Wednesday links: they are the system

12Nov08

The big multi-strategy hedge funds “can’t bet against the system like the old ones did; they are the system.”(Ultimi Barbarorum also Market Movers)

American Express (AXP) holders hope being a bank holding company does not imply a bank-like valuation.  (WSJ.com also Telegraph.co.uk)

The TARP is dead.  Long live the TERP.  (Infectious Greed, Clusterstock, FT Alphaville)

The Treasury has had few problems auctioning off record levels of debt.  (WSJ.com)

However growing debt issuance is part of the case for shorting Treasuries.  (market folly)

Recent daily equty volatility is at historic highs.  (Bespoke)

Is “buy and hold” dead?  (Crossing Wall Street)

Sector rotation rules as individual stock correlations have increased in this bear market.  (Time.com)

Testing the VIX spread and the stock market.  (MarketSci Blog)

“Either the economy is going to get much, much worse than anything we have lived through, or there are some bargains to be found in junk bonds and leveraged loans.”  (Floyd Norris)

Forget trying to pick a bottom in this crisis.”  (FT Alphaville via green faucet)

“While the Dow is currently on pace for its worst decade since the 1930s, the amount of time it has been in bull mode is only slightly less than average.”  (Bespoke)

No one seriously believes a bailout will ultimately save General Motors (GM).  (Megan McArdle)

There is a good chance you misread Liar’s Poker.  (Portfolio.com)

An oil supply crunch is still in the cards according to the IEA.  (CNNMoney.com, 24/7 Wall St.)

On the future of ethanol and why it can’t displace imported oil.  (USNews.com, Slate.com)

When did the recession begin?  (Crossing Wall Street)

Does economics qualify as a hard science, along the lines of physics, chemistry, or biology?”  (Odd Numbers)

“In short, private education in America spends money like a drunken sailor with Warren Buffett’s credit card.”  (Epicurean Dealmaker)

Google Flu Trends.  (Google.org also Tech Observer)

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