Looks like Mr. Buffett still knows what he is doing."Warren Buffet has sold some holding on Petro China (stock code 857 ) in Hong Kong Stock Exchange two weeks ago . He bought some relatively large amount of shares 4 years ago at around HK$ 1.6 and now today the share is trading at HK$ 11.30 .
One of the few times I am glad i am not home in Texas.
Crickets Invade Texas, Scaling Store Walls, Jumping Into CarsBy Kelly Riddell at Bloomberg.com
Here is the most important thing Americans need to understand: We are finally getting somewhere in Iraq, at least in military terms. As two analysts who have harshly criticized the Bush administration’s miserable handling of Iraq, we were surprised by the gains we saw and the potential to produce not necessarily “victory” but a sustainable stability that both we and the Iraqis could live with.
Moreover, last Tuesday (-226 DJIA) and Thursday’s (-311 DJIA) declines qualified as 90% downside days with both down volume and points lost 90% greater than up volume and points gained. In fact, on Thursday 479 of the 500 equities in the S&P 500 declined, pushing the advance/decline ratio to an extremely rare 1/18. While some will argue that this is the kind of action seen at market lows, our proprietary indicators are nowhere near oversold levels.I believe these kinds of extremely one sided advance/decline numbers are going to be far more common than history would suggest. The percentage of stock exchange volume traded by electronic arbitrage firms has grown to be a significant portion of daily volume. Much of the is basket trading against index futures and or Exchange Traded Funds. I have worked with some hedge funds and prop groups that do this kind of trade and the volumes are remarkable. But Indexing, ETFs, and arbitrage do lead to higher correlation among the issues in an index or etf. Most days the effect is negligible but on strongly trending days the effect is very important and should lead to some changes in the readings we see in Advance/Decline type technical measures.
One impressive woman
Here is a powerful and amazing statement on Al Jazeera television.
The woman is Wafa Sultan, an Arab-American psychologist from Los Angeles . I
would suggest watching it ASAP because I don't know how long the link will
be active. This film clip should be shown around the world repeatedly!
Time for Choosing
Here is a speech by one of the few statesmen in Congress -Joe Lieberman. It is worth reading.
Editors note: This is the text of a speech Senator Joe Lieberman (I., Conn. ) delivered to a meeting of the Republican Jewish Coalition.
Thank you so much for that kind introduction. It is a pleasure to be here among so many friends. Now, I know there are some who are probably wondering - what is a nice Independent Democrat from Connecticut doing at a Republican event like this?
Well, a funny thing happened on the way to reelection last year and as Rabbi Hillel said, the rest is commentary.
In all seriousness, many of you in this room stood with me last year through the long journey up a winding road that was my 2006 reelection campaign. You came to my side without regard for party affiliation, and you stayed there even after I ran as an Independent but said I would caucus with the Democrats. Your non-partisanship in my race is a model for what our politics should be. I thank you personally and deeply for it. I could not have won without it. And I pledge to you that I will do everything I can to vindicate your confidence. We gather at a critical time for the future of our country.
The war in Iraq has now become the defining issue for this Congress and for this presidency - although the decisions we will make in the weeks and months ahead about Iraq will have consequences that reach far beyond the terms of anyone now in office.
Part of the disagreement we face over Iraq comes down to a genuine difference of opinion.
On the one hand, there are those who believe, as I do, that the struggle against Islamist extremism really is the central challenge of our time, and that, as General David Petraeus - our commander in Iraq - recently said, Iraq is now the central front of the war against Islamist extremism.
On the other hand, there are those who reject this view – who genuinely believe that the threat of Islamist extremism is overstated, or that Iraq is a distraction from the "real" war on terror, or that the war there is lost, or not worth fighting to win.
It is my deeply held conviction that these people are not only wrong, they are disastrously wrong - and that the withdrawal they demand would be a moral and security catastrophe for the United States, for Iraq, and for the entire Middle East, including Israel and our moderate Arab allies.
Let there be no doubt - an American defeat in Iraq would be a victory for Al Qaeda and Iran the two most threatening enemies we face in the world today. It would vindicate the hope of our enemies that America is weak and that we can be driven to retreat by terrorism, and it would confirm the fear of our friends - not only in Iraq, but throughout the world - that we are unreliable allies who will abandon them in the face of danger.
The fact of the matter is, you cannot claim to be tough on terrorism while demanding that our military withdraw from Iraq , because it is the terrorists - particular Al Qaeda - that our military is fighting in Iraq .
You cannot claim to be committed to defeating Al Qaeda, while demanding that we abandon the heart of the Middle East to Al Qaeda.
And you cannot claim to be tough on Iran , while demanding the very thing that the mullahs want most of all - the retreat of the American military from the Middle East in defeat, leaving a vacuum that Iran will rush to fill.
I recognize that this war has been controversial, and there are those who oppose it on principle. I respect that. But too much of the debate we are having today about withdrawal from Iraq has little or nothing to do with principle, or with reality in Iraq .
It is about politics and partisanship here in Washington .
For many Democrats, if President Bush is for it, they must be against it. If the war is going badly, it is bad for Republicans and it is good for Democrats. It is as simple as that, and it is as wrong as that. For many Republicans, the unpopularity of this war and this President has begun to shake their will. They say that they have no choice but to abandon General Petraeus and his strategy because the American people tell the pollsters they want out. If previous generations of American leaders had allowed their conduct of war to be shaped by partisanship or public opinion polls, we would not be the strong and free nation we are blessed to be today.
Republicans in Congress delude themselves if they think they will be helping either themselves, their party, or their country if they now attempt to wash their hands of Iraq, out of a sudden sense of political anxiety.
Democrats in Congress delude themselves if they think they will not be held accountable for the bloody consequences of the retreat from Iraq they seek.
The fact is, a loss to Al Qaeda and Iran in Iraq would be devastating to our security. These are fateful days and critical decisions we are making about Iraq . We must make them with our eye on the safety of Americas next generation, not the outcome of Americas next election. It is to the everlasting credit of President Bush that in the war against Islamist extremism he has shown the courage and \steadfastness to stand against the political passions of the moment. I have never hesitated to express disagreement with the President on any issue when I felt he was wrong - and I have criticized his administration many times for the serious mistakes I believe it made in prosecuting the war in Iraq .
But let me tell you this: I believe that each of us should be grateful that we have a commander-in-chief who does not believe that decisions about war should be driven by poll numbers. And each of us should be grateful that we have a commander-in-chief who does not confuse what is popular with what is right for our security as a nation. The public opinion polls may not reflect this today, but I believe history will tomorrow.
My friends, as Ronald Reagan once said, now is the time for choosing. If we stand united through the months ahead, if we stand firm against the terrorists who want to drive us to retreat, the war in Iraq can be won and the lives of millions of people can be saved. But if we surrender to the barbarism of suicide bombers and abandon the heart of the Middle East to fanatics and killers, to Al Qaeda and Iran, then all that our men and women in uniform have fought, and died for, will be lost, and we will be left a much less secure and free nation. That is the choice we in Washington will make this summer and this fall. It is a choice not just about our foreign policy and our national security and our interests in the Middle East . It is about what our political leaders in both parties are prepared to stand for. It is about our very soul as a nation. It is about who we are, and who we want to be.
Will this be the moment in history when America gives up - when Al Qaeda breaks our will, when our enemies surge forward, when we turn our backs on our friends and begin a long retreat from our principles and promise as a nation?
Or will this be the moment when America steps forward, when we pull together, when we hold fast to the courage of our convictions, when with a new strategy, and a new commander on the ground - we begin to turn the tide toward victory in this long and difficult war?
I know that we can rise above the anger and smallness of our politics. I know we can rise to the greatness that this moment demands of us.
The question is - will we choose to do so?
I would like to close today by sharing with you a story from my last visit to Iraq a few months ago. It was in Anbar province in western Iraq - the center of the insurgency - a part of the country that conventional wisdom last year dismissed as hopeless.
In fact, on September 11, 2006, the Washington Post ran a front-page story reporting that even the chief of Marine Corps intelligence in Iraq had concluded that Anbar was "lost," and our position there was "beyond repair."
I was in Anbar last December, on a forward operating base just outside Ramadi, the capital of the province. As one of the briefings with our military commanders ended, a colonel who had been sitting in the back of the room came up to me. He said something that I carry with me to this day - something that I hope you will carry with you as well. He said: "Sir, I want you to know on behalf of the soldiers in my unit and myself that we believe in why we are fighting here, we want to finish this fight. And we know we can win it."
Today, five months later, Anbar has been dramatically transformed. Thanks to the bravery, ingenuity, and commitment of our men and women in uniform, shops and schools have reopened, Al Qaeda is on the run, thousands of Iraqis have joined the local police, and - yes - no less than the New York Tim es reports that we have turned the corner there.
My friends, now is not the time for despair. Now is the time for resolve. Now is not the time for reflexive partisanship and pandering to public opinion. Now is the time for the kind of patriotism and principle Americas voters have always honored. I ask you to plead with every member of Congress you can in the days and weeks ahead - Do not surrender to hopelessness. Do not succumb to defeat.Do not give in to fear.
Rise above the political pressures of the moment to do what is right for America .
Believe, like that colonel, in why we are fighting in Iraq , and know, as he and his soldiers know, that we can and must win there."
Thank you very much!
official position of the left, including its handmaiden the mainstream press, becomes “we would not have gone to Iraq if Bush had not lied to us about weapons of mass destruction” — however absurd a lie that is — and this is combined with the turning away from events in Darfur, and elsewhere, and essential silence of the “world community” in the face of genocide and mass murder, especially of the despised — the niggers of the world, whether black and Jew or even, if the politics of it is right, ArabI agree with him and made a similar point here.
Third, anyone who can’t afford a $400 haircut doesn’t get my vote. While it’s theoretically possible that the guy working the French fry station at Burger World would make the best president ever, it’s not a chance I’m willing to take. That guy has a lot of explaining to do.
July 19, 2007Nelson Mandela Proposes Global Authority Called "The Elders," To Consist Of Jimmy Carter And Kofi Annan
And other corrupt terrorist-sympathizers to be named later.
What a great idea. I'm not sure what I like the most about it. I love the idea of giving over the national sovereignty to an unaccountable group of left-wing terrorist-symps, but I need Kofi Annan lining his pockets further with money corruptly extracted from the world's productive citizens.
Can we get Al Gore on this global super-team of political incompetents and malefactors as well? Pleasepleaseplease?
Meanwhile, back at the Hall of Anti-Americanism...
Unfortunately, Feinstein chose Orwellian logic to make her point: "I remember when there was a fairness doctrine, and I think there was much more serious correct reporting to people."
One wonders what Feinstein meant by "correct." Correct to whom? Democratic senators, a government auditor or New York Times editors? Aside from the central issue of stifling free speech, there are a number of things wrong with Sen. Feinstein's desire to have the government
arbitrate what is "fair" and "correct" on your car radio.
Under Democratic leadership, Congress has gone from the brink of the abyss and leaped. Whee!Time to initiate " Incumbent Busters" to see if the PorkBusters style internet movement could create momentum for real change in Washington. The center of the American voting public needs to unify long enough to throw the bums out. We have a culture of elected officials who represent themselves, their lobbyist contributors, and their party. Then and only if it is convenient do they represent the best interests of their constituents and the nation.
By Yalman Onaran
July 18 (Bloomberg) -- Bear Stearns Cos. told investors in its two failed hedge funds that they will get little if any money back after ``unprecedented declines'' in the value of AAA rated securities used to bet on subprime mortgages.We, too, Mr. President, we members of Congress, must face our responsibilities honestly and bravely. What is asked of us is so less onerous than what we have asked from our servicemen and women, but no less consequential. We need not risk our lives, nor our health, but only our political advantages so that General Petraeus has the time and resources he has asked for to follow up on his recent successes and help save Iraq and America from the catastrophe that would be an American defeat. That is not much to risk, Mr. President, compared to the sacrifices made by Americans fighting in Iraq or the terrible consequences of our defeat. For if we withdraw from Iraq, if we choose to lose there, there is no doubt in my mind, no doubt at all, that we will be back – in Iraq and elsewhere -- in many more desperate fights to protect our security and at an even greater cost in American lives and treasure.
Little is asked of us to help prevent this catastrophe, but so much depends on our willingness to do so, on the sincerity of our pledge to serve America’s interests before our own.
July 17 (Bloomberg) -- Goldman Sachs Group Inc., JPMorgan Chase & Co. and the rest of Wall Street are stuck with at least $11 billion of loans and bonds they can't readily sell.
The banks have had to dig into their own pockets to finance parts of at least five leveraged buyouts over the past month because of the worst bear market in high-yield debt in more than two years, data compiled by Bloomberg show.
Bankers, who just a few months ago boasted that demand for high-yield assets was so great that they would have no problem raising debt for a $100 billion LBO, are now paying for their overconfidence. The cost of tying up their own capital may curb earnings and stem the flood of LBOs, which generated a record $8.4 billion in fees during the first half of 2007, according to Brad Hintz, the former chief financial officer at New York-based Lehman Brothers Holdings Inc.
You can find the article here. Some investment banker types are going to get a chance to earn their outsized fees this time.
In politics, there are few skills more richly rewarded than the ability to misstate issues in a way that will sound plausible and attractive.
So we all know that the mainstream media is dying, but I had not realized it had actually begun to exhibit the characteristics of a rotting corpse:This just too rich, feels like a right wing urban legend.
In what must have come as a shock to its readers, the New York Times reported that the July 7, 2005 terrorist attacks in London brought “home to Britain fears of homegrown terrorist attacks among its disenfranchised South Asian population.”
Imagine the surprise of many to learn that Britain is now under attack from “disenfranchised South Asian” people, not those who murder in the name of their Islamic faith.
The non naming of muslims as terrorists is more of the same waffling cowardice the media exhibited during the Danish cartoon uproar. All of the perpetrators of the Glasgow bombing attack were muslim, identifying them as such is not profiling.
SHANGHAI, July 4 — China said on Wednesday that nearly a fifth of the food and consumer products that it checked in a nationwide survey this year were found to be substandard or tainted, underscoring the risk faced by its own consumers even as the country’s exports come under greater scrutiny overseas.Many years ago Japan went through the growing pains of a reputation for cheap shoddy goods and rather deftly handled the change over to quality. It will be interesting to see how the Chinese handle this situation. it will also be interesting to see how the protectionsist voices among our elected imbeciles try to use this issue to their own advantage.
When Does a Massacre Matter?
UPDATE: A journalist whose name you'd recognize emails:
Yon's story doesn't get attention because it is humiliating.
It is humiliating because it is obvious that we media – and our allies in the state department, the legal trade, the NGOs, the Democratic Party, the UN, etc., - can’t do squat about such determined use of force.
Our words, images, arguments and skills can’t stop the killing. Only the rough soldiers and their guns can solve the problem, and we won’t admit that fact because the admission would weaken our influence and our claim to social status.
So we pretend Yon’s massacre – and the North Korean killing fields, the Arab treatment of women, the Arab hatred of Israel, etc. - doesn’t exist, and instead focus our emotions and attention on the somewhat-bad domestic things that we can ‘fix’ with our DC-based allies. Things such as Abu Ghraib, wiretapping, etc. When we ‘fix’ them, then we get status, applause, power, new jobs, ego, etc.
Please don’t be surprised. We media are an interest group not much different from the automakers, the unions, and the farmers.
He might have included the communist party, klu klux klan, or the nazis, or any other grup of lying propagandists. i would much prefer to think media bias comes arises naturally from strong political views than from simple greed and lack of integrity.
In his new book, The Assault on Reason, Al Gore pleads, "We must stop tolerating the rejection and distortion of science. We must insist on an end to the cynical use of pseudo-studies known to be false for the purpose of intentionally clouding the public's ability to discern the truth." Gore repeatedly asks that science and reason displace cynical political posturing as the central focus of public discourse.Mr. Taylor goes on:If Gore really means what he writes, he has an opportunity to make a difference by leading by example on the issue of global warming.
Many of the assertions Gore makes in his movie, ''An Inconvenient Truth,'' have been refuted by science, both before and after he made them. Gore can show sincerity in his plea for scientific honesty by publicly acknowledging where science has rebutted his claims.read the whole article. I predict Gore will take a decisive stand, as soon as his pollsters tell him what to think.
China’s State Environment Protection Agency (Sepa) and health ministry asked the World Bank to cut the calculations of premature deaths from the report when a draft was finished last year, according to Bank advisers and Chinese officialsYeah, that's the ticket!
ABUJA (Reuters) - The price of machetes has halved in parts of Nigeria since the end of general elections in April because demand from thugs sponsored by politicians has subsided, the state-owned News Agency of Nigeria reported.
