Shanghai lines up
first foreign hedge fund entrants: Shanghai has granted an overall quota of
$300m that will be divided equally among six foreign funds – Canyon Partners,
Citadel, Man Group, Oaktree, Och-Ziff and Winton Capital – with each permitted
to raise up to $50m, according to people familiar with the program. [Note:
Game-changer. Most Chinese institutions are no-where near the sophistication of
US institutions; there’s probably tons of good alpha left in the
market]…Source: http://www.ft.com/intl/cms/s/0/6848d56e-1c23-11e3-b678-00144feab7de.html?siteedition=uk&siteedition=intl#axzz2emtaj255
Everything you need
to know about the EPA’s carbon limits for new power plants? The key here is
that all coal plants in the future will need to emit no more than 1,100 pounds
of carbon dioxide per megawatt-hour (vs. ~1,768 now) to get permits. Note that
plants that capture and store CO2 are 75% more expensive to run. For coal
plants to become competitive, nat gas price needs to go above $ 7 / mmBTU, (but
USEIA projects < 6 for the next 2 decades). In short, the steps are EPA’s 1st
step towards taming environmental issues. Over the next year, the EPA will
craft carbon regulations for the 6,500 existing power plants that are currently
operating around the United States. That's a much bigger deal. Those power
plants are responsible for about 40 percent of U.S. carbon-dioxide emissions,
and the EPA will have to figure out how much to reduce all that carbon. [Note:
So perhaps more pain to come for thermal coal…?]…Source: http://www.washingtonpost.com/blogs/wonkblog/wp/2013/09/20/everything-you-need-to-know-about-the-epas-carbon-limits-for-new-power-plants/
Telecom on verge of a
revolution: Predicted
by research from Informa Telecoms and Media: most if not all operators will
commence far-reaching operational transformation projects within the next five
years. The desire to change is being motivated by declining non-data revenues
and a recognition of the need to transition from network-driven to
service-driven businesses. Increasing network and technology complexities are
also playing a role. Around 85% of operators worldwide view the development of
new revenue streams to be their key objective moving forward. Source: http://www.telecomramblings.com/2013/09/telecom-verge-revolution/2/
Starbucks: Leave you
gun at the door please: Howard Schultz, who heads Starbucks, released an open letter
containing a "respectful request that customers no longer bring firearms
into our stores or outdoor seating areas." [Note: I don’t even…the Venn
diagram of “those who drink Starbucks” and “those who bear arms” barely
overlap, no?]…Source: http://www.economist.com/blogs/democracyinamerica/2013/09/guns-and-coffee
Investment Learning
from the Law:
Per Madison Avenue Securities’ CIO, here’s how law school helped his investing:
(1) To think probabilistically, (2) Learn to argue the other side, (3) carrying
out a data-driven perspective and a data-driven process, (4) piece and present
data/information analytically, (5) and Check and re-check the work… Source: http://pragcap.com/investment-learning-from-the-law
U.S. Textile Plants
Return, With Floors Largely Empty of People: Note: not really textile &
apparel jobs down -60%+, capacity down -30%+ since ~1995, but the interactive
graph on the site is really cool. Check it out…Source: http://www.nytimes.com/2013/09/20/business/us-textile-factories-return.html?_r=0
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