Barclays files for China ETF, by John Spence:
"... Barclays Global Investors filed a prospectus on Friday with the U.S. Securities and Exchange Commission for the
iShares FTSE/Xinhua China 25 fund ... The iShares ETF is intended to invest in shares listed on the Hong Kong Stock
Exchange, but it can also invest in U.S.-traded shares of China-based companies ... The ETF's target index, the
FTSE/Xinhua China 25, is comprised of the largest and most widely traded Chinese stocks ... The fund is slated to
trade on the New York Stock Exchange and would carry an expense ratio of 0.74 percent, according to the prospectus."
FTSE Xinhua Index Series;
FTSE/Xinhua China 25 Index Constituents
Posted at 21:00, GMT
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Early movers this morning:
Posted at 14:10, GMT
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Good Stock Advice or Online Noise?, by Hal
Varian:
"The authors found that the characteristics of messages helped predict volume and volatility. Perhaps more surprisingly, they
also found that the number of messages on one day helped predict stock returns the next day. The degree of predictability,
however, was weak and reversed itself the next trading day. Perhaps cheap talk can move stock prices a tiny bit, but if so,
the response was only temporary."
Posted at 13:25, GMT
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Day trading revisited, by Tom
Walker:
"According to the congressional Permanent Subcommittee on Investigations, 'the best evidence suggests that only a tiny fraction of
novice day traders are ever profitable and that, even among well-capitalized and experienced day traders, a majority will lose money.'"
(Trade-Ideas.com is mentioned in the article. Their real-time alerts cost $45 per month per user.)
Posted at 13:05, GMT
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The coil scanner picked up GENZ. Genzyme is a component stock of the iShares Nasdaq Biotechnology ETF
(Daily Holdings), which
is the fund that many of us use to invest in the biotech sector.
GENZ, 30-min. Chart
Posted at 8:25, GMT
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This morning Jim Stretch played Shoukichi Kina's "Subete No Hito No Kokoro Ni Hanna O," and said some kind things about
William Shatner after playing
a track from his new CD, "Has Been." Stretch continues to surprise and delight me.
Posted at 8:15, GMT
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For those who enjoy reading police transcripts: Kobe Bryant interview version 8/6/04.
Detective Winters: Okay. Um. I'll be blunt and ask you. Did you have sexual intercourse with her?
Bryant: No.
Detective Loya: Just be straight up, we're not gonna tell your wife or anything like that. Did you have sexual intercourse with her?
Bryant: Uh, this is what I need to know because uh I did have sexual intercourse with her. Cause I was (inaudible whisper).
(Always remember: if you are accused of committing a crime, never talk to the police without legal counsel present.)
-- via kottke.org --
Posted at 8:05, GMT
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Zombie investors haunt America, by Paul Farrell:
"Whether the mutual fund industry is enjoying rapid expansion in times of economic boom, or is being battered by the bears,
the key findings uncovered by Dalbar's first study remain true: Investment return is far more dependent on investor behavior
than on fund performance. Mutual fund investors [who] simply remained invested earned higher real investor returns than those
who attempted to time the market."
True zombies have the best returns then. As Warren Buffett (somewhat disingenuously) said: "Lethargy bordering
on sloth remains the cornerstone of our investment style."
Posted at 7:55, GMT
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Dreman Still Loves Unloved Small Caps, by Ken Hoover:
"One thing our studies showed was that not only did small-cap value do better than small-cap growth, but the
lower you go in market capitalization, the higher the returns. We also found that small-cap value did better
than every category of growth, whether it's large, mid or small."
Posted at 7:45, GMT
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Manchurian soldiers, by Doug Casey:
"For some reason, the U.S. military are now viewed as icons of American virtue. They've been transformed
in the public eye from the drugged-up, psycho baby-killers they were alleged to be during the Vietnam era,
to sincere and bright-eyed paragons of youth, so sincere they could be cast in one of those old Soviet
socialist realism posters. Of course, neither view is accurate, but what's interesting is how perceptions
change while the actual reality remains fairly constant."
Posted at 7:35, GMT
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The Unfeeling President, by E.L. Doctorow:
"... this president does not know what death is. He hasn't the mind for it. You see him joking with the press,
peering under the table for the weapons of mass destruction he can't seem to find, you see him at rallies strutting
up to the stage in shirt sleeves to the roar of the carefully screened crowd, smiling and waving, triumphal, a he-man."
Posted at 7:25, GMT
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