Morning Reading – Tuesday, March 01, 2011
FT BeyondBRICs: Saudi stocks plunge 7.4%
Saudi Arabia’s benchmark stock index fell 7.4 per cent, plunging to the lowest since September 2009, on concern that political unrest in the Middle East may spread to the kingdom.
FT Alphaville: Saudi contagion shivers
It’s down some 6.6 per cent — its lowest since September 2009 — on ongoing rumours that Saudi Arabia is sending tanks to Bahrain to support its ruling regime.
The story originated on Press TV — a television network owned by Iran, the Saudi kingdom’s great rival, so caveat emptor.
Zero Hedge: Jim Rogers: “Saudi Arabia Is Lying About Being Able To Increase Its Oil Production”
Jim Rogers joins Zero Hedge in being highly skeptical about just how credible Saudi’s call for a 1MM + boost in its oil supply is: “Saudi Arabia has been lying about the reserves for decades.
FT Alphaville: Madoff, father of the automated trade
For those who have not yet stumbled across New York Magazine’s beguiling interview with Bernie Madoff, we do recommend a closer look.
The Atlantic: The Myth of Japan’s ‘Lost Decades’
My argument is a complicated one and it is not possible to clinch the sale in a few words. But I can offer a few pointers. Anyone who knows East Asia knows that what is not said is often far more informative than what is said. It is interesting, therefore, to note that when Japanese leaders — and their many semi-official spokesmen in places like Washington and London — discuss Japan’s seemingly endless litany of woe, they never mention the continuing spectacularly strong long-term trend in the trade numbers.
The Wall Street Journal Law Blog: The Big Suit? Michael Lewis Sued Over Mortgage Meltdown Book
Wing Chau, who runs New Jersey asset management firm Harding Advisory LLC, claims “The Big Short: Inside The Doomsday Machine” falsely depicts him as one of the “villains” behind the U.S. financial crisis.
The Big Picture: “Trade the First Day, then Stay Away”
This morning, the WSJ reports on a new trading pattern: First day of the month rally…
The Slope Of Hope: No Ship, Sherlock
It seems to me that the shipping companies like DRYS and GNK – the darlings of the equity market in 2007 – are about to go from Bad to Worse.