Hottest links for Friday October 18th, 2013 the really really really late edition (see Thursday’s also late edition of hottest links). Get our free daily newsletter (which is being updated to make it even better) and never miss a single linkfest.

Top stories for today can be found below; No summary but lots of great stories so make sure to check them all out (especially the one about the woman arrested for stealing $2.87 from a water fountain).

Hottest Links

Value Investing

Warren Buffett CNBC Interview Transcripts Collection

Buffett tells Brokaw that Barack Obama is the right”commander in chief for the economy” but warns that no one should expect a”miracle” turnaround in the next few months. [CNBC, Via Value Investing World]

The Science Of High Performance

The first tip comes from Tony Schwartz author of The Power of Full Engagement and Be Excellent at Anything. In his contribution to Maximize Your Potential, he recommends harnessing the power of a ritual.  [Share Parrish, Farnam Street]

Investing With An Edge

This idea was brought to me by Horizon Kinetics (which FRMO has a big interest in), but liquidations often trade at a ridiculous discount rate compared to the underlying assets. [Whopper Investments]

Value Investing 101

Value investing is the concept of purchasing companies for less than their worth.  It’s almost strange that this idea has its own title, because this is what all investors are endeavoring to do, whether it’s titled value investing or not. [Nate Tobik, Oddball Stocks]

Persuasion — Ancient Wisdom for Modern Leaders

We’re used to email and powerpoint so it’s hard for us to imagine the important role oratory played in the ancient world. In those days speaking to a crowd was essential. “But when Cicero talks about an orator,” Philip Freeman writes in his most recent book How to Run a Country: An Ancient Guide for Modern Leaders, “he means so much more than someone who gives speeches. [Shane Parrish, Farnam Street]

Greek Banks Lure Global Investors Back To Athens Bourse

Nevertheless, the benchmark Athens Stock Exchange General Index, one of Europe’s smallest by market capitalization, is up 24 percent since the start of 2013, beating gains of 15 percent on Germany’s INDEXDB:DAXDAX PERFORMANCE-INDEX (INDEXDB:DAX) and 11 percent on the pan-European FTSEurofirst 300 index. [Sudip Kar-Gupta & Francesco Canepa, ekathimerini]

 

Asset Allocation/Investing

20% YTD, is that Normal?

The median is around 13%, the average 11%, and the geometric average about 9%. (Damn those volatility gremlins!). [Mebane Faber]

YTD

Bubbles

Wall Street’s Version Of Fantasy Football

When sports fans talk about large player contracts, they often say “Who cares, it’s not my money.” Well, a new Wall Street brokerage is looking to change all that. [Dan Primack, Term Sheet]

Signs Of A New Credit Bubble Emerge in Business Lending

The Federal Reserve’s latest economic report raises the prospect that credit standards in loans to businesses may be slipping. [John Carney, CNBC]

Average 401(k) Account Balances Nearly Double Since Crisis

The average 401(k) account balance was $94,482 at the end of 2011, the most recent figures available, up from $49,932 at the end of 2008, Paul Schott Stevens, president and CEO of the Investment Company Institute, said Wednesday at a news briefing in Chicago. [Barry B. Burr, Investment News]

Misc

Bernie Madoff Securities Doubled

For twenty or so years, depending on when you believe The Legitimate Years stopped and The Illegitimate Years started, Bernie Madoff ran a massive Ponzi scheme, ripping off thousands of clients of billions of dollars. [Bess Levin, DealBreaker]

How Traders Might Have Made Money

Regulators in Europe, the US, and as of yesterday, Hong Kong are looking into whether the $4.7 trillion market for currency is being manipulated by a handful of traders in order to gouge their clients and pocket big profits.  [Simone Foxman, Quartz]

The Anatomy Of A Shanghai Land Grab

Early one Wednesday morning three weeks ago, a group of men broke into the Shanghai home of 72 year-old Xie Guozhen and her husband. [Rob Schmitz, MarketPlace]

Twitter’s Huge Payday For Early Investors

At last check, Twitter shares were being marketed at $31 per share on the private markets (working out to a $15.5 billion valuation). Let’s use that as a baseline, even though we’ve already seen one bank analyst issue a $50 per share target. [Dan Primack, Term Sheet]

SEC Targets Broker-Dealer Registration

The Securities and Exchange Commission’s crackdown on insider trading has been a high-profile campaign that has included some high-profile hedge fund industry targets, but the market watchdog is also keeping a close eye on another aspect of private fund activity—transactions that may require the adviser to register as a broker-dealer. [Deirdre Brennan, FINalternatives]

Egerton Closes To New Money

Egerton Capital has become the latest hedge fund to start turning away investors. [FINalternatives]

50 Charts Behind The Bull Case For Gold

Stöferle put together a presentation that includes 50 charts making the bull case for gold, which has lost 30% of its value since peaking at $1900 an ounce in 2011. [Matthew Boesler, Business Insider]

gold

Earnings

Goldman Sachs Earnings

Goldman Sachs Group Inc (NYSE:GS) earned $1.4 billion in the third quarter, down 23% from the second. It maybe shouldn’t have even earned that much. [Stephen Gandel, Term Sheet]

Banks Pull More Of Their Earnings

On Wednesday, Bank of America Corp (NYSE:BAC) said it netted $2.5 billion in the third quarter, up from basically breaking even a year ago. Shares rose, as they have at the other banks, even before Washington had a deal. JPMorgan Chase & Co. (NYSE:JPM)’s shares were up on Friday, despite the fact that the bank disclosed a loss on a huge litigation charge. [Stephen Gandel, Term Sheet]

Hottest Links: Not The Onion

Ohio Woman Charged In Theft Of $2.87 From Fountain

A western Ohio woman charged with petty theft for allegedly stealing $2.87 from a courthouse fountain says she is jobless and took the change to buy food. [MyFoxNY]