Saturday assorted links

by on July 8, 2017 at 12:35 pm in Uncategorized | Permalink

1 Thiago Ribeiro July 8, 2017 at 12:42 pm

1 – Because they have become strangers in their own land.

Reply

2 Edgar July 8, 2017 at 2:02 pm

All that great foreign born occupation that Tyler is so eager to “lock in” every where as he said in his conversation with Luce. Oh well, the Dalai Lama is a xenophobic, racist, nationalist fear monger dontcha know…probably a fascist too!

Reply

3 Thiago Ribeiro July 8, 2017 at 3:24 pm

Well, they were conquered by a merciless conqueror.

Reply

4 Edgar July 8, 2017 at 4:40 pm

Tibet 1959, Crimea 2014, Banda Oriental 1816….examples of how an insecure border is the most merciless conqueror of them all…

Reply

5 Thiago Ribeiro July 8, 2017 at 5:15 pm

Acrually, it has seem proved that the so-called Banda Oriental, actually former Empire of Brazil’s Cisplatine Province, is a legitimate part of Brazil’s territory since times immemorial and will eventuallupy rejoin the Fatherland.

6 Kyle July 8, 2017 at 12:54 pm

5 – I lived in downtown Savannah, GA for a time and had to put up with alternate side parking. I worked from home and had to always remember what day my car was due for moving as every side street was cleaned on a different day. It’s very disappointing to only be able to find a Monday spot when coming back from a trip on Sunday.

Reply

7 rayward July 8, 2017 at 1:01 pm

4. Given the popularity of index investing, I’m surprised there aren’t more studies on what that means for financial stability/instability. If every investor were an index investor, would that exaggerate highs and lows or moderate highs and lows. There are actually two questions there: why so few studies and the likely impact of so many index investors.

Reply

8 bluto July 8, 2017 at 1:04 pm

Also how much of the governance of corporations is placed into IIS’s hands.

Reply

9 mulp July 8, 2017 at 1:11 pm

I get the impression the studies are being done and both are true.

And I get the impression this is causing problems for traders who profit from volatility, which are both down.

Leading to some buying into firms to force them to disrupt their business causing stock volatility.

Reply

10 Jeff R July 8, 2017 at 1:08 pm

4. Matt Levine, whose praises have quite rightly been sung on this blog before, has written a few times about how analysts at large firms will avoid saying anything too negative about the companies they track because they don’t want to hurt their employer’s chances of getting investment banking business from those same companies down the line. Seems like that could be a part of the equation here.

Reply

11 DB July 8, 2017 at 1:35 pm

Matt Levine actually does not say this at all. Just ten days ago (“Robots, Buybacks and Golfers”):
“We talk from time to time around here about whether investment bank equity research analysts inflate their ratings of companies to try to win investment banking business from those companies. I suspect not, these days, because regulation really has cut equity analysts off from opportunities to get paid for bringing in investment banking business, and even from talking to investment bankers.”

You’re probably thinking of how analysts remain positive about companies in order to preserve access to company management, which access is directly or indirectly passed on to their firms’ brokerage clients.

Reply

12 Jeff R July 8, 2017 at 2:04 pm

Here’s what I was thinking of:

https://www.bloomberg.com/view/articles/2017-03-27/banks-that-sold-snap-ipo-say-it-s-a-buy

You’re right, it doesn’t quite say what I was thinking. 🙁

Reply

13 Ray Lopez July 8, 2017 at 8:25 pm

@Jeff R – actually the article read between the lines says exactly what you initially said. Just focus on the “ratings divide” language. It’s like boards that vote for CEO pay raises: of course in theory they can and should knock down the pay, but in practice, they know what goes around comes around, and if they are against CEO pay raises one of these days in the future they might not get invited to sit on another corporate board.

Reply

14 Handle July 8, 2017 at 1:10 pm

1 – I’ve been told by a European who lived there that Tibetan men are pretty successful in the urban Chinese dating scene. They tend to be the equivalent of “downtown men” to the “uptown girls.”

Reply

15 The Other Jim July 8, 2017 at 1:28 pm

5: Umm, sure. It’s “crazy” that they clean the streets and you have to move your car. Right.

The best part is in the comments where he gets called out on this… classic blue-on-blue virtue-signalling battle. Always worth a read.

Reply

16 The Engineer July 8, 2017 at 1:44 pm

There is absolutely no way that zipcaring for an occasion trip out of town costs more than owning your own car IN BROOKLYN.

And even if it was… this is a pain in the dick, as he says.

Walking around the walkable parts of Brooklyn (you know what I mean, don’t judge me), I was surprised by how many BMW X5’s there were, and not crappy old 2002 X5’s like the one I drive. Late model ones. Maybe even ones currently being leased. Parked on the streets of Brooklyn. Not even a nice street. Around Boerhum Hill, near downtown.

Reply

17 Flatbush Ave July 8, 2017 at 4:04 pm

..the NYC street cleaning program is highly inefficient/expensive/annoying — just what one expects from government (I’m a native New Yorker);
the whole thing screams for rational management {engineering ?}, but it’s run by entrenched liberal politicians and a very powerful municipal labor union. Status Quo Rules

Why block off parking for hours when a street sweeper is only on a specific street for a few minutes? NYC snow plows use GPS to let public know where they are — same idea would work for sweepers.

Weekly sweeping is unnecessary for most roads and many streets in Queens/Richmond do OK with no City sweeping ever

Smaller, more agile and better engineered sweepers could clean with vehicles parked as normal. Current behemoth NYC sweepers are poorly designed & maintained and do a poor cleaning job. NYC is starting to replace them with the same basic design, at a quarter million dollars each

Hong Kong does very well with 2,OOO manual street cleaners — using little more than brooms and large buckets pushed along on wheels

what’s the source of NYC street dirt/debris ?
analysis and reductions of those sources are a much better investment than intense parking-ticket issuance

Reply

18 Anon7 July 8, 2017 at 11:33 pm

Parking tickets are nice source of revenue (my town relies on parking fines for 10% of its annual revenue). Why would a city jeopardize that revenue stream by making parking rules simpler?

Reply

19 gab July 9, 2017 at 12:38 am

So the government conducts street sweeping which is highly inneficient and annoying? Then who’s inot charge of the seemingly more efficient snow plows?

Reply

20 gab July 9, 2017 at 12:39 am

Sorry, “in charge” not “inot”

Damm Android tablet !

21 Moo cow July 8, 2017 at 4:37 pm

Right. I did that for about 5 years. You can rent a lot of cars for $500 a month. It’s practically free on weekends in many large cities.

Reply

22 jseliger July 8, 2017 at 4:45 pm

From the article: “Now, with Brooklyn steadily transforming into nothing but luxury high rises, there are way more people in my neighborhood, and way more cars.”

That implies parking is underpriced. Solution: once-a-month auctions for a fixed number of parking spaces in a given zone. People pay for the parking they value. Since a scarce resource is underpriced, it’s being overused.

Reply

23 A B July 8, 2017 at 2:33 pm

1: It cannot have escaped the notice of the Han leaders that urban birth rates are drastically lower than rural or even suburban.

Reply

24 Anon July 8, 2017 at 2:36 pm

5. In SF I see signs that give 2 hrs for Street cleaning and can’t understand why it can’t be reduced to say 30 or 45 mins ? I’m sure the extra cushion for the 2mins of cleaning is unnecessary.
How much easier it would make life for an AltRight or AltLeft Parker.

Reply

25 Thomas A. July 8, 2017 at 3:02 pm

> In SF I see signs that give 2 hrs for Street cleaning and can’t understand why it can’t be reduced to say 30 or 45 mins … How much easier it would make life for an AltRight or AltLeft Parker.

You are assuming that the San Francisco street department is interested in what the people of San Francisco want.

Reply

26 daguix July 8, 2017 at 3:20 pm

4. This is a very interesting piece of paper. I guess next paper will show causality from conflict of interest in banks to market anomalies. It’s difficult for market players to arbitrage this because they rely on banks for their operations.

Reply

27 Meets July 8, 2017 at 3:29 pm

4.

Can someone tell me what the point of analysts is? They have no skin in the game right?

And who actually use their recommendations?

Reply

28 Nick M July 8, 2017 at 3:34 pm

5: In 2012-14 I would frequently drive to Manhattan’s Upper West Side for a week or two to visit my SO. On her block everyone just double parked the other side of the street during cleaning times. It was beautiful emergent order. Everyone just knew they couldn’t get their car out during the other side’s cleaning times, and in two years I never saw any double parking tickets given (I did see tickets for not moving a car).

Many people also just followed the strategy of sitting in their car waiting for the street cleaners, move their car into the street when it comes, and then back up right into the same spot after it went by (you had to sit in your car the whole time though because cops could ticket you regardless of if the cleaners had passed).

There’s a joke about NYC parking. Two people are driving around looking for a spot. One person sees a place and points it out. The other says “Nope, if it were a legal spot somebody would’ve already parked there.”

Reply

29 zztop July 8, 2017 at 3:59 pm

#3. Sensible writing approach by Tyler. Sensible fella himself. Nice little ditty of an interview. Also, the work of writing, at least with Tyler’s approach, seems so pleasant.

Reply

30 Ray Lopez July 8, 2017 at 6:07 pm

I downloaded (for free) Diane Coyle’s book she’s reading, “Reinventing the Bazaar” (2002) by John McMillan and it’s a breezy work that just scratches the surface of the issues. The chapter on patents is laughably weak, but at least it’s a start. Lots of economics books don’t even mention the word “patent” once, and this is when they are talking about productivity and how to increase it, and incentives. Good or bad, you should at least acknowledge patents.

Bonus trivia: just so you know something more than the usual Yahoo out there, next time you hear how McDonald’s and the Olympic committee is persecuting some mom-and-pop store for using “Mc” or the “Olympic rings” in their logo, or calling their shop “Olympics”, keep in mind they are doing that out of forced moves as they say in chess: there’s court decisions saying you must enforce your trademark if it comes to your attention it is being possibly infringed, or you are deemed to have abandoned the mark, and likewise the Olympic trademark is specifically covered by a US law saying it is inviolate. That’s why the trademark lawyers have a hair up their pants. Change these laws to allow ‘selective prosecution or protection of trademarks without being deemed to have abandoned your mark’ and you won’t have this negative publicity. Something you rarely read about in the popular press (including McMillan’s book).

Reply

31 Ray Lopez July 8, 2017 at 6:08 pm

…the above was for link #2

Reply

32 Anonymous July 8, 2017 at 7:22 pm

………” for using “Mc””
Wonder if McMillan has been sued yet?

Reply

33 albert July 8, 2017 at 11:14 pm

Well, you have to “enforce” your trademark. But companies can and do give licenses for nothing. You can tell the mom-and-pop store the boundaries of how they can use the trademark, grant them a license for free or for a token $1 or something.

Reply

34 AnthonyB July 8, 2017 at 7:45 pm

I remember when telephone books in Manhattan had formulae for finding the cross street for addresses. Something like this:

http://www.businessinsider.com/formula-to-find-nearest-manhattan-cross-street-2013-6

Reply

35 KM32 July 8, 2017 at 9:14 pm

Speaking of writing, this is a good example of how larding up a sentence with too many modifiers weakens it.

“Why’d we pick him, in ten words: Tyler Cowen is consistently counterintuitive, freakishly productive, and deeply thoughtful.”

“Tyler Cowen is counterintuitive, productive, and thoughtful” not only reads better, but doesn’t sound like a click bait Slate headline. Also, can one be “shallowly thoughtful,” or isn’t the “deeply” implied?

Reply

36 Thor July 9, 2017 at 3:15 am

Btw, what the heck happened to Slate? Seems to me it wasn’t always this bad…

Reply

37 JWatts July 9, 2017 at 2:59 pm

“Btw, what the heck happened to Slate? Seems to me it wasn’t always this bad…”

The period of Slate being decent was pretty short.

“Slate Is Becoming … Salon !”

http://observer.com/2002/06/slate-is-becoming-salon/

That article was written in 2002.

Reply

38 There Will Be Blood type. July 8, 2017 at 10:39 pm

I identify as a member of the type O blood race. We are the dominant race upon the planet and our higher reproductive rate is driving all other blood races further into minority status. Or at least it will for a while. Eventually frequencies will stabilize and random genetic drift should be the main influence on blood type frequency. But we will still be dominant for at least thousands of years!

Note that on some days I identify as a member of the non-cellulose producing race, which includes all animal life – except tunicates, those green-blooded blood traitors.

Reply

39 Axa July 9, 2017 at 4:25 am

#5 a quick search on craiglist yields available parking spaces for rent between $150-300 per month. It’s amazing how cheap is the solution for a “life changing” problem.

Reply

40 CloserD July 9, 2017 at 12:52 pm

1. Why are so many Tibetans moving to Chinese cities?

and Why are so many Mex1cans moving to American cities?

The world may never know.

Reply

41 polly July 10, 2017 at 8:01 am

In Diane Coyle’s reading list, I am delighted to see a name check for Paul Seabright’s ‘The Company of Strangers’ . Great book, I find the main idea comes to mind again and again in any serious thinking I do.

Reply

Leave a Comment

Previous post:

Next post: