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Monthly Archives: June 2012

Why Smart People Are Stupid

In a lake, there is a patch of lily pads. Every day, the patch doubles in size. If it takes 48 days for the patch to cover the entire lake, how long would it take for the patch to cover half of the lake?

Turns out that people, and especially smart people, are not nearly as rational as they believe.
Read the article here.

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Rise in US Oil Supplies Haunts Opec Talks

Who would have thunk it?

At a seminar in the Opec headquarters in Vienna on Wednesday, the rise in US oil supplies was the shadow that fell over every discussion. Over the past three years, the US has accounted for the entire net increase in global oil output, excluding Opec members and former Soviet republics.

And what is causing the increase in supply?

Advances in the techniques of horizontal drilling and hydraulic fracturing, first applied to shale gas reserves, are now making it possible to develop US oil in reserves previously commercially unviable [sic].

DAMN that American ingenuity.

Read the article here.

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Manhattan Financial Services Contraction Weighs Heavily on REITs

Manhattan financial services contraction weighs heavily on REITs

Investment trust executives report no growth, no attrition in sector

June 13, 2012 12:00PM
By Adam Pincus

From left: Wendy Silverstein and Michael Fascitelli, Vornado Realty Trust’s executive vice president and CEO, respectively.

The shrinking of Manhattan’s once-robust financial services footprint is dampening the mood among top real estate executives who spoke yesterday during an annual real estate investment trust conference in Midtown. While the CEOs and presidents of firms such as SL Green Realty, Vornado Realty Trust and Boston Properties, generally said the cutbacks had not hurt their own companies, they acknowledged the weak financial services industry hobbled the overall leasing market.

Those REITs were among the more than 100 real estate investment trusts that were scheduled to make public comments and take questions from the audience yesterday and today at the annual conference known as REITWeek, held this year from June 12-14 at the Hilton New York in Midtown. The event is hosted by the Washington, D.C.-based National Association of Real Estate Investment Trusts.

READ THE REST HERE AT THEREALDEAL.COM

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ETF Corner

Outflows seen in IWN, QLD, SCO, IJS, & ERX

Inflows seen in PGX & FDL

Full look

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Goldman’s Jan Hatzius Just Cut His Q2 GDP Estimate

“$GS chief U.S. economist Jan Hatzius and his team lowered their tracking estimate of Q2 GDP growth to 1.6 percent from 1.8 percent on the back of weak retail sales data out of the United States this morning.

Hatzius wrote in a note to clients that “key details of the report were weaker than the consensus had expected,” including non-auto retail sales, which were down 0.4 percent, and “core”/control retail sales — a metric that strips autos, gasoline, and building materials out of the number — which came in flat at 0 percent.”

Full article

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U.S. Demand for Crude Drops 30%

“Revised U.S. crude demand for March averaged 18.2 million barrels per day (mb/d), a decline of 5.6 percent from 2011.

Consumption was lower across all of the main product categories, the International Energy Agency reported this morning.

“Despite the optimism that had crept into the US economic news feed during late2011/early2012, cracks have started to appear, undermining the shortterm demand prognosis,” the agency reported, citing the recent, crummy GDP, non-farm payrolls, Philly Fed, and ISM data.”

Full article

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European Debt Crisis for Dummies

Pay close attention sheeple of America….there is one thing you need to know about Spain’s bailout; Italy will finance the debt with ratse in the 6-7% range while Spain will pay it back a few years from now at 3%.

Here is a wider view of the problems.

Full article

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