<?xml version='1.0' encoding='ISO-8859-1'?><rss version="2.0"
	xmlns:content="http://purl.org/rss/1.0/modules/content/"
	xmlns:wfw="http://wellformedweb.org/CommentAPI/"
	xmlns:dc="http://purl.org/dc/elements/1.1/"
	xmlns:atom="http://www.w3.org/2005/Atom"
	xmlns:media="http://search.yahoo.com/mrss/">
<channel>
<atom:link
	href="http://www.minyanville.com/rss/author.rss?authorid=341"
	rel="self" type="application/rss+xml" />
<title>Minyanville - Conor Sen RSS</title>
<description>
The Trusted Choice for the Wall Street Voice
</description>
<link>
		http://www.minyanville.com</link>
<copyright>
		2013Minyanville Publishing and Multimedia, LLC. All Rights Reserved
</copyright>
		<item>
<title><![CDATA[Wall Street's 'Short-Termism' Has It on the Wrong Side of the Trade]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/wall-street-YHOO-FB-ZNGA-GRPN/9/28/2012/id/44412</link>
<pubDate>
			Fri, 28 Sep 2012 14:00:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/wall-street-YHOO-FB-ZNGA-GRPN/9/28/2012/id/44412</guid>
<description>
<![CDATA[Editor&#39;s note: This article originally published on September 18, 2012.

MINYANVILLE ORIGINAL At a time when society is more long-term oriented than it&#39;s been in decades, Wall Street is destroying itself becoming more and more short-term oriented. It&#39;s a complete reversal from when society was profligate in the late 1960s while Wall Street was stodgy and conservative.
 
Maybe it sounds counterintuitive to say we&#39;re long-term oriented when hedge funds are hustling for basis points, retail investors are looking for the short-term security of bonds and dividend stocks, the stock market is putting more weight on the current quarter than ever, ]]>
</description>
<content:encoded>
	<![CDATA[Editor&#39;s note: This article originally published on September 18, 2012.

MINYANVILLE ORIGINAL At a time when society is more long-term oriented than it&#39;s been in decades, Wall Street is destroying itself becoming more and more short-term oriented. It&#39;s a complete reversal from when society was profligate in the late 1960s while Wall Street was stodgy and conservative.
 
Maybe it sounds counterintuitive to say we&#39;re long-term oriented when hedge funds are hustling for basis points, retail investors are looking for the short-term security of bonds and dividend stocks, the stock market is putting more weight on the current quarter than ever, ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[The NFL Fiasco Is a Sign That Our Virtual Worlds Are Overtaking the Real One]]></title>
<link>
			http://www.minyanville.com/business-news/editors-pick/articles/nfl-social-media-fantasy-footbal-conor/9/26/2012/id/44427</link>
<pubDate>
			Wed, 26 Sep 2012 09:40:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/editors-pick/articles/nfl-social-media-fantasy-footbal-conor/9/26/2012/id/44427</guid>
<description>
<![CDATA[MINYANVILLE ORIGINAL

"You&#39;re still gonna watch the game." 

That&#39;s the conclusion fans, media pundits, and presumably, owners, have come to following several notable blown calls made by replacement referees in the NFL over the first few weeks of the season. But is that the case?

As someone who felt like an outlier as an avid user of Prodigy and the internet while I was a teenager in the mid &#39;90s, only to realize later that I was an early adopter, I&#39;m starting to get the same feeling as my media habits have shifted over the past few years.

Almost all ]]>
</description>
<content:encoded>
	<![CDATA[MINYANVILLE ORIGINAL

"You&#39;re still gonna watch the game." 

That&#39;s the conclusion fans, media pundits, and presumably, owners, have come to following several notable blown calls made by replacement referees in the NFL over the first few weeks of the season. But is that the case?

As someone who felt like an outlier as an avid user of Prodigy and the internet while I was a teenager in the mid &#39;90s, only to realize later that I was an early adopter, I&#39;m starting to get the same feeling as my media habits have shifted over the past few years.

Almost all ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[Wall Street's 'Short-Termism' Has It on the Wrong Side of the Trade]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/wall-street-YHOO-FB-ZNGA-GRPN/9/18/2012/id/44083</link>
<pubDate>
			Tue, 18 Sep 2012 08:45:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/wall-street-YHOO-FB-ZNGA-GRPN/9/18/2012/id/44083</guid>
<description>
<![CDATA[MINYANVILLE ORIGINAL At a time when society is more long-term oriented than it&#39;s been in decades, Wall Street is destroying itself becoming more and more short-term oriented. It&#39;s a complete reversal from when society was profligate in the late 1960s while Wall Street was stodgy and conservative.
 
Maybe it sounds counterintuitive to say we&#39;re long-term oriented when hedge funds are hustling for basis points, retail investors are looking for the short-term security of bonds and dividend stocks, the stock market is putting more weight on the current quarter than ever, and we see headlines like Goldman Sachs (GS) ending two-year ]]>
</description>
<content:encoded>
	<![CDATA[MINYANVILLE ORIGINAL At a time when society is more long-term oriented than it&#39;s been in decades, Wall Street is destroying itself becoming more and more short-term oriented. It&#39;s a complete reversal from when society was profligate in the late 1960s while Wall Street was stodgy and conservative.
 
Maybe it sounds counterintuitive to say we&#39;re long-term oriented when hedge funds are hustling for basis points, retail investors are looking for the short-term security of bonds and dividend stocks, the stock market is putting more weight on the current quarter than ever, and we see headlines like Goldman Sachs (GS) ending two-year ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[Eurocrisis Thoughts After a Week in Berlin and Paris]]></title>
<link>
			http://www.minyanville.com/business-news/the-economy/articles/bond-yields-eurozone-eurozone-crisis-eurocrisis/9/17/2012/id/44040</link>
<pubDate>
			Mon, 17 Sep 2012 09:35:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/the-economy/articles/bond-yields-eurozone-eurozone-crisis-eurocrisis/9/17/2012/id/44040</guid>
<description>
<![CDATA[MINYANVILLE ORIGINAL For too long many US-based financial market commentators have been looking at the eurozone crisis through pictures like this (an old chart of the Italian-Germany 3-year government bond yield spread)...
 

 
...as opposed to pictures like this (of Brandenburg Gate in Berlin).
 

 
I&#39;m an American, and have now spent a little under a month in continental Europe over the past few years, so this is just my outsider&#39;s take on their economy, but my biggest takeaway for Americans is that we have to stop looking at their crisis through the perspective of bond yields and our own cultural lens, ]]>
</description>
<content:encoded>
	<![CDATA[MINYANVILLE ORIGINAL For too long many US-based financial market commentators have been looking at the eurozone crisis through pictures like this (an old chart of the Italian-Germany 3-year government bond yield spread)...
 

 
...as opposed to pictures like this (of Brandenburg Gate in Berlin).
 

 
I&#39;m an American, and have now spent a little under a month in continental Europe over the past few years, so this is just my outsider&#39;s take on their economy, but my biggest takeaway for Americans is that we have to stop looking at their crisis through the perspective of bond yields and our own cultural lens, ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[The 2009-2012 Recovery Is Over]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/conor-sen-gdp-real-gdp-industrial/8/21/2012/id/43359</link>
<pubDate>
			Tue, 21 Aug 2012 09:20:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/conor-sen-gdp-real-gdp-industrial/8/21/2012/id/43359</guid>
<description>
<![CDATA[MINYANVILLE ORIGINAL The 2009-2012 recovery is over. It was defined by four things:

	
		Normalization in economic output
	
		Normalization in the housing market
	
		Normalization in risk premia
	
		A private market bull market in new Internet companies driven by social networking, smartphones, and tablets.

Let&#39;s go over these one by one.
 
Normalization in Output
 
Real GDP (blue line) is back at all-time highs. Industrial production (red line) is just about back at its pre-recession highs. So is capacity utilization (green line). Unemployment remains high, and we&#39;re below the long-term growth trend, but on output, we&#39;ve recovered what was lost.
 

 
Normalization in Housing ]]>
</description>
<content:encoded>
	<![CDATA[MINYANVILLE ORIGINAL The 2009-2012 recovery is over. It was defined by four things:

	
		Normalization in economic output
	
		Normalization in the housing market
	
		Normalization in risk premia
	
		A private market bull market in new Internet companies driven by social networking, smartphones, and tablets.

Let&#39;s go over these one by one.
 
Normalization in Output
 
Real GDP (blue line) is back at all-time highs. Industrial production (red line) is just about back at its pre-recession highs. So is capacity utilization (green line). Unemployment remains high, and we&#39;re below the long-term growth trend, but on output, we&#39;ve recovered what was lost.
 

 
Normalization in Housing ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[Facebook Flop Shows Market Favors Structural Dynamics Over Fundamentals]]></title>
<link>
			http://www.minyanville.com/trading-and-investing/stocks/articles/facebook-zynga-linkedin-zillow-social-networking/7/30/2012/id/42803</link>
<pubDate>
			Mon, 30 Jul 2012 09:15:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/trading-and-investing/stocks/articles/facebook-zynga-linkedin-zillow-social-networking/7/30/2012/id/42803</guid>
<description>
<![CDATA[MINYANVILLE ORIGINAL Following a week where Facebook (FB) and Zynga (ZNGA) both disappointed investors in their earnings releases, investors interested in new Internet companies need to understand why valuations aren&#39;t driving any of these stocks right now, and where the opportunities lie.
 
Post-IPO Versus Pre-IPO Markets &ndash; Why Both Are Wrong
 
Over the past year the following 10 private companies have all achieved $1 billion valuations based on rounds of equity raising:
 
Twitter &ndash; $8 billion
LivingSocial &ndash; $6 billion
Dropbox &ndash; $4 billion
Spotify &ndash; $3.5-$4 billion
Square &ndash; $3.25 billion
Pinterest &ndash; $1.5 billion
Airbnb &ndash; $1.3 billion ]]>
</description>
<content:encoded>
	<![CDATA[MINYANVILLE ORIGINAL Following a week where Facebook (FB) and Zynga (ZNGA) both disappointed investors in their earnings releases, investors interested in new Internet companies need to understand why valuations aren&#39;t driving any of these stocks right now, and where the opportunities lie.
 
Post-IPO Versus Pre-IPO Markets &ndash; Why Both Are Wrong
 
Over the past year the following 10 private companies have all achieved $1 billion valuations based on rounds of equity raising:
 
Twitter &ndash; $8 billion
LivingSocial &ndash; $6 billion
Dropbox &ndash; $4 billion
Spotify &ndash; $3.5-$4 billion
Square &ndash; $3.25 billion
Pinterest &ndash; $1.5 billion
Airbnb &ndash; $1.3 billion ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[The Social Economy Is the Only Answer to Our Crisis of Trust]]></title>
<link>
			http://www.minyanville.com/business-news/the-economy/articles/conor-sen-linkedin-ebay-yelp-kickstarter/7/23/2012/id/42644</link>
<pubDate>
			Mon, 23 Jul 2012 08:55:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/the-economy/articles/conor-sen-linkedin-ebay-yelp-kickstarter/7/23/2012/id/42644</guid>
<description>
<![CDATA[MINYANVILLE ORIGINAL The stock market recovered, but trust in our institutions never did. Therein lies the social and political crisis in the US over the past couple years.
 
We&#39;ve now come to grips with the fact that we&#39;re living through a period lacking trust. And as Professor Pinch pointed out, it&#39;s holding our economy back. Why&#39;s that? Because trust and credit are indistinguishable. The third definition for "trust" on wiktionary is, "Confidence in the future payment for goods and services supplied; credit." A society that lacks trust won&#39;t have very robust credit growth.
 
It&#39;s no coincidence that our trust in ]]>
</description>
<content:encoded>
	<![CDATA[MINYANVILLE ORIGINAL The stock market recovered, but trust in our institutions never did. Therein lies the social and political crisis in the US over the past couple years.
 
We&#39;ve now come to grips with the fact that we&#39;re living through a period lacking trust. And as Professor Pinch pointed out, it&#39;s holding our economy back. Why&#39;s that? Because trust and credit are indistinguishable. The third definition for "trust" on wiktionary is, "Confidence in the future payment for goods and services supplied; credit." A society that lacks trust won&#39;t have very robust credit growth.
 
It&#39;s no coincidence that our trust in ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[We Love Batman Because He's 'The 1%' With a Conscience]]></title>
<link>
			http://www.minyanville.com/sectors/media/articles/superheroes-super-hero-superhero-movies-batman/7/18/2012/id/42526</link>
<pubDate>
			Wed, 18 Jul 2012 09:45:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/media/articles/superheroes-super-hero-superhero-movies-batman/7/18/2012/id/42526</guid>
<description>
<![CDATA[MINYANVILLE ORIGINAL The nation had been mired in a slump for a decade. Industrial production was stagnant, and unemployment remained stubbornly high. The malaise had lasted for so long that young people had no recollection of happier times. In this environment of social mood, along came a young billionaire with inherited wealth, a playboy by day and a caped crusader by night, an incorruptible man devoted to fighting the problems plaguing his city. The man&#39;s name was Bruce Wayne.
 
Batman made his first appearance in "The Case of the Chemical Syndicate" in May of 1939, a year after the first ]]>
</description>
<content:encoded>
	<![CDATA[MINYANVILLE ORIGINAL The nation had been mired in a slump for a decade. Industrial production was stagnant, and unemployment remained stubbornly high. The malaise had lasted for so long that young people had no recollection of happier times. In this environment of social mood, along came a young billionaire with inherited wealth, a playboy by day and a caped crusader by night, an incorruptible man devoted to fighting the problems plaguing his city. The man&#39;s name was Bruce Wayne.
 
Batman made his first appearance in "The Case of the Chemical Syndicate" in May of 1939, a year after the first ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[Four Reasons the Hedge Fund Industry Is Structurally Dead]]></title>
<link>
			http://www.minyanville.com/business-news/editors-pick/articles/hedge-funds-hedge-fund-industry-Incentive/7/16/2012/id/42442</link>
<pubDate>
			Mon, 16 Jul 2012 12:30:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/editors-pick/articles/hedge-funds-hedge-fund-industry-Incentive/7/16/2012/id/42442</guid>
<description>
<![CDATA[MINYANVILLE ORIGINAL The 15-20 year era of multi-billion dollar hedge funds, with their "2 and 20" fee structures, high portfolio, and employee turnover, looking no farther ahead than this year&#39;s bonus, is over.
 
The Economist came out with a piece last week talking about the struggles of the hedge fund industry in the first half of 2012, which fared no better in 2011.
 
There are four structural reasons why the industry as we know it is dead.
 
No. 1 &ndash; The Incentive Structure
 
Due to a variety of forces -- increased competition for assets and talent, the volatility of the ]]>
</description>
<content:encoded>
	<![CDATA[MINYANVILLE ORIGINAL The 15-20 year era of multi-billion dollar hedge funds, with their "2 and 20" fee structures, high portfolio, and employee turnover, looking no farther ahead than this year&#39;s bonus, is over.
 
The Economist came out with a piece last week talking about the struggles of the hedge fund industry in the first half of 2012, which fared no better in 2011.
 
There are four structural reasons why the industry as we know it is dead.
 
No. 1 &ndash; The Incentive Structure
 
Due to a variety of forces -- increased competition for assets and talent, the volatility of the ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[We Can't Head Into Recession If We Haven't Had a Fixed Investment Cycle]]></title>
<link>
			http://www.minyanville.com/trading-and-investing/fixed-income/articles/recession-depression-federal-reserve-fed-unemployment/7/11/2012/id/42324</link>
<pubDate>
			Wed, 11 Jul 2012 09:55:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/trading-and-investing/fixed-income/articles/recession-depression-federal-reserve-fed-unemployment/7/11/2012/id/42324</guid>
<description>
<![CDATA[MINYANVILLE ORIGINAL William McChesney Martin, Jr., head of the Federal Reserve from 1951 to 1970, famously said that the role of the Federal Reserve is to "take away the punch bowl just as the party gets going." Today, we might say that a teetotaling economy can&#39;t get a hangover.
 
Here&#39;s a chart of what I&#39;m calling "net fixed investment as a percentage of GDP." What it is &ndash; total fixed investment -- public and private -- minus the consumption of fixed capital, all as a percentage of GDP. Think of it like a firewood pile at a ski cabin. It&#39;s ]]>
</description>
<content:encoded>
	<![CDATA[MINYANVILLE ORIGINAL William McChesney Martin, Jr., head of the Federal Reserve from 1951 to 1970, famously said that the role of the Federal Reserve is to "take away the punch bowl just as the party gets going." Today, we might say that a teetotaling economy can&#39;t get a hangover.
 
Here&#39;s a chart of what I&#39;m calling "net fixed investment as a percentage of GDP." What it is &ndash; total fixed investment -- public and private -- minus the consumption of fixed capital, all as a percentage of GDP. Think of it like a firewood pile at a ski cabin. It&#39;s ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[Why Capital's Defeat of Labor Means Fat Profit Margins Are Here to Stay]]></title>
<link>
			http://www.minyanville.com/business-news/editors-pick/articles/wages-salaries-profits-gdp-labor-labor/7/9/2012/id/42242</link>
<pubDate>
			Mon, 9 Jul 2012 09:05:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/editors-pick/articles/wages-salaries-profits-gdp-labor-labor/7/9/2012/id/42242</guid>
<description>
<![CDATA[MINYANVILLE ORIGNAL Robots have come to destroy our way of life, just as we saw in Terminator 2: Judgment Day, though not as we expected. They&#39;re taking our jobs, and are forcing us to reexamine how we value ourselves.
 
Here&#39;s a variation of a chart that has made its way around a lot lately &ndash; wages and salaries as a percentage of GDP (green line). We see that it&#39;s been falling consistently for five decades. But at the same time, as we see in the blue line, wages/salaries and profits as a percentage of GDP have been pretty consistent. The ]]>
</description>
<content:encoded>
	<![CDATA[MINYANVILLE ORIGNAL Robots have come to destroy our way of life, just as we saw in Terminator 2: Judgment Day, though not as we expected. They&#39;re taking our jobs, and are forcing us to reexamine how we value ourselves.
 
Here&#39;s a variation of a chart that has made its way around a lot lately &ndash; wages and salaries as a percentage of GDP (green line). We see that it&#39;s been falling consistently for five decades. But at the same time, as we see in the blue line, wages/salaries and profits as a percentage of GDP have been pretty consistent. The ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[It's Time to Worry About the Looming US Labor Shortage]]></title>
<link>
			http://www.minyanville.com/mvpremium/2012/07/06/its-time-to-worry-about/</link>
<pubDate>
			Fri, 6 Jul 2012 11:38:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/mvpremium/2012/07/06/its-time-to-worry-about/</guid>
<description>
<![CDATA[We are entering into an age where we will praise companies for destroying jobs, not creating them.

The change in thinking we&rsquo;re going to undergo is shifting from a mindset of &ldquo;we don&rsquo;t have enough jobs for our citizens&rdquo; to &ldquo;we don&rsquo;t have enough citizens for the amount of work we want to do.&rdquo; Sound crazy? Consider this: Since the end of the year 2000, according to the household survey, the number of US workers age 45 or older has increased from 49.2 million to 63.1 million, an increase of 13.9 million.



Meanwhile, the number of US workers age 25 ]]>
</description>
<content:encoded>
	<![CDATA[We are entering into an age where we will praise companies for destroying jobs, not creating them.

The change in thinking we&rsquo;re going to undergo is shifting from a mindset of &ldquo;we don&rsquo;t have enough jobs for our citizens&rdquo; to &ldquo;we don&rsquo;t have enough citizens for the amount of work we want to do.&rdquo; Sound crazy? Consider this: Since the end of the year 2000, according to the household survey, the number of US workers age 45 or older has increased from 49.2 million to 63.1 million, an increase of 13.9 million.



Meanwhile, the number of US workers age 25 ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[EXPOSED: How Once-Bold Hedge Funds Have Devolved Into Risk-Averse Scaredy-Cats]]></title>
<link>
			http://www.minyanville.com/mvpremium/2012/06/27/exposed-how-once-bold-hedge/</link>
<pubDate>
			Wed, 27 Jun 2012 13:31:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/mvpremium/2012/06/27/exposed-how-once-bold-hedge/</guid>
<description>
<![CDATA[MINYANVILLE ORIGINAL It&#39;s time to call the hedge fund industry what it has become -- a bunch of scaredy cats trying to hold onto "2 and 20" paying assets. Let me explain.
Â 
It wasn&#39;t that long ago when hedge funds were at the top of the Wall Street pyramid, with nine- and even 10-figure pay packages bestowed on the titans of the industry, the ultimate goal for so many big bank analysts and MBA graduates. Some succeeded, some failed, but for those able to charge &ldquo;2 and 20&rdquo; &ndash; a 2% management fee based on assets under management and ]]>
</description>
<content:encoded>
	<![CDATA[MINYANVILLE ORIGINAL It&#39;s time to call the hedge fund industry what it has become -- a bunch of scaredy cats trying to hold onto "2 and 20" paying assets. Let me explain.
 
It wasn&#39;t that long ago when hedge funds were at the top of the Wall Street pyramid, with nine- and even 10-figure pay packages bestowed on the titans of the industry, the ultimate goal for so many big bank analysts and MBA graduates. Some succeeded, some failed, but for those able to charge &ldquo;2 and 20&rdquo; &ndash; a 2% management fee based on assets under management and ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[Don't Blame Household Debt -- Demographics Are Holding Back the Recovery]]></title>
<link>
			http://www.minyanville.com/business-news/the-economy/articles/household-debt-mortgage-mortgage-debt-economic/6/25/2012/id/41956</link>
<pubDate>
			Mon, 25 Jun 2012 10:05:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/the-economy/articles/household-debt-mortgage-mortgage-debt-economic/6/25/2012/id/41956</guid>
<description>
<![CDATA[MINYANVILLE ORIGINAL We&#39;ve heard it so many places that we don&#39;t question it. Household debt is what&#39;s holding back the recovery in the US. Or it&#39;s Obama&#39;s fault. Or the Fed&#39;s. Or George W. Bush&#39;s. The only problem? It isn&#39;t true.
 
We can think of household debt as comprised of two segments &ndash; mortgage debt and everything else.

Let&#39;s start with "everything else" &ndash; household debt minus mortgage debt relative to GDP. Since 1965 it has hovered in a range of 16% to 22% of GDP. Since 2008 it has fallen a couple points, and is back to roughly 1995 ]]>
</description>
<content:encoded>
	<![CDATA[MINYANVILLE ORIGINAL We&#39;ve heard it so many places that we don&#39;t question it. Household debt is what&#39;s holding back the recovery in the US. Or it&#39;s Obama&#39;s fault. Or the Fed&#39;s. Or George W. Bush&#39;s. The only problem? It isn&#39;t true.
 
We can think of household debt as comprised of two segments &ndash; mortgage debt and everything else.

Let&#39;s start with "everything else" &ndash; household debt minus mortgage debt relative to GDP. Since 1965 it has hovered in a range of 16% to 22% of GDP. Since 2008 it has fallen a couple points, and is back to roughly 1995 ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[The Two Reasons Stocks Won't Get as Cheap as They Did in 1982]]></title>
<link>
			http://www.minyanville.com/trading-and-investing/stocks/articles/stocks-equity-earnings-debt-intel-intc/6/11/2012/id/41620</link>
<pubDate>
			Mon, 11 Jun 2012 09:35:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/trading-and-investing/stocks/articles/stocks-equity-earnings-debt-intel-intc/6/11/2012/id/41620</guid>
<description>
<![CDATA[MINYANVILLE ORIGINAL Stock market skeptics say that stocks still have farther to fall before we hit the kind of generational lows in valuations that will mark a bear market bottom. Here are the two reasons why they&#39;re wrong.

Relative Value Vs Bonds

We&#39;ve heard how cheap stocks were back then &ndash; in 1981, the S&P 500 earned $15.18 per share and closed at 122.55, for a price/earnings (P/E) ratio of 8.1, or an earnings yield of 12.4%. So why weren&#39;t people rushing into stocks?

Because bonds were just as compelling. The 10-year Treasury yield closed 1981 at 13.92%, so despite ]]>
</description>
<content:encoded>
	<![CDATA[MINYANVILLE ORIGINAL Stock market skeptics say that stocks still have farther to fall before we hit the kind of generational lows in valuations that will mark a bear market bottom. Here are the two reasons why they&#39;re wrong.

Relative Value Vs Bonds

We&#39;ve heard how cheap stocks were back then &ndash; in 1981, the S&P 500 earned $15.18 per share and closed at 122.55, for a price/earnings (P/E) ratio of 8.1, or an earnings yield of 12.4%. So why weren&#39;t people rushing into stocks?

Because bonds were just as compelling. The 10-year Treasury yield closed 1981 at 13.92%, so despite ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[If Mobile Kills the Display Ad, Who Will Win?]]></title>
<link>
			http://www.minyanville.com/sectors/media/articles/mobile-display-ad-internet-internet-traffic/6/4/2012/id/41449</link>
<pubDate>
			Mon, 4 Jun 2012 10:25:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/media/articles/mobile-display-ad-internet-internet-traffic/6/4/2012/id/41449</guid>
<description>
<![CDATA[MINYANVILLE ORIGINAL Mobile is killing the display ad, just as the Internet killed the newspaper ad. The shift from desktop to mobile is absolutely as big as the shift from brick-and-mortar to online, and, like any major shift, will create big winners and losers.



In the past two and a half years, global mobile traffic has jumped from 1% to 10% of total Internet traffic, according to the latest excellent slideshow from Mary Meeker.

And yet, as we see here, while mobile Internet traffic is 10% of all traffic, it represents just 1% of total advertising spending. People spend more ]]>
</description>
<content:encoded>
	<![CDATA[MINYANVILLE ORIGINAL Mobile is killing the display ad, just as the Internet killed the newspaper ad. The shift from desktop to mobile is absolutely as big as the shift from brick-and-mortar to online, and, like any major shift, will create big winners and losers.



In the past two and a half years, global mobile traffic has jumped from 1% to 10% of total Internet traffic, according to the latest excellent slideshow from Mary Meeker.

And yet, as we see here, while mobile Internet traffic is 10% of all traffic, it represents just 1% of total advertising spending. People spend more ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[Why LinkedIn and Twitter Have Brighter Prospects Than Facebook]]></title>
<link>
			http://www.minyanville.com/business-news/editors-pick/articles/FB-GOOG-LNKD-GRPN-Z-ZNGA/5/29/2012/id/41291</link>
<pubDate>
			Tue, 29 May 2012 09:35:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/editors-pick/articles/FB-GOOG-LNKD-GRPN-Z-ZNGA/5/29/2012/id/41291</guid>
<description>
<![CDATA[MINYANVILLE ORIGINAL "Facebook isn&#39;t Google; it&#39;s Yahoo or AOL." That line sums up this excellent and nuanced take on Facebook (FB) by Michael Wolff, and it finally made me understand why I&#39;ve been uncomfortable with the company&#39;s valuation and the widespread belief that it will surpass Google (GOOG) as king of the Internet.

For the most part, investors continue to struggle with differentiating between all these new Internet IPOs. There&#39;s too much belief that you either have to ride the social train as the next big thing, or that they&#39;re all flash-in-the-pan frauds and the second coming of the dot-com ]]>
</description>
<content:encoded>
	<![CDATA[MINYANVILLE ORIGINAL "Facebook isn&#39;t Google; it&#39;s Yahoo or AOL." That line sums up this excellent and nuanced take on Facebook (FB) by Michael Wolff, and it finally made me understand why I&#39;ve been uncomfortable with the company&#39;s valuation and the widespread belief that it will surpass Google (GOOG) as king of the Internet.

For the most part, investors continue to struggle with differentiating between all these new Internet IPOs. There&#39;s too much belief that you either have to ride the social train as the next big thing, or that they&#39;re all flash-in-the-pan frauds and the second coming of the dot-com ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[EXPOSED: How Once-Bold Hedge Funds Have Devolved Into Risk-Averse Scaredy-Cats, and What That Has Done to Market Dynamics]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/risk-assets-2-and-20-hedge/5/25/2012/id/41254</link>
<pubDate>
			Fri, 25 May 2012 09:15:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/risk-assets-2-and-20-hedge/5/25/2012/id/41254</guid>
<description>
<![CDATA[MINYANVILLE ORIGINAL It&#39;s time to call the hedge fund industry what it has become -- a bunch of scaredy cats trying to hold onto "2 and 20" paying assets. Let me explain.
 
It wasn&#39;t that long ago when hedge funds were at the top of the Wall Street pyramid, with nine- and even 10-figure pay packages bestowed on the titans of the industry, the ultimate goal for so many big bank analysts and MBA graduates. Some succeeded, some failed, but for those able to charge "2 and 20" &ndash; a 2% management fee based on assets under management and a ]]>
</description>
<content:encoded>
	<![CDATA[MINYANVILLE ORIGINAL It&#39;s time to call the hedge fund industry what it has become -- a bunch of scaredy cats trying to hold onto "2 and 20" paying assets. Let me explain.
 
It wasn&#39;t that long ago when hedge funds were at the top of the Wall Street pyramid, with nine- and even 10-figure pay packages bestowed on the titans of the industry, the ultimate goal for so many big bank analysts and MBA graduates. Some succeeded, some failed, but for those able to charge "2 and 20" &ndash; a 2% management fee based on assets under management and a ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[How the Botched Facebook IPO Has Created a Short-Term Opportunity in Other Social Names]]></title>
<link>
			http://www.minyanville.com/business-news/editors-pick/articles/MS-FB-LNKD-ZNGA-GSVC-YELP/5/21/2012/id/41124</link>
<pubDate>
			Mon, 21 May 2012 10:00:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/editors-pick/articles/MS-FB-LNKD-ZNGA-GSVC-YELP/5/21/2012/id/41124</guid>
<description>
<![CDATA[MINYANVILLE ORIGINAL Imagine you&#39;re the humble head of US equity trading at Morgan Stanley (MS), minding your own business and trying to dodge bullets while Europe implodes and JPMorgan (JPM) gets dragged down by its CIO scandal.

Now imagine you&#39;re sitting at your desk Friday morning and learn that the Facebook (FB) IPO pricing isn&#39;t going as well as underwriters, led by your colleagues in investment banking, thought. You&#39;re called by a Very Important Person and ordered to buy every share of stock offered at $38. It appears that this happened. With 580 million shares trading hands on Friday, if ]]>
</description>
<content:encoded>
	<![CDATA[MINYANVILLE ORIGINAL Imagine you&#39;re the humble head of US equity trading at Morgan Stanley (MS), minding your own business and trying to dodge bullets while Europe implodes and JPMorgan (JPM) gets dragged down by its CIO scandal.

Now imagine you&#39;re sitting at your desk Friday morning and learn that the Facebook (FB) IPO pricing isn&#39;t going as well as underwriters, led by your colleagues in investment banking, thought. You&#39;re called by a Very Important Person and ordered to buy every share of stock offered at $38. It appears that this happened. With 580 million shares trading hands on Friday, if ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[How the Broken Global Capital Structure Presents Opportunities for Individual Investors]]></title>
<link>
			http://www.minyanville.com/business-news/editors-pick/articles/equities-individual-equities-investors-investing-investing/5/15/2012/id/41006</link>
<pubDate>
			Tue, 15 May 2012 09:15:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/editors-pick/articles/equities-individual-equities-investors-investing-investing/5/15/2012/id/41006</guid>
<description>
<![CDATA[MINYANVILLE ORIGINAL

It&#39;s time to buy and hold individual equities again.
 
I believe the swoon in early August of last year represented, for US equities, not just the end of the 2000-2011 secular bear market, but the beginning of a new secular bull. There are many reasons for this, but if I could use only one argument, it would be the lofty equity risk premium (ERP), which I first highlighted back in November (see Trust Record-High Earnings, Not Depression-Level Consumer Sentiment). I want to spend a little time explaining why ERP remains so high.
 
Before 2008, banks and other purchasers ]]>
</description>
<content:encoded>
	<![CDATA[MINYANVILLE ORIGINAL

It&#39;s time to buy and hold individual equities again.
 
I believe the swoon in early August of last year represented, for US equities, not just the end of the 2000-2011 secular bear market, but the beginning of a new secular bull. There are many reasons for this, but if I could use only one argument, it would be the lofty equity risk premium (ERP), which I first highlighted back in November (see Trust Record-High Earnings, Not Depression-Level Consumer Sentiment). I want to spend a little time explaining why ERP remains so high.
 
Before 2008, banks and other purchasers ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[Battle: Los Angeles and Independence Day: The Same Movie But With Vastly Different Socionomic Perspectives]]></title>
<link>
			http://www.minyanville.com/mvpremium/battle-los-angeles-and-independence/</link>
<pubDate>
			Wed, 16 Mar 2011 10:42:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/mvpremium/battle-los-angeles-and-independence/</guid>
<description>
<![CDATA[[WARNING: CONTAINS SPOILERS]Over the weekend I saw Battle: Los Angeles, which grossed $35 million in its opening weekend.  And let me tell you, doom and gloomers, if "Battle: Los Angeles" is pulling down $35 million, the economy can't be that bad.  Yet despite the movie being mostly forgettable, the parallels to Independence Day are striking, especially given the socionomic times in which both were released.When Independence Day was released in July of 1996, the S&P 500 had rallied roughly 50% in the prior 20 months and was at an all-time high.  The unemployment rate was 5.5%.  Crude oil was $21/barrel. ]]>
</description>
<content:encoded>
	<![CDATA[[WARNING: CONTAINS SPOILERS]Over the weekend I saw Battle: Los Angeles, which grossed $35 million in its opening weekend.  And let me tell you, doom and gloomers, if "Battle: Los Angeles" is pulling down $35 million, the economy can't be that bad.  Yet despite the movie being mostly forgettable, the parallels to Independence Day are striking, especially given the socionomic times in which both were released.When Independence Day was released in July of 1996, the S&P 500 had rallied roughly 50% in the prior 20 months and was at an all-time high.  The unemployment rate was 5.5%.  Crude oil was $21/barrel. ]]>
</content:encoded>
			</item>
			</channel>
</rss>
		