Monday, September 8
Unusual Suspects, end of day, Monday, September 8.
Selected Will Rogers quotes:
"An economist's guess is liable to be just as good as anyone else's."
"It is not the return on my investment that I am concerned about; it is the return of my investment."
"Don't gamble; take all your savings and buy some good stock and hold it till it goes up, then sell it. If it don't go up, don't buy it."
Abnormal Characters, end of day (more or less), Monday, September 8.
Stephen Roach writes about the "profound and lasting leakages" caused by "globalization, outsourcing and the Internet," the fact
that "high-value-added labor input can be extracted from low-cost production platforms," and that "incremental product is being
sourced offshore at the cost of disenfranchising domestic supply -- both labor and capital -- from the US macro equation."
Also, due to "real-time e-based connectivity, a multitude of increasingly high-value added services [software programmers, design and engineering teams, accountants,
back-office processing functions, data centers, network infrastructure and management services, and a broad array of business
consulting functions] can be transferred anywhere around the world instantaneously."
(He's talking about the possible reasons behind a "jobless recovery." Million-dollar Wall Street strategists have to use big words to
justify their big salaries -- maybe he's paid by the syllable. ;-) )
I learned in this article
that Jim Rogers recently became a daddy (for the first time!) at age 60. Rogers has this to say about China:
"China is not going to buy our TVs and light bulbs. The trick to making money in China is to sell stuff they can't make
themselves. No matter how hard they try, they can't make copper. They've got to mine it or buy it. There's a lot of stuff like that."
David Salisbury writes:
"Median private elementary school tuition in Denver is $3,528. In Charleston, $3,150. In Philadelphia, $2,504.
In New Orleans, $2,386... In all of these cities, the average private school cost is significantly less than the amount spent for each
student in public schools."
"Government monopolies -- and that includes public schools -- tend to serve many or most of their clients
poorly, especially in a large and diverse society. Giving parents access to a growing, affordable, and diverse supply of private
schools will help ensure that the current generation of American children receives a quality education."
Clay Shirky writes on the economics of micropayments:
"BitPass will fail, as FirstVirtual, Cybercoin, Millicent, Digicash, Internet Dollar, Pay2See, and many others have in the [last] decade....
These systems didn't fail because of poor implementation; they failed because the trend towards freely offered content is an epochal
change, to which micropayments are a pointless response."
Unusual Suspects, end of day, Friday, September 5.
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