Dogs are animals of integrity. We have much to learn from them.
Category: Finance
How we attract ideas that support our behaviours
The problem in the way that some stories are selected for this Blog, mainly the financial and economic ones, is that one tends to be attracted to those news items that support one’s own hypothesis. Anyone who has followed the Posts on this Blog will know that this author thinks that the recession is not over, that a sustainable recovery is a long way off and that anything other than extremely risk-averse investments is, well, risky!
Applauding balanced arguments about the global economic crisis.
Unwittingly, when tripping across the web site of Gluskin Sheff, as reported on this Blog earlier the full extent of David Rosenburg’s background hadn’t been clear. As well as being Gluskin’s Chief Economist & Strategist, David was previously Chief North American Economist for Merrill Lynch, so this guy is no slouch. Here is DR’s short bio as it appears on the Gluskin web site.
Wall Street Analysts Keep Telling Big Earnings Lie
Thus reads the headline of an article, July 30th, on Bloomberg.com. Written by David Pauly it alleges that Wall Street analysts keep telling lies (porky pies – English expression, do you Americans use it as well?).
Here’s Pauly’s opening paragraph:
At a time when the financial industry’s credibility is at an all-time low, you would think Wall Street’s finest would break their necks providing transparency.
Not so. Stock analysts continue to promote corporate earnings lies, insisting that net income isn’t really what investors need to know.
I am indebted to Janet Tavakoli for giving me permission to re-publish her article.
Where Were Drama Pundits [Whitney, Taleb and Gasparino] When It Mattered?
TSF (Opinion) Roundup Commentary – July 29, 2009
Hundreds of people from clergymen to lawyers have claimed decorations for bravery that they never earned. Why should finance be any different?
Read more of this Post
Robert Wilmers, chairman and chief executive of M&T Bank, (i.e. an insider) writes about the causes of the banking crisis in the The Washington Post.
No excuse is made for the preponderance of posts on financial matters. If ever there was an issue that goes right to the heart of integrity and honest behaviour, it is the economic crisis that we are all in.
So it was particularly gratifying to read from someone within the industry that reforms are sorely needed.
The article is well worth reading. Thanks to Baseline Scenario for referring to the article.
By Paul Handover
Learning from Dogs 