice guys are getting the shaft"

Krugman is nice or nasty, as incented ....


When there’s an honest, good-faith economic debate — say, the ongoing controversy about the effects of quantitative easing — by all means let’s be civil. But in my experience demands for civility almost always come from people who have forfeited the right to the respect they demand.


"Nice guys are getting the shaft," says study co-author Beth A. Livingston, an assistant professor of human resource studies at Cornell University's School of Industrial and Labor Relations.
The study "Do Nice Guys—and Gals—Really Finish Last?" by Dr. Livingston, Timothy A. Judge of the University of Notre Dame and Charlice Hurst of the University of Western Ontario, is to be presented on Monday in San Antonio, Texas, at the annual meeting of the Academy of Management, a professional organization for management scholars. The study is also forthcoming in the Journal of Personality and Social Psychology.

the Bots: black boys with guitars

Internet of things: ADS, "customers can dispose of the [RFID] if they don't want" to be tracked


Adidas has sewn RFID tags into national football team’s jerseys, raising concerns from human rights organizations, claiming that such clothes could be easily turned into tracking devices revealing a person’s location, Deutsche Welle reports.
The sportswear maker insists it is not going to track football fans using RFID tags, and has said customers can dispose of the tag if they don’t want to wear it, yet digital privacy experts point out that tags implanted in clothes hold great surveillance potential.
About half a year ago Adidas started an experiment of implanting permanent RFID tags into German national team soccer jerseys, which are being sold like hot potatoes after the German team won the FIFA World Cup.

CPI,TNX: Rangel "guestworkers program's closest thing I've ever seen to slavery"


Former House Ways and Means Committee Chairman Charles Rangel put it this way: “This guestworker program’s the closest thing I’ve ever seen to slavery.”1
Congressman Rangel’s conclusion is not mere hyperbole nor the first time such a comparison has been made. Former DOL official Lee G. Williams described the old “bracero” program — an earlier version of the guestworker program that brought thousands of Mexican nationals to work in the United States during and after World War II — as a system of “legalized slavery.2 On paper, the bracero program had many significant written legal protections, providing workers with what historian Cindy Hahamovitch, an expert on guestworker programs, has called “the most comprehensive farm labor contract in the history of American agriculture.3 Nevertheless, the bracero workers were systematically lied to, cheated and “shamefully neglected.4
In practice, there is little difference between the bracero program of yesterday and today’s H-2 guestworker program. Federal law and DOL regulations provide a few protections to H-2 guestworkers, but they exist mainly on paper. Government enforcement of guestworker rights is historically very weak. Private attorneys typically won’t take up their cause. And non-agricultural workers in the program are not eligible for federally funded legal services.