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Founded in 1727 by Benjamin Franklin, the Leather Apron Club was a club for mutual improvement whose purpose was
5) Art Cashin research note (UBS): If you want to buy shares of a stock, then you need cash to do it. If you don't have the cash, then you may be able to borrow against some sort of collateral, unless you know someone nice enough to lend to you unsecured. The latter option margin borrowing - has become increasingly popular, at least among investors who use brokerage firms that are members of the NYSE. In March, margin debt marched higher yet again, by more than $13 billion. Free credit, on the other hand, shrank by more than $8 billion. Free credit is the amount of "cash" that is available for investors to withdraw from their accounts. Taken together, that means that investors' available cash (free credits minus margindebt) was reduced by approximately $22 billion. That available cash figure now stands at negative $92.2 billion. The only time period in history that exceeds this amount were the months between December 1999 through September 2000. The other two times in recent history that the balance exceeded negative $75 billion, June 2007 and March 2011, both preceded major corrections. But as we've seen with so many indicators, studies and price patterns over the past few months, what we're seeing now is different. This market has thumbed its nose at some formerly-extremely-consistent patterns, so that is a caveat against looking at this data and betting against the market with abandon. Comments: As Cashin notes, indicators and price patterns are tough to read in a QE driven world...1.2 trillion here, 1.4 tillion there (Japan) and you start talking about real money (and a tough market to short) SpooWeekly
Exhibit B: The Gretsch building, an old guitar factory turned condo building in Williamsburg, just had a crazy week: Crains reports that three units sold in all-cash transactions, each one setting new highs on a per-square-foot basis. The units in questions were two adjacent two-bedrooms on the ninth floor, selling for $1.4 million and $1.5 million, and a larger two-bedroom on the 10th floor selling at $2.5 million all at an average of $1,150 per square foot. It needs to be cash, it needs to be over ask, and (the listing) will never see the light of day, the broker had told all the buyers. According to Crains, Williamsburg condos are currently averaging $794 per square foot, with high-end condos like Northside Piers bringing in closer to $1,050 per foot. The broker who handled the Gretsch sales at 60 Broadway cant seem to believe it herself: Its unbelievable whats going on out there, she told Crains. Our question is, can the high sales weve been seeing lately be a bubble based on low mortgage rates if the buyers are paying record-setting prices with all cash? 3 Condos Sold in Williamsburg at Record Prices [Crain's] Great job Bernanke & Co. You have succeeded at rolling up the housing, credit, bond, tech and equity bubbles all into one.
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Declining Fertility In nearly every major economy, fertility rates have been falling.
Cheaper Renewable Energy Renewable energy sources are expensive. But thats quickly changing. Here are some projections. For once, all of the innovations, corporate start-ups, and risk taking the best part of the capitalist system work to decrease our use of depleting hydrocarbons and therefore to increase our chance of stabilizing our civilisation before the cliff edge is reached, writes Grantham.
The bottom line is that if we put our minds to it we can overcome normal inertia and abnormally powerful vested interests that oppose necessary change, he writes. Whether we can move fast enough on these fronts and at the same time reduce the output of greenhouse gases to avoid going off the cliff is simply not knowable for certain, but every minute saved and improvement made, betters our odds. Let the race begin. Comments: Read the full 10 page document here...
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Comments: North Korea: All you need to win the war is a large magnet.
Man In Black
M.i.B is an independent trader and consultant to hedge funds.
Yoda
Yoda is an analyst at Praetorian Capital focusing on value opportunities.
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May 3, 2013