Thursday, April 30, 2015

Em dashes, En dashes, Horizontal Bars and Hyphens

An em dash (U+2014) is the longest.  It is the width of an upper case M. In Windows, it can be created with [Alt+0151], and in HTML with [ & mdash;].  It can be used in place of parenthesis or a colon or it can represent an abrupt change of thought. Example:
Red, white, and blue—these are the colors of the flag.
An en dash (U+2013) is half the width of an em dash. In Windows, it can be created with [Alt+0150].  It is used to indicate a range of numbers (although another source says that it may not be used to replace the word "to" or "through").  It is also used to indicate a paired relationship. Example:
For ages 3–5.  McCain–Feingold.
“The New York–Boston line"
A hyphen (U+2010) is used to make compound words.  Example: "a man-eating shark".

A horizontal bar (U+2015), also known as a quotation bar, is used to indicate quoted text.  It looks exactly like an em dash, but technically it is a different character. Example:  "―Oh Miss Douce! Miss Kennedy protested. You horrid thing!"

A minus sign (U+2212) is the same as a hyphen in ASCII, but technically it is a different character.

A hypen-minus (ASCII 45, U+002D) is used in ASCII where it is not necessary to distinguish between en dashes, hyphens, and minus signs.

A double hyphen-minus (--) is used in ASCII to represent an em dash.

Inventory to Sales Ratio


Source: http://research.stlouisfed.org/fred2/series/TOTBUSIRNSA

It hasn't been this high since 2009.

Toronto is the new hot spot

Toronto is the hottest place for billionaires to move to or at least buy luxury homes, beating out San Francisco, Sydney, Miami, Los Angeles, New York, Paris, London, Dubai, and Hong Kong.

"[S]ales growth has now steadied in all cities, apart from Toronto. This was Toronto’s second best year on record, but it wasn’t just a function of supply and demand,” said Mr Conn.  “This is one of the most stable financial and governmental systems in the world. It’s the major economic hub in Canada, with a net influx of people and an incredible rate of growth. The perception is it’s a safe place to invest, still relatively cheap, with an attractive rate of return.”
http://www.telegraph.co.uk/finance/property/international/11572613/Snow-storms-and-ice-hockey-Billionaires-flock-to-the-worlds-new-luxury-homes-hotspot.html

Tuesday, April 28, 2015

Eventually, there will be a massive correction, in which creditors will suffer sickening losses

Eventually, there will be a massive correction, in which creditors will suffer sickening losses. Nobody can tell you when that moment will arrive. We live in an “extend and pretend” world in which economies pathetically fight between themselves for any scraps of demand. One burst of money printing is met by another in an ultimately futile, zero-sum game of competitive currency devaluation. Both Keynsian and monetary economics seem to be in some kind of end game. What comes next is anyone’s guess.

Vegas only loses $943 million

The Las Vegas strip lost $943 million on revenues of $16.3 billion in 2014.  (Source).  This was better than 2013 when it lost $1.4 billion.  (See Vegas is finished.)

A big chunk of that money was lost by Caesar's Entertainment, which lost $2.77 billion worldwide (including $2.67 billion of interest expense) on $8.5 billion of revenue in 2014. It owns or operates the following casinos in Las Vegas:
  • Caesars Palace Las Vegas
  • Octavius Tower
  • LINQ Hotel
  • Bally's 
  • Paris
  • The Cromwell
  • Planet Hollywood
  • Flamingo
  • Rio All-Suites
  • Harrah's Las Vegas
We can presume that one or more of these is a consistent money-loser.

Through slight of hand, Caesar's filed for chapter 11 bankruptcy and only its namesake Caesars Palace was included (along with various casinos in Atlantic City and elsewhere).

In a logical world, the money losing casinos would be shut down.  But Vegas is anything but.

===================================
The most profitable casinos in Las Vegas are:

  • Wynn
  • Bellagio
  • Venetian and Palazzo
  • MGM Grand
  • Mirage
All these made more than $100 million in profit last year. 

Monday, April 27, 2015

Margin Debt hits an all-time high



http://www.nyxdata.com/nysedata/asp/factbook/viewer_edition.asp?mode=table&key=3153&category=8

What happens when this number hits an all-time high and then declines?  Either an epic stock market crash or ... nothing.  Just something to keep an eye on.

Friday, April 24, 2015

Hoy Tengo Ganas De Ti


Mi mejor anhelo


Is Manila the new Macau?



"City of Dreams Manila is a glimmering clutch of golden glass cubes rising from reclaimed land on Manila Bay. It is the second development to open within Entertainment City, which is now halfway to becoming a Las Vegas-style cluster of four casino-resorts. Manila is already reaping the rewards, said Julius Guevara, country director for the Philippines at real-estate consultancy Colliers. He said plans for four mega casinos have fueled a “revival” in Manila’s run-down bayside area, which has driven property values up and spurred road-building and other developments. City of Dreams Manila, with three luxury hotels and 380 gaming tables, has already created 5,000 jobs, Melco Crown said. The Philippine Amusement and Gaming Corp., the country’s gambling regulator and overseer of the Entertainment City plan, has said it expects the Manila strip to propel national gambling revenues to $10 billion a year by the end of the decade, enabling it to surpass the Las Vegas Strip and Singapore."
http://www.wsj.com/articles/manila-nears-goal-of-becoming-gambling-hub-with-new-city-of-dreams-1422879949

Resorts World Las Vegas

Saturday, April 18, 2015

The April Curse continues

I haven't said anything about the April Curse this year in hopes that it would go away, but no such luck.

April 8, 2015. - Dzhokhar Tsarnaev found guilty of 30 counts of murder in federal court.
April 14, 2015 - A jury was seated in the death penalty trial of Colorado theater shooter James Holmes, who "allegedly" killed 12 people at a movie theater in Aurora on July 20, 2012. The opening statements are expected for April 27.

And I didn't write this:  Separated by 2 decades, the Oklahoma City and Boston Marathon bombings are linked by an enduring mystery
"Both McVeigh and Tsarnaev have hinted at what motivated them, and it was generally the same — anger at the government for killing people. ... For all of their differences, McVeigh and the Tsarnaev brothers had one major attribute in common as they began to plot their attacks: personal failure. McVeigh was a decorated Gulf War veteran who aspired to join the Special Forces but he failed to pass the physical and psychological requirements. Disappointed, he subsequently quit the Army, ending what he thought would be a lifelong career in the military. Back home in New York, he had a breakdown — and the disappointment of his life soon manifested into anger, alienation and the subsequent plot in Oklahoma City.
 In Boston, Tamerlan Tsanaev was an immigrant who had never really assimilated to America. He had bet his life on boxing, hoping to do well enough to join the U.S. Olympic team and earn his citizenship. By all accounts, he was talented and might have made it, but after winning a few regional bouts, he was disqualified from a major tournament because he was not technically an American citizen. With no real job or skills, Tamerlan Tsarnaev struggled. He became increasingly angry, and according to the Boston Globe, he complained to his mother about hearing “voices” in his head, which she tried to quell by pushing him to embrace religion.

==============================
4/14/2015 - 400 migrants fleeing Libya drowned after their boat capsized. http://www.theguardian.com/world/2015/apr/14/400-drowned-libya-italy-migrant-boat-capsizes
4/19/2015 - at least 800 migrants drown when their boat capsizes near Libya.  Only 27 survived
http://www.telegraph.co.uk/news/worldnews/europe/italy/11551278/Mediterranean-migrant-crisis-hits-Italy-as-EU-ministers-meet-live.html
4/19/2015 - ISIS executes at least 30 Christians in Libya.  http://www.cnn.com/2015/04/19/africa/libya-isis-executions-ethiopian-christians/
4/24/2015 - 100 year anniversary of Armenian genocide, which Turkey denies
http://www.dailymail.co.uk/news/article-3044292/Genocide-Christians-blood-soaked-depravity-exceeded-today-s-atrocities-Islamic-State-100-years-Turkey-faces-global-disgust-refusal-admit-butchering-MILLION-Christians.html

=============================
April 15, 2014 - Boko Haram, an Islamic terrorist group in Nigeria, kidnaps 276 schoolgirls from Chibok, Nigeria. On April 13, 2015, hundreds of people protest in Abuja.

April 25,2015 - 100 year anniversary of the Battle of Gallipoli.

==============================
Update:
April 27, 1865 - In the greatest Maritime disaster in US history, the Sultana, a Mississippi River steamboat, exploded near Memphis Tennessee, killing an estimated 1800 of her 2427 passengers, when three of the boat's four boilers exploded and she burned to the waterline and sank.

Saturday, April 11, 2015

Zero Hedge

Read http://nymag.com/guides/money/2009/59457/

In a sign of just how radically the order has shifted in the political and media world, neither the Times nor Schumer had a clue about the identity of the pseudonymous author behind Zero Hedge. As it happens, the founder is a 30-year-old Bulgarian immigrant banned from working in the brokerage business for insider trading. A former hedge-fund analyst, he’s also a zealous believer in a sweeping conspiracy that casts the alumni of Goldman Sachs as a powerful cabal at the helm of U.S. policy, with the Treasury and the Federal Reserve colluding to preserve the status quo. His antidote? A purifying market crash that leads to the elimination of the big banks altogether and the reinstatement of genuine free-market capitalism. Never mind Dow 10,000. Dan Ivandjiiski is all about Dow Zero.

Friday, April 10, 2015

Monday, April 6, 2015

A better banking system for Iceland

Read http://eng.forsaetisraduneyti.is/media/Skyrslur/monetary-reform.pdf
http://www.thenewamerican.com/economy/item/20612-iceland-considers-stripping-power-to-create-currency-from-banks

It proposes creating a "sovereign money" system to replace the fractional reserve system.  I don't understand it, but it sounds interesting.

Friday, April 3, 2015

Top 300 Cities

And here is yet another list of the Top 300 Cities, based on the real estate markets. These are in 3 tiers: Top 30, 30-100, 101-300, and are unranked within the tiers.  Source: http://www.jll.com/cities-research/Documents/cities_research/cities-map/Global-Real-Estate-Markets-660.html

Top 30 (unranked)
=======================================
New York
Boston
Washington DC
Chicago
Atlanta
Dallas
Houston
San Francisco
Los Angeles
Mexico City
Toronto, Canada
Sao Paulo, Brazil
London
Paris
Frankfurt, Germany
Moscow
Istanbul, Turkey
Delhi, India
Mumbai, India
Bangkok
Jakarta
Singapore
Sydney
Manila
Hong Kong
Guangzhou
Shanghai
Beijing
Seoul
Tokyo

Numbered 31-100 (unranked)
======================================
North America:
----------------
Vancouver
Calgary
Montreal
Seattle
San Jose, CA
San Diego
Las Vegas
Denver
Minneapolis
St Louis, MO
Detroit
Philadelphia
Baltimore
Charlotte, NC
Orlando
Miami, FL

Central and South America:
----------------
Bogota Colombia
Lima, Peru
Rio de Janeiro, Brazil
Buenos Aires, Argentina
Santiago, Chile

Africa
----------
Johannesburg
Cairo, Egypt

Middle East
-----------
Tel Aviv, Israel
Riyadh, Saudi Arabia
Doha, Qatar
Dubai, UAE

Europe
------
Dublin, Ireland
Manchester, UK
Oslo, Norway
Stockholm, Sweden
Helsinki, Finland
Copenhagen, Denmark
Kiev, Ukraine
St Petersburg, Russia
Warsaw, Poland
Amsterdam, Netherlands
Rotterdam, Netherlands
Brussels Belgium
Hamburg, Germany
Berlin
Dusseldorf
Stuttgart
Munich
Zurich, Switzerland
Milan, Italy
Rome, Italy
Prague, Czech Republic
Vienna, Austria
Budapest Hungary
Athens, Greece
Barcelona, Spain
Madrid Spain
Lisbon, Portugal

India/Pakistan
------------------
Hyderabad, India
Bangalore,
Chennai
Kolkata

Asia
-----
Kuala Lumpur, Malaysia
Ho Chi Minh City, Vietnam
Shenzhen, China
Chongqing, China
Chengdu, China
Taipei, Taiwan
Tianjin, China
Osaka, Japan
Perth, Australia
Melbourne
Brisbane, Australia

Numbered 101-300 (unranked)
==========================
North America:
--------------
Edmonton, Canada
Ottawa, Canada
Halifax, Nova Scotia
Portland, Oregon
Sacramento, CA
Riverside/San Bernadino, CA
Salt Lake City, UT
San Antonio, TX
Austin, TX
New Orleans, LA
Oklahoma City, OK
Tulsa, OK
Kansas City, MO
Omaha, NE
Des Moines, IA
Milwaukee, WI
Indianapolis
Cincinnati
Columbus, OH
Cleveland, OH
Pittsburg, PA
Louisville, KY
Nashville
Memphis
Birmingham, AL
Tampa, FL
Jacksonville
Greensboro, NC
Raleigh-Durham, NC
Buffalo, NY
Rochester, NY
Stamford-Bridgeport, CT
Hartford, CT
Providence, RI

Central and South America
-----------------------
Tijuana, Mexico
Monterrey, Mexico
Guadalajara, Mexico
Cancun, Mexico
Santo Domingo, Dom Rep
San Juan, Puerto Rico
Guatemala City, Mexico
San Salvador, El Salvador
Managua, Micaragua
San Jose Costa Rica
Panama City, Panama
Caracas, Venezuela
Medellin, Colombia
Quito, Ecuador
Guayaquil, Ecuador
La Paz, Bolivia
Recife, Brazil
Salvador, Brazil
Belo Horizonte, Brazil
Brasilia, Brazil
Asuncion, Paraguay
Campinas, Brazil
Curitiba, Brazil
Porto Alegre, Brazil
Montevideo, Uruguay

Africa
-------
Alexandria, Egypt
Tunis, Tunisia
Algiers, Algeria
Casablanca, Morocco
Addis Ababa, Ethiopia
Nairobi, Kenya
Dar es Salaam, Tanzania
Port Louis, Mauritius
Pretoria, South Africa
Durban, South Africa
Cape Town
Luana, Angola
Lagos, Nigeria
Accra, Ghana
Abidjan, Cote d'Ivoire

Middle East and Turkey
------------
Baku, Azerbaijan
Tehran, Iran
Baghdad, Iraq
Kuwait City, Kuwait
Manama, Bahrain
Abu Dhabi
Muscat, Oman
Jeddah, Saudi Arabia
Amman, Jordan
Beirut, Lebanon
Nicosia, Cyprus
Izmir, Turkey
Ankara, Turkey

Europe
---------------
Tallinn, Estonia
Riga, Latvia
Vilnius, Lithuania
Bucharest, Romania
Sofia, Bulgaria
Belgrade, Serbia
Zagreb, Croatia
Ljubljana, Slovenia
Bratislava, Slovakia
Krakow, Poland
Wroclaw, Poland
Bremen, Germany
Hannover, Germany
Leipzig, Germany
Dresden, Germany
Nuremburg, Germany
Mannheim, Germany
Wiesbaden, Germany
Luxembourg
Duisburg, Germany
Wuppertal, Germany
Cologne, Germany
Bonn, Germany
Essen, Germany
Antwerp, Germany
Lille, France
Basel, Switzerland
Lausanne, Switzerland
Geneva, Switzerland
Turin, Italy
Bologna, Italy
Florence, Italy
Naples, Italy
Nice, France
Marseilles, France
Lyon, France
Nantes, France
Bordeaux, France
Toulouse, France
Bilbao, Spain
Palma de Mallorca, Spain
Valencia, Spain
Malaga, Spain
Seville, Spain
Porto, Portugal
Bristol, UK
Birmingham, UK
Leeds, UK
Newcastle-Upon-Tyne, UK
Edinburgh
Glasgow
Belfast

India/Pakistan/Bangladesh
--------------------------
Karachi, Pakistan
Islamabad, Pakistan
Lahore, Pakistan
Dhaka, Bangladesh
Chandigarh, India
Jaipur, India
Ahmedabad, India
Pune, India
Coimbatore, India
Colombo, Sri Lanka

Asia
------------------------
Penang-Georgetown, Malaysia
Surabaya, Indonesia
Denpasar-Bali, Indonesia
Cebu City, Philippines
Adelaide, Australia
Canberra, Australia
Auckland, New Zealand
Wellington, New Zealand
Urumqi, China
Kaohsiung, Taiwan
Harbin
Changchun
Shenyang
Dalian
Taiyuan
Jinan
Qingdao
Zhengzhou
Xian
Nanjing
Hefei
Suzhou
Wuxi
Hangzhou
Ningbo
Wuhan
Changsha
Guiyang
Kunming
Nanning
Dongguan
Macua
Haikou
Xiamen
Fuzhou
Hanoi, Vietnam
Busan, South Korea
Sapporo, Japan
Sendai, Japan
Nagoya, Japan
Kyoto
Hiroshima
Fukuoka

Labor Force Participation



Source http://research.stlouisfed.org/fred2/series/CIVPART

This is more accurate than the unemployment rate, which can be manipulated by claiming that people whose unemployment checks have run out are no longer unemployed.  It's not looking good.

Thursday, April 2, 2015

Global Metro Cities

Here is a list of the top 300 metro areas world-wide, ranked by growth.

1. Macau
2. Izmir, Turkey
3. Istanbul, Turkey
4. Bursa, Turkey
5. Dubai, UAE
6. Kunming, China
7. Hangzhou, China
8. Xiamen, China
9. Ankara, Turkey
10. Fuzhou, China

more

See also http://www.foxbusiness.com/markets/2015/01/21/where-does-your-city-rank-study-ranks-300-world-cities-for-economic-performance/

New Orders


Source: http://www.zerohedge.com/news/2015-04-02/us-economy-slows-stall-speed




Source: http://research.stlouisfed.org/fred2/series/NEWORDER

Maybe its a blip, a glitch, random noise.  Let's check it again on May 1.  I've been wrong before based on this very metric.