Issue Jan'23

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"Everything Should Be Made as Simple as Possible, But Not Simpler"
-- Albert Einstein
"Governments cannot create prosperity, only consume it."
-- anonymized
"The law, in its majestic equality, forbids rich and poor alike to sleep under bridges, to beg in the streets, and to steal loaves of bread"
-- Anatole France
"What is robbing a bank compared with founding a bank?"
-- Bertolt Brecht
  1. 2023-01-26 Site Update
    By piousbox on 2023-01-26
  2. Toronto scammers successfully sold a house while its owners were out of town
    By piousbox on 2023-01-26
  3. Making History: AI Lawyer to Defend in Upcoming Case
    By piousbox on 2023-01-23
  4. Richest 1% bag nearly twice as much wealth as the rest of the world put together over the past two years
    By piousbox on 2023-01-22
  5. SWIFT payments network access cut to crypto exchanges
    By piousbox on 2023-01-22
  6. The reported short interest is a lie and I think can prove it!
    By piousbox on 2023-01-21
  7. Brazil, Price Waterhouse Coopers as the auditors, and $3.9 billion missing due to "inconsistencies"
    By piousbox on 2023-01-15
  8. Norway Is Using Ethereum (Arbitrum) for Shareholder Management
    By piousbox on 2023-01-14
  9. Two minute papers: This AI Learned Some Crazy Fighting Moves!
    By piousbox on 2023-01-14
  10. Inflation data for December: 6.5%
    By piousbox on 2023-01-12
  11. Follow the 741 Brick Road - on Tuesdays
    By piousbox on 2023-01-11
  12. Wall Street climbs; Powell comments avoid rate policy
    By piousbox on 2023-01-10
  13. The Story of Mel, a Real Programmer
    By piousbox on 2023-01-08
  14. The Truth About CBDCs: an Analysis
    By piousbox on 2023-01-08
  15. 2023-01-07 Site Updates
    By piousbox on 2023-01-07
  16. Silvergate Shares Plunge 46% as Crypto Bank Cuts 200 Jobs
    By piousbox on 2023-01-06
  17. A review of Aswath Damodaran's youtube channel about accounting
    By piousbox on 2023-01-06
  18. Bed Bath & Beyond Warns It May Go Out of Business
    By piousbox on 2023-01-05
  19. Turns out (1) University of California gets to gamble with - presumably students'? - money, and (2) Blackstone casually "guarantees" an 11.25% annualized return on investment for 6 years
    By piousbox on 2023-01-04
  20. Some Book recommendations
    By piousbox on 2023-01-02

  1. 2023-01-26 Site Update
    By piousbox on 2023-01-26
    Hello everyone! The update today is:
    • I wrote a script to auto-publish a gallery of images, one image per day. So you can expect 10 new Trees to be published in the Trees category, starting tomorrow. This functionality will be used later to schedule more elaborate collections of posts. Stay tuned!
    So far, the tree category can be seen here: Trees Category.
    FIN
  2. Toronto scammers successfully sold a house while its owners were out of town
    By piousbox on 2023-01-26
    Read More >>>
  3. Making History: AI Lawyer to Defend in Upcoming Case
    By piousbox on 2023-01-23
    Read More >>>
  4. Northwest Biotherapeutics Files Lawsuit Against Major Market Makers for Market Manipulation
    By piousbox on 2023-01-22
    Read More >>>
  5. Richest 1% bag nearly twice as much wealth as the rest of the world put together over the past two years
    By piousbox on 2023-01-22
    Read More >>>
  6. SWIFT payments network access cut to crypto exchanges
    By piousbox on 2023-01-22
    Read More >>>
  7. The reported short interest is a lie and I think can prove it!
    By piousbox on 2023-01-21
    Read More >>>
  8. Capitain Bootstraps
    By piousbox on 2023-01-17
    Read More >>>
  9. $GME: A Single Security Exhibiting Idiosyncratic Risk
    By piousbox on 2023-01-17
    Read More >>>
  10. Crypto used for shorting Gamestop (a colloquial anecdote)
    By piousbox on 2023-01-16
    Read More >>>
  11. Brazil, Price Waterhouse Coopers as the auditors, and $3.9 billion missing due to "inconsistencies"
    By piousbox on 2023-01-15
    Read More >>>
  12. Untitled (Evolution of apes)
    By piousbox on 2023-01-15
    Read More >>>
  13. Norway Is Using Ethereum (Arbitrum) for Shareholder Management
    By piousbox on 2023-01-14
    This platform, which is natively on the Arbitrum layer 2 scaling solution, will use the ERC1400 standard to represent shares and the Ceramic network to comply with the EU’s privacy regulation GDPR. Read More >>>
  14. Sketch 1959
    By piousbox on 2023-01-14

    Read More >>>

  15. Untitled ("City")
    By piousbox on 2023-01-14
    Read More >>>
  16. Tree #2
    By piousbox on 2023-01-14
    Read More >>>
  17. Two minute papers: This AI Learned Some Crazy Fighting Moves!
    By piousbox on 2023-01-14
    Read More >>>
  18. Inflation data for December: 6.5%
    By piousbox on 2023-01-12
    FIN
  19. Follow the 741 Brick Road - on Tuesdays
    By piousbox on 2023-01-11
    Read More >>>
  20. Wall Street climbs; Powell comments avoid rate policy
    By piousbox on 2023-01-10
    Just what the title says. Jerome Powell was set to speak about the economy and FED's policies today. Full story here: https://www.reuters.com/markets/us/futures-edge-lower-ahead-powells-speech-2023-01-10/ FIN
  21. Swiss National Bank reports a loss of 132B francs ($143B), which is a lot
    By piousbox on 2023-01-09
    FIN
  22. The Story of Mel, a Real Programmer
    By piousbox on 2023-01-08
    From: https://www.cs.utah.edu/~elb/folklore/mel.html This was posted to USENET by its author, Ed Nather (utastro!nather), on May 21, 1983.   A recent article devoted to the *macho* side of programming made the bald and unvarnished statement:
             Real Programmers write in FORTRAN.
    
         Maybe they do now,
         in this decadent era of
         Lite beer, hand calculators, and "user-friendly" software
         but back in the Good Old Days,
         when the term "software" sounded funny
         and Real Computers were made out of drums and vacuum tubes,
         Real Programmers wrote in machine code.
         Not FORTRAN.  Not RATFOR.  Not, even, assembly language.
         Machine Code.
         Raw, unadorned, inscrutable hexadecimal numbers.
         Directly.
    
         Lest a whole new generation of programmers
         grow up in ignorance of this glorious past,
         I feel duty-bound to describe,
         as best I can through the generation gap,
         how a Real Programmer wrote code.
         I'll call him Mel,
         because that was his name.
    
         I first met Mel when I went to work for Royal McBee Computer Corp.,
         a now-defunct subsidiary of the typewriter company.
         The firm manufactured the LGP-30,
         a small, cheap (by the standards of the day)
         drum-memory computer,
         and had just started to manufacture
         the RPC-4000, a much-improved,
         bigger, better, faster --- drum-memory computer.
         Cores cost too much,
         and weren't here to stay, anyway.
         (That's why you haven't heard of the company,
         or the computer.)
    
         I had been hired to write a FORTRAN compiler
         for this new marvel and Mel was my guide to its wonders.
         Mel didn't approve of compilers.
    
         "If a program can't rewrite its own code",
         he asked, "what good is it?"
    
         Mel had written,
         in hexadecimal,
         the most popular computer program the company owned.
         It ran on the LGP-30
         and played blackjack with potential customers
         at computer shows.
         Its effect was always dramatic.
         The LGP-30 booth was packed at every show,
         and the IBM salesmen stood around
         talking to each other.
         Whether or not this actually sold computers
         was a question we never discussed.
    
         Mel's job was to re-write
         the blackjack program for the RPC-4000.
         (Port?  What does that mean?)
         The new computer had a one-plus-one
         addressing scheme,
         in which each machine instruction,
         in addition to the operation code
         and the address of the needed operand,
         had a second address that indicated where, on the revolving drum,
         the next instruction was located.
    
         In modern parlance,
         every single instruction was followed by a GO TO!
         Put *that* in Pascal's pipe and smoke it.
    
         Mel loved the RPC-4000
         because he could optimize his code:
         that is, locate instructions on the drum
         so that just as one finished its job,
         the next would be just arriving at the "read head"
         and available for immediate execution.
         There was a program to do that job,
         an "optimizing assembler",
         but Mel refused to use it.
    
         "You never know where it's going to put things",
         he explained, "so you'd have to use separate constants".
    
         It was a long time before I understood that remark.
         Since Mel knew the numerical value
         of every operation code,
         and assigned his own drum addresses,
         every instruction he wrote could also be considered
         a numerical constant.
         He could pick up an earlier "add" instruction, say,
         and multiply by it,
         if it had the right numeric value.
         His code was not easy for someone else to modify.
    
         I compared Mel's hand-optimized programs
         with the same code massaged by the optimizing assembler program,
         and Mel's always ran faster.
         That was because the "top-down" method of program design
         hadn't been invented yet,
         and Mel wouldn't have used it anyway.
         He wrote the innermost parts of his program loops first,
         so they would get first choice
         of the optimum address locations on the drum.
         The optimizing assembler wasn't smart enough to do it that way.
    
         Mel never wrote time-delay loops, either,
         even when the balky Flexowriter
         required a delay between output characters to work right.
         He just located instructions on the drum
         so each successive one was just *past* the read head
         when it was needed;
         the drum had to execute another complete revolution
         to find the next instruction.
         He coined an unforgettable term for this procedure.
         Although "optimum" is an absolute term,
         like "unique", it became common verbal practice
         to make it relative:
         "not quite optimum" or "less optimum"
         or "not very optimum".
         Mel called the maximum time-delay locations
         the "most pessimum".
    
         After he finished the blackjack program
         and got it to run
         ("Even the initializer is optimized",
         he said proudly),
         he got a Change Request from the sales department.
         The program used an elegant (optimized)
         random number generator
         to shuffle the "cards" and deal from the "deck",
         and some of the salesmen felt it was too fair,
         since sometimes the customers lost.
         They wanted Mel to modify the program
         so, at the setting of a sense switch on the console,
         they could change the odds and let the customer win.
    
         Mel balked.
         He felt this was patently dishonest,
         which it was,
         and that it impinged on his personal integrity as a programmer,
         which it did,
         so he refused to do it.
         The Head Salesman talked to Mel,
         as did the Big Boss and, at the boss's urging,
         a few Fellow Programmers.
         Mel finally gave in and wrote the code,
         but he got the test backwards,
         and, when the sense switch was turned on,
         the program would cheat, winning every time.
         Mel was delighted with this,
         claiming his subconscious was uncontrollably ethical,
         and adamantly refused to fix it.
    
         After Mel had left the company for greener pa$ture$,
         the Big Boss asked me to look at the code
         and see if I could find the test and reverse it.
         Somewhat reluctantly, I agreed to look.
         Tracking Mel's code was a real adventure.
    
         I have often felt that programming is an art form,
         whose real value can only be appreciated
         by another versed in the same arcane art;
         there are lovely gems and brilliant coups
         hidden from human view and admiration, sometimes forever,
         by the very nature of the process.
         You can learn a lot about an individual
         just by reading through his code,
         even in hexadecimal.
         Mel was, I think, an unsung genius.
    
         Perhaps my greatest shock came
         when I found an innocent loop that had no test in it.
         No test.  *None*.
         Common sense said it had to be a closed loop,
         where the program would circle, forever, endlessly.
         Program control passed right through it, however,
         and safely out the other side.
         It took me two weeks to figure it out.
    
         The RPC-4000 computer had a really modern facility
         called an index register.
         It allowed the programmer to write a program loop
         that used an indexed instruction inside;
         each time through,
         the number in the index register
         was added to the address of that instruction,
         so it would refer
         to the next datum in a series.
         He had only to increment the index register
         each time through.
         Mel never used it.
    
         Instead, he would pull the instruction into a machine register,
         add one to its address,
         and store it back.
         He would then execute the modified instruction
         right from the register.
         The loop was written so this additional execution time
         was taken into account ---
         just as this instruction finished,
         the next one was right under the drum's read head,
         ready to go.
         But the loop had no test in it.
    
         The vital clue came when I noticed
         the index register bit,
         the bit that lay between the address
         and the operation code in the instruction word,
         was turned on ---
         yet Mel never used the index register,
         leaving it zero all the time.
         When the light went on it nearly blinded me.
    
         He had located the data he was working on
         near the top of memory ---
         the largest locations the instructions could address ---
         so, after the last datum was handled,
         incrementing the instruction address
         would make it overflow.
         The carry would add one to the
         operation code, changing it to the next one in the instruction set:
         a jump instruction.
         Sure enough, the next program instruction was
         in address location zero,
         and the program went happily on its way.
    
         I haven't kept in touch with Mel,
         so I don't know if he ever gave in to the flood of
         change that has washed over programming techniques
         since those long-gone days.
         I like to think he didn't.
         In any event,
         I was impressed enough that I quit looking for the
         offending test,
         telling the Big Boss I couldn't find it.
         He didn't seem surprised.
    
         When I left the company,
         the blackjack program would still cheat
         if you turned on the right sense switch,
         and I think that's how it should be.
         I didn't feel comfortable
         hacking up the code of a Real Programmer.
    
    
    This is one of hackerdom's great heroic epics, free verse or no. In a few spare images it captures more about the esthetics and psychology of hacking than all the scholarly volumes on the subject put together. [1992 postscript --- the author writes: "The original submission to the net was not in free verse, nor any approximation to it --- it was straight prose style, in non-justified paragraphs. In bouncing around the net it apparently got modified into the `free verse' form now popular. In other words, it got hacked on the net. That seems appropriate, somehow."] FIN
  23. The Truth About CBDCs: an Analysis
    By piousbox on 2023-01-08
    The chasmic u/DecentralizedLaw writes:

    …The Truth About CBDCs… Design Choices by ECB & FED Analysed… Both Are Aiming At Tight Control Over Accounts, Interest and Spending... A Digital Prison Is Being Built in the Shadows… [Due Diligence]

    Massive overreach of Central Banks underway.They are designing a new kind of money allowing them to:

    • Establish centralized settlement of ALL payments…

    • Tie digital identities to all transactions and record them on a central bank ledger forever…

    • Force built-in features such as limits on how much CBDC you can have in your account, negative interest rates, account charges in line with regulatory objectives, and caps on conversions and spending…

    • Create “money” that is traceable, programmable, taxable, and subject to the monetary whims of central planners…

    • Stamp out spending without permission and slowly phase out cash…

    The war on money continues. The aim: to replace cash with a system of centralized control over ALL transactions and account balances.

    This report explains exactly what to expect from Central Bank Digital Currencies (CBDCs); it looks at the possible design options, what central banks have decided so far, and the likely outcomes.

    The ugly conclusion is that CBDCs are a new form of currency that allows a small group of unelected people control over what we can, and cannot do with our own money…

    Read More >>>
  24. Crypto Empire DCG Faces US Investigation Over Internal Transfers
    By piousbox on 2023-01-07
    Full article here: https://www.bloomberg.com/news/articles/2023-01-07/crypto-empire-dcg-faces-us-investigation-over-internal-transfers FIN
  25. 2023-01-07 Site Updates
    By piousbox on 2023-01-07
    Introducing print style of editions. Going forward I'll try to make every edition look good when printed, and have a page that looks good in black and white, not too lengthy, and doesn't have too many pictures. Printing pictures consumes a lot of ink. Obviously, absolutely everything is under construction, including pages in production. But I think I'm making good progress. This is also the fastest way to iterate: just make changes, and push them live. None of that two-week deployment cycle that gets stuck, and a month later, you still haven't deployed your work for whatever reason. Only large enterprises can afford that, I can't. In any case, the "issue navigator" on the top gains (P) links, which are the links to printable pages. Or pages that will eventually be printable and good-looking. On a side note, dealing with wordpress sometimes makes me want to pull my hair out (if I have any), and I can't believe that a third of the internet runs on it. Of course, I'd like to end this monologue on a bright note, so here is a picture of... please welcome... Capt'n Bootstraps! FIN
  26. Let's All Dance the Melvin Superswap
    By piousbox on 2023-01-07
    u/Dr_Gingerballs writes:

    Howdy Ape-areenos,

    I just got around to watching the 2 part GME series on HBO MAX titled Gaming Wall Street, and it was refreshing to see our side of the story told authentically after a year of gaslighting by the media. I know that the issue is complicated and it’s hard to create and sustain a captive audience around complex financial instruments. However, it did not sit well with me that I finished the series with no real idea of any tangible, targeted requests that the general public could make to reform wall street. Sending a letter to your senator saying the market is corrupt and it needs reform is simply too vague to take action. It also did not sit well with me that the story ended with the narrator throwing up their hands and saying that maybe Melvin swapped out the liability somehow, and no one really knows what is going on. I think the research done in this sub paints a pretty compelling picture of what happened, and there are signatures of it all over the data that we do have access to.

    I hope that this post sheds more light on these swaps, and allows the broader community to begin to understand what is going on here. This work builds off of some great DD by others in the community, namely u/Zinko83 and u/Mauerastronaut on variance swaps. As with all of my posts, it would not be possible without the efforts of the group of people that u/Gherkinit compiled in the community to investigate the derivatives used on GME. Without the rule documenting, data collecting, and derivative investigating done by this group, I would not be able to write this post.

    Let’s start where the documentary left off.

    Read More >>>
  27. Silvergate Shares Plunge 46% as Crypto Bank Cuts 200 Jobs
    By piousbox on 2023-01-06
    FIN
  28. A review of Aswath Damodaran's youtube channel about accounting
    By piousbox on 2023-01-06
    Hello everyone! In the following traktat I review Aswath Damodaran's youtube channel, which can be found here: https://www.youtube.com/@AswathDamodaranonValuation

    Intro

    In my journey of Looking for Answers (TM), in my quest for gaining understanding of micro and macro money systems, I've been watching a lot of youtube videos, some are excellent (Thanks George Gammon!), some less so. Aswath's channel has been bookmarked in my brave browser for more than a year, and I gave it another try. I figure, I should post my review of his channel here on my blog as well, because youtube does not have a nice framework in place for having a discourse. Comments just get lost. To save the time I spent on analysis and the write up, I'm saving my comment here - with pictures! Read More >>>
  29. Bed Bath & Beyond Warns It May Go Out of Business
    By piousbox on 2023-01-05
    This is sad for us, retailers. We dont want Amazon devouring the entire physical (and digital) economy. We don't want Wall St devouring Main St. What happens is that operating normally is just not profitable. Amazon took all the brick and mortar shops out of business - but Amazon's physical store itself is not profitable, either. Only their AWS branch (digital services) has been profitable lately. So in this "everything squeeze," it appears more and more that normal operations are not profitable, for anybody. And if a business entity finds a way to be profitable, the market adjusts quickly (weeks? months? years?) to reduce margins to near-zero, and profit disappears again. Of course, the question is: what do we do now? And how to operate in such conditions? And that, my friends, will be a topic for a future lengthy article (or several). FIN
  30. Tree #1
    By piousbox on 2023-01-04
    Read More >>>
  31. U.S. DOJ in process of seizing Robinhood shares tied to Alameda Research loans
    By piousbox on 2023-01-04
    WILMINGTON, Del., Jan 4 (Reuters) - U.S. prosecutors told a U.S. judge on Wednesday they are in the process of seizing shares of Robinhood Markets Inc that were allegedly pledged as collateral for loans to Alameda Research, which was founded by Sam Bankman-Fried, who has been charged in the collapse of cryptocurrency exchange FTX. (Reporting by Tom Hals in Wilmington, Delaware Editing by Chris Reese) You can read the full story here: https://www.reuters.com/article/fintech-crypto-ftx-bankruptcy-robinhood-idUSL1N33P1MY FIN
  32. Titled, Our Lady Sound Monetary Policy
    By piousbox on 2023-01-04
    Read More >>>
  33. Unfortunate... Crypto firm Wyre winding down after failed Bolt deal
    By piousbox on 2023-01-04
    Wyre, the crypto payments company once valued at $1.5 billion, has told employees that it is shutting down. Why it matters: The company is yet another victim of the crypto crash and broad market slump. Details: “We'll continue to do everything we can, but I want everyone to brace themselves for the fact that we will need to unwind the business over the next couple of weeks,” CEO Ioannis Giannaros wrote in an email to employees, a portion of which was seen by Axios. Read More >>>
  34. An Iron Dog
    By piousbox on 2023-01-04
    Read More >>>
  35. Turns out (1) University of California gets to gamble with - presumably students'? - money, and (2) Blackstone casually "guarantees" an 11.25% annualized return on investment for 6 years
    By piousbox on 2023-01-04
    The value of the deal is $4B with a B, US dollars. And it has been publicized today, Jan 3rd 2023. A few questions arise. Firstly, where did the $4B come from? ucod.edu says:
    Each of the ten UC campuses has an associated Campus Foundation that is a separately incorporated California non-profit public benefit corporation.
    So a non-profit entity accumulated $4B, okay. Then they decided to gamble with it, rather than reducing costs for participants or improving equipment or funding research. Maybe I didn't read a footnote in the definition of 501(c)(3) that said, the meaning of "non-profit" is that you have to be creative about withdrawing or using the accumulated funds.
    Secondly, the risk-free rate right now is about 4.4% and every money market fund is putting funds into shorter term instruments. Compare and contrast that with Blackstone's "guarantee" of a 11.25% annualized return for 6(!) years. Compare and contrast that with average stock market return for all of history: ~ 12%.
    Thirdly, since we are in the beginning of a real-estate de-valuation and/or bubble pop, the timing of the deal raises no suspicion. The capital injection goes into Blackstone's REITs, which is real estate. California real estate is already 10% down from recent highs and positioned to go lower. It's only natural to negotiate a little capital injection from a non-profit into a real estate asset manager.
    Read More >>>
  36. American politicians continue destroying the value of labor
    By piousbox on 2023-01-02
    FIN
  37. Protagonists :: SURVEY
    By piousbox on 2023-01-02
    FIN
  38. Inversion of 2yr/10yr Treasury yields has been a historically accurate leading indicator of recessions.
    By piousbox on 2023-01-02
    FIN
  39. Some Book recommendations
    By piousbox on 2023-01-02

  40. Titled, The Plight of the Homeworker
    By piousbox on 2023-01-02
    Read More >>>
  41. Every indication that 2023 will be a miserable year
    By piousbox on 2022-12-31
    Actually, just one indication: SOMA = The Federal Reserve System Open Market Account For the entirety of 2023 they are projecting negative income, i.e. losses. The losses the FED incurs nowadays, at the end of 2022, are as follows: Read More >>>
  42. Shorting and FDT'ing on Bonds and T-bills is the most direct way to extract wealth from population, by increasing money supply and inflation
    By piousbox on 2022-12-29
    Nowadays, 8% of shorts in bonds market fail settlement. Shoring T-bills and bonds is a monetary policy tool used by governments and central banks to raise capital and manage their debts. It involves the sale of government securities, such as T-bills (short-term debt obligations) and bonds (long-term debt obligations), to investors in exchange for cash. The cash raised through the sale of these securities is then used to finance government operations and pay off outstanding debts. Read More >>>
  43. Bilderberg - the Movie (2014)
    By piousbox on 2022-12-26
    I'm actually not sure of the year the movie was released - I think it was 2014, but I see resources that say 2016 and 2017 as well. A very good movie! It's a documentary that is not boring, because it has good, interesting visuals. Additionally, and much more importantly, it addresses some issues that are important, to the point of being critical. Is the world really run by a handful of super-wealthy persons? Watch this movie to have another perspective on the topic! I like the ending, as well. Even in technology and (separately) in corporate aggression, the goal is never the goal, whatever it might be. The eventual outcome of a process is not all that important - even when chasing the eventual outcome of the said process (but perhaps this is a topic for a different, much lengthier, discussion). Read More >>>
  44. Here is the graph of Bilderberg Group participants' connections to every major company and institution
    By piousbox on 2022-12-26
    Click to expand:
    FIN
  45. Productivity vs real earnings in the US -- what happened ca 1974?
    By piousbox on 2022-12-23
    Somewhat related to the most recent US elections, I've been researching the whole "white working class" situation, and one strange anomaly has popped up. When one looks at a graph of productivity (for the US) vs real wages, there is a marked "disturbance in the force" around 1974. Read More >>>
  46. US bitcoin miner Core Scientific files for bankruptcy
    By piousbox on 2022-12-22
    tl;dr:
    • Core Scientific reiterated it could run out of cash before the end of the year as lawsuits are piling up.
    • Core Scientific has been affected by the bankruptcy of lender Celsius's mining arm, one of its biggest clients.
    • Two other companies sued CORZ in November: Sphere 3D (ANY) and McCarthy Building Companies. A class-action lawsuit was filed in the same month in Texas courts alleging failures to disclose important information to investors.
    Read More >>>
  47. Japan Securities Clearing Corp (JSCC) issues emergency margin call
    By piousbox on 2022-12-20
    Update: false alarm, everybody. The JSCC published several files (updated their models) regarding margins, specifically emergency margins. Nobody got margin-called, and nobody failed a margin call. Read More >>>
  48. Who runs the world? Blackrock, Vanguard and State Street
    By piousbox on 2021-09-06
    The premise is this: Not only small brands are owned by large umbrella corporations (Unilever owns 400 brands, Nestle owns 2000 brands), and large companies deeply penetrate our lives (you drive your apple car to the apple store to buy some apples with apple pay that you access through your apple watch while listening to iTunes on your iPhone), all of them are largely owned by institutional investors, of which just a handful hold the majority voting rights. Effectively Blackrock, Vanguard, and State Street hold voting rights (and therefore control) of near everything that exists under the sun. Agriculture, manufacture, logistics, communications, defense, everything. So it is concerning and... is currently the state of the art of things. What conclusions can be drawn from this? What action should be taken, if any? I should also add, that nowadays I believe it's money that is the biggest power, followed by the military. Military is not the biggest power because although it could have the final say, it almost never does, in day-to-day operations. It's job is just to sit there, as a detriment. Money runs the world. It sounds trivially obvious. And of course a successful asset manager / fund will strive to absorb / internalize competitors and monopolize the market. It's obviously rational in the game that is corporate survival. And it's happening now. Read More >>>

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