Good morning. Buy stocks when they are cheap. It appears to work, according to this study…

(source: http://papers.ssrn.com/sol3/papers.cfm)

 

Brilliant movie on unequal pay with monkeys. It takes only two minutes and is sure to make you laugh…

 

Yesterday’s chart from UBS on income distribution in the Eurozone triggered some comments. This is the one from the US… (via @riaroerink)

·         http://www.theatlantic.com/business/archive/2012/08/60-years-of-american-economic-history-told-in-1-graph/261503/

 

I may have shown this one before, but it can’t hurt to show it again: ownership of bonds, US and UK…

…and French and Italy

·         http://www.bondvigilantes.com/2012/08/17/who-owns-government-bonds-these-days/

 

Ireland did it right, according to this contribution. Somehow I miss the argument that they did so by letting UK and Dutch taxpayers pick up the bill…

·         http://www.ritholtz.com/blog/2012/08/iceland-did-it-right-and-everyone-else-is-doing-it-wrong/

 

“China’s Slowdown May Be Worse Than Official Data Suggest” Not the subject (seen it…), but the source (Dallas Fed) makes this an interesting read

·         http://www.dallasfed.org/research/eclett/2012/el1208.cfm

 

And talking about China: investing in the Shanghai Composite has not been very rewarding…

·         http://www.bespokeinvest.com/thinkbig/2012/8/27/chinas-lost-decade
.html

 

Interesting, even though it is not very solid evidence. Pricing power returning in the US?

<img src="https://mail.google.com/mail/u/0/?ui=2&ik=cf00ec2f33&view=att&th=1396b8b21fcff737&attid=0.3&disp=emb&zw&atsh=1&quot; border="0" height="393" alt="Description: Description: Description: Description: cid:image001.png@01CD8443.623EF1E0” width=”489″ />

·         http://macroblog.typepad.com/macroblog/2012/08/do-firms-have-pricing-power.html

 

Tax rates in the US. I find it hard to believe that they had a top marginal tax rate of 90%, but there you go…

·         http://www.ritholtz.com/blog/2012/08/historical-tax-rates-poster-on-sale-for-10/

 

France is the surprise here, I would say. And the UK not benefitting from its floating currency…

·         http://www.ritholtz.com/blog/2012/08/economic-output-in-europe-has-yet-to-return-to-its-peak-level-2

 

And I really cannot keep this one from showing: too technical no doubt, but look at nevertheless!

·         http://ftalphaville.ft.com/blog/2012/08/24/1132951/when-ecb-bond-buying-meets-collateral/

 

Interesting to see, even though it doesn’t make sense for all companies shown. And what happened to the Swiss banks??

·         http://www.economist.com/blogs/graphicdetail/2012/08/daily-chart-10

 

Wow! Now even Blackrock is doing infographics…! I am not too impressed by the durable goods orders assessment though…

·         http://www.businessinsider.com/blackrock-overrated-underrated-economic-indicators-infographic-2012-8

 

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