Hottest Links: Tension Sell-Offs, Capex Fallacies, And Snakes In Suits

Hottest Links: Tension Sell-Offs, Capex Fallacies, And Snakes In Suits

Hottest links for Friday, March 14th, the late edition. Get our free daily newsletter and never miss a single linkfest. Also, now if you sign up you will get our new e-book on value investing.

Top stories for today are included below.  We’ve got tension in Ukraine, psychopaths on Well Street, and frat boys breaking into SeaWorld to kick off what promises to be a fairly exciting weekend, one way or another.

Hottest Links: Stories

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Crypto Hedge Fund Three Arrows Blows Up, Others Could Follow

CryptoA few years ago, crypto hedge funds were all the rage. As cryptocurrencies rose in value, hundreds of hedge funds specializing in digital assets launched to try and capitalize on investor demand. Some of these funds recorded double-digit gains in 2020 and 2021 as cryptocurrencies surged in value. However, this year, cryptocurrencies have been under Read More

In Snakes in Suits: When Psychopaths Go to Work, Canadian psychologist Robert R. Hare blames psychopaths for the brutal excesses of capitalism, as they often flourish in fast-paced, changing industries with widespread uncertainty. [The View From The Blue Ridge]

Benjamin Graham’s 10 Rules for Stock Selection

A lesser known checklist from Ben Graham, profiled in a 1970s Forbes article: An earnings-to-price yield at least twice the AAA bond rate. [Under The Rock Stocks]


Asset-Backed Commercial Paper Market Is 1/6 The Size It Was in 2007

At the peak of the of shadow banking system in 2007 total asset-backed commercial paper (ABCP) outstanding was over $1.2 trillion (or 8.3% of GDP). Today, ABCP outstanding is about $233 billion (or 1.4% of GDP) and still declining. [GaveCal Capital]

ETF Stats for February 2014 – Actively Managed ETFs Gaining Share

February had only 19 trading days, so it was not surprising to see trading activity diminish.  Total monthly dollar volume dropped 2.3% to $1.4 trillion.  The number of products averaging more than $1 billion in trading per day increased from eight to ten and grabbed 55.7% of all the action. [Ron Rowland, Invest With An Edge]

February 2014 Month End ETFs ETNs Total
Currently Listed U.S. 1,366 202 1,568
Listed as of 12/31/2013 1,332 204 1,536
New Introductions for Month 15 0 15
Delistings/Closures for Month 4 0 4
Net Change for Month +11 0 +11
New Introductions 6 Months 92 7 99
New Introductions YTD 40 0 40
Delistings/Closures YTD 6 2 8
Net Change YTD +34 -2 +32
Actively-Managed Listings 85 (+6) n/a 85 (+6)
Assets Under Mgmt ($ billion) $1,704 $24.7 $1,729
% Change in Assets for Month +4.9% +5.7% +4.9%
Qty AUM > $10 Billion 39 0 39
Qty AUM > $1 Billion 219 7 226
Qty AUM > $100 Million 683 33 716
% with AUM > $100 Million 50.0% 16.3% 45.7%
Monthly $ Volume ($ billion) $1,369 $54.4 $1,423
% Change in Monthly $ Volume -2.7% +9.9% -2.3%
Avg Daily $ Volume > $1 Billion 9 1 10
Avg Daily $ Volume > $100 Million 84 3 87
Avg Daily $ Volume > $10 Million 287 10 297

4 Capex Fallacies As Seen On CNBC

The excerpt is from a 1981 BBC documentary about Richard Feynman that was linked in a Zero Hedge post several years ago. Unfortunately, Feynman passed away in 1988 and never had the chance to watch the “experts” on financial television. [Tyler Durden, Zero Hedge]

Why bank preference shares could pop

One of the unusual opportunities thrown up by the financial crisis were the stricken preference shares of certain High Street banks. These once solid income-paying securities – or their descendants – from Lloyds Banking Group PLC (ADR) (NYSE:LYG) (LON:LLOY) and Natwest were hit for six in the turmoil. [The Investor, Monevator]

Greenberg: What to Expect from Herbalife Probe

A hard reset of the business models of multi-level marketers is possible. So much for those who laughingly insisted the FTC would never launch an investigation into Herbalife Ltd. (NYSE:HLF). [Herb Greenberg, Herb on TheStreet]

Should Probe at 200%-Lender, World Acceptance, Be a Surprise?

The body slam of World Acceptance Corp. (NASDAQ:WRLD)’s shares, after it disclosed that it is being investigated by the Consumer Financial Protection Bureau, shows how some stocks are elevated from here to kingdom come on air and (at the first sign of trouble) weak-kneed investors. [Herb Greenberg, Herb on TheStreet]

Why did the stock market sell off today?

Wall Street Journal: Tensions in Ukraine and the Crimean peninsula, Yahoo Finance: Russians, Fox Business: Obamacare [Joshua M Brown, The Reformed Broker]

Hottest Links: Not The Onion

Frat Bros Arrested After Breaking Into Sea World to Steal Ice Cream, Take Selfies with Shamu

Five Texan frat bros broke into San Antonio’s SeaWorld early Thursday morning not to free Willy, but rather to take after hours selfies with Shamu. [Laura Stampler, Time]

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