Monday Money Memorandum
20 SepBarron’s: The Trillion-Dollar Challenge. Fear of taxation prevents U.S. companies from bringing in some of the $1 trillion-plus held overseas that could help fuel an economic rebound.
BBC: China rebuffs Geithner over yuan. In a speech in Beijing, Li Daokui said China “will not appreciate the yuan solely because of external pressure”.
Bloomberg: Gillard Dollar Is Peaking as Mining Tax Proves Aussie Is Overvalued by 27%. Australia’s dollar, this quarter’s best performing major currency, is now the most overvalued.
BusinessWeek: As Market Pessimism Grows, Should You Buy Stocks?Investors are disenchanted with the market. To contrarians, that constitutes signs of a rally.
MarketWatch: 10 reasons to buy a home. Enough with the doom and gloom about homeownership, Brett Arends says. It’s a good time to jump into the market.
Reuters: Centre-right wins Swedish vote but short of majority.
The Business Insider: Here’s why Facebook is secretly building its own phone.
The Financial Times: Gordon Brown I am angrier than ever about African poverty.
The Guardian: Brazilian oil group Petrobras aims for largest share issue in history. The $64m offering well surpasses the $36bn raised by Japanese telecoms firm NTT in 1987.
The New York Times: Just Manic Enough: Seeking Perfect Entrepreneurs. Though they may have many quirks, intense leaders are a common thread in the world of entrepreneurship.
The Telegraph: 9,000 on public payroll paid more than PM. More than 9,000 public sector employees earn more than the Prime Minister, according to analysis of state pay levels.
The Wall Street Journal: Pros and Cons of Passion Investments. Wealthy investors are increasingly including unconventional investments — such as fine wine, art or vintage cars — into their portfolio.
What’s Popular Around the World?
22 Aug“When it comes to fruit, Russians, Mexicans, Brits, and Icelanders share a preference for the banana. The Chinese and Canadians love apples best. Bloomberg Businessweek’s far-flung correspondents around the globe have compiled data on the most popular fruit and several other No. 1 consumables and activities. Here’s a rundown on what people are reading, watching, driving, smoking, drinking, eating, and naming their babies.”
Go to the slideshow on Bloomberg BusinessWeek here.
Ranking The Happiest Nations
21 Aug“The fact is good times probably have more to do with the size of your wallet than the size of your trophy shelf. The five happiest countries in the world; Denmark, Finland, Norway, Sweden and the Netherlands–are all clustered in the same region, and all enjoy high levels of prosperity.”
| RANK
(BY % THRIVING) |
COUNTRY | REGION | PERCENT
THRIVING |
PERCENT
STRUGGLING |
PERCENT
SUFFERING |
DAILY
EXPERIENCE |
|---|---|---|---|---|---|---|
| 1 | Denmark | Europe | 82 | 17 | 1 | 7.9 |
| 2 | Finland | Europe | 75 | 23 | 2 | 7.8 |
| 3 | Norway | Europe | 69 | 31 | 0 | 7.9 |
| 4 | Netherlands | Europe | 68 | 32 | 1 | 7.7 |
| 4 | Sweden | Europe | 68 | 30 | 2 | 7.9 |
| 6 | Costa Rica | Americas | 63 | 35 | 2 | 8.1 |
| 6 | New Zealand | Asia | 63 | 35 | 2 | 7.6 |
| 8 | Australia | Asia | 62 | 35 | 3 | 7.5 |
| 8 | Switzerland | Europe | 62 | 36 | 2 | 7.6 |
| 8 | Israel | Asia | 62 | 35 | 3 | 6.4 |
| 8 | Canada | Americas | 62 | 36 | 2 | 7.6 |
| 12 | Brazil | Americas | 58 | 40 | 2 | 7.5 |
| 12 | Panama | Americas | 58 | 39 | 3 | 8.4 |
| 14 | Austria | Europe | 57 | 40 | 3 | 7.7 |
| 14 | United States | Americas | 57 | 40 | 3 | 7.3 |
| 16 | Belgium | Europe | 56 | 41 | 3 | 7.3 |
| 17 | United Kingdom | Europe | 54 | 44 | 2 | 7.4 |
| 18 | Turkmenistan | Asia | 52 | 47 | 1 | 7.5 |
| 18 | Mexico | Americas | 52 | 43 | 5 | 7.7 |
| 20 | United Arab Emirates | Asia | 51 | 48 | 1 | 7.7 |
| 21 | Venezuela | Americas | 50 | 48 | 2 | 8.0 |
| 22 | Ireland | Europe | 49 | 49 | 2 | 7.5 |
| 23 | Iceland | Europe | 47 | 49 | 4 | 8.2 |
| 23 | Puerto Rico | Americas | 47 | 45 | 8 | 7.6 |
| 23 | Kuwait | Asia | 47 | 50 | 3 | 7.0 |
| 26 | Colombia | Americas | 46 | 47 | 7 | 7.7 |
| 26 | Jamaica | Americas | 46 | 49 | 5 | 7.7 |
| 28 | Cyprus | Asia | 45 | 50 | 5 | 6.6 |
| 28 | Luxembourg | Europe | 45 | 54 | 1 | 7.3 |
| 30 | Trinidad and Tobago | Americas | 44 | 51 | 5 | 7.9 |
| 30 | Argentina | Americas | 44 | 50 | 6 | 7.8 |
| 30 | Belize | Americas | 44 | 50 | 6 | 6.8 |
| 33 | Germany | Europe | 43 | 50 | 7 | 7.4 |
| 34 | El Salvador | Americas | 42 | 51 | 7 | 7.7 |
| 35 | Uruguay | Americas | 41 | 54 | 5 | 7.5 |
| 35 | Qatar | Asia | 41 | 58 | 1 | 6.8 |
| 35 | Chile | Americas | 41 | 52 | 7 | 7.3 |
| 38 | Malta | Europe | 40 | 48 | 12 | 6.6 |
| 38 | Guatemala | Americas | 40 | 50 | 10 | 7.7 |
| 40 | Italy | Europe | 39 | 54 | 7 | 7.1 |
| 40 | Czech Republic | Europe | 39 | 51 | 9 | 6.6 |
| 42 | Honduras | Americas | 37 | 49 | 14 | 7.5 |
| 43 | Spain | Europe | 36 | 58 | 6 | 7.0 |
| 44 | Dominican Republic | Americas | 35 | 54 | 11 | 7.3 |
| 44 | France | Europe | 35 | 60 | 6 | 7.0 |
| 46 | Bolivia | Americas | 34 | 59 | 7 | 7.0 |
| 46 | Ecuador | Americas | 34 | 52 | 15 | 7.6 |
| 48 | Bahrain | Asia | 32 | 45 | 23 | 7.0 |
| 48 | Paraguay | Americas | 32 | 59 | 9 | 8.3 |
| 50 | Greece | Europe | 31 | 57 | 11 | 7.0 |
| 50 | Guyana | Americas | 31 | 64 | 5 | 7.0 |
| 52 | Jordan | Asia | 30 | 61 | 8 | 6.7 |
| 52 | Nicaragua | Americas | 30 | 53 | 17 | 7.4 |
| 54 | Kosovo | Europe | 29 | 65 | 6 | 6.2 |
| 54 | Belarus | Europe | 29 | 59 | 12 | 6.5 |
| 56 | Poland | Europe | 28 | 61 | 10 | 7.1 |
| 56 | South Korea | Asia | 28 | 61 | 12 | 6.9 |
| 58 | Pakistan | Asia | 27 | 50 | 23 | 6.2 |
| 58 | Slovenia | Europe | 27 | 57 | 16 | 6.8 |
| 58 | Saudi Arabia | Asia | 27 | 69 | 3 | 6.7 |
| 61 | Croatia | Europe | 26 | 60 | 14 | 6.2 |
| 61 | Montenegro | Europe | 26 | 58 | 16 | 6.2 |
| 63 | Peru | Americas | 25 | 65 | 11 | 7.2 |
| 63 | Moldova | Europe | 25 | 62 | 13 | 6.1 |
| 63 | Lithuania | Europe | 25 | 57 | 18 | 6.2 |
| 63 | Malawi | Africa | 25 | 64 | 10 | 8.0 |
| 67 | Botswana | Africa | 24 | 65 | 11 | 7.3 |
| 67 | Cuba* | Americas | 24 | 66 | 11 | 6.7 |
| 67 | Libya* | Africa | 24 | 68 | 8 | 6.0 |
| 70 | Taiwan | Asia | 22 | 64 | 14 | 7.5 |
| 70 | Kazakhstan | Asia | 22 | 72 | 6 | 7.2 |
| 70 | Portugal | Europe | 22 | 61 | 17 | 7.1 |
| 73 | Ukraine | Europe | 21 | 53 | 26 | 6.6 |
| 73 | Romania | Europe | 21 | 56 | 23 | 6.6 |
| 73 | Slovakia | Europe | 21 | 60 | 19 | 6.5 |
| 73 | South Africa | Africa | 21 | 71 | 8 | 7.3 |
| 73 | Lebanon | Asia | 21 | 64 | 15 | 6.3 |
| 73 | Russia | Europe | 21 | 57 | 22 | 7.0 |
| 79 | Thailand | Asia | 20 | 75 | 5 | 8.0 |
| 79 | Bosnia and Herzegovina | Europe | 20 | 59 | 20 | 6.2 |
| 81 | Singapore | Asia | 19 | 75 | 6 | 6.9 |
| 81 | Japan | Asia | 19 | 69 | 12 | 7.4 |
| 81 | Iran | Asia | 19 | 66 | 14 | 6.3 |
| 81 | Hong Kong | Asia | 19 | 65 | 16 | 7.1 |
| 85 | Algeria | Africa | 18 | 77 | 6 | 6.7 |
| 85 | Nigeria | Africa | 18 | 78 | 4 | 7.3 |
| 85 | Somaliland | Africa | 18 | 77 | 5 | 7.1 |
| 85 | Uzbekistan | Asia | 18 | 75 | 6 | 7.8 |
| 85 | Indonesia | Asia | 18 | 72 | 10 | 8.2 |
| 90 | Estonia | Europe | 17 | 62 | 21 | 6.8 |
| 91 | Serbia | Europe | 16 | 63 | 21 | 6.2 |
| 91 | Bangladesh | Asia | 16 | 71 | 13 | 6.9 |
| 91 | Myanmar* | Asia | 16 | 82 | 2 | 7.1 |
| 94 | Philippines | Asia | 15 | 68 | 18 | 7.2 |
| 94 | Malaysia | Asia | 15 | 80 | 5 | 8.1 |
| 96 | Macedonia | Europe | 14 | 54 | 32 | 6.8 |
| 96 | Tunisia | Africa | 14 | 77 | 9 | 6.8 |
| 96 | Zambia | Africa | 14 | 78 | 8 | 7.6 |
| 96 | Yemen | Asia | 14 | 62 | 24 | 6.3 |
| 96 | Vietnam | Asia | 14 | 76 | 10 | 6.9 |
| 96 | Palestinian Territories | Asia | 14 | 70 | 15 | 5.8 |
| 96 | Cameroon | Africa | 14 | 77 | 9 | 7.0 |
| 103 | Turkey | Asia | 13 | 67 | 20 | 6.0 |
| 103 | Kyrgyzstan | Asia | 13 | 81 | 7 | 7.3 |
| 103 | Azerbaijan | Asia | 13 | 70 | 17 | 6.6 |
| 103 | Hungary | Europe | 13 | 53 | 34 | 6.9 |
| 103 | Albania | Europe | 13 | 67 | 19 | 5.6 |
| 108 | Central African Republic | Africa | 12 | 75 | 13 | 6.4 |
| 108 | Ethiopia | Africa | 12 | 67 | 21 | 6.4 |
| 110 | Iraq | Asia | 11 | 71 | 18 | 5.2 |
| 110 | Latvia | Europe | 11 | 64 | 25 | 6.5 |
| 110 | Angola | Africa | 11 | 81 | 8 | 6.8 |
| 110 | Armenia | Asia | 11 | 55 | 33 | 5.9 |
| 110 | Namibia | Africa | 11 | 79 | 10 | 8.1 |
| 115 | Zimbabwe | Africa | 10 | 73 | 17 | 7.3 |
| 115 | Sri Lanka | Asia | 10 | 66 | 24 | 6.9 |
| 115 | Syria | Asia | 10 | 66 | 24 | 6.8 |
| 115 | Afghanistan | Asia | 10 | 69 | 21 | 6.2 |
| 115 | Egypt | Africa | 10 | 71 | 19 | 6.1 |
| 115 | Mozambique | Africa | 10 | 78 | 11 | 7.2 |
| 115 | Georgia | Asia | 10 | 56 | 35 | 6.2 |
| 115 | India | Asia | 10 | 69 | 21 | 6.9 |
| 115 | Morocco | Africa | 10 | 80 | 10 | 7.0 |
| 115 | Mauritania | Africa | 10 | 83 | 7 | 7.2 |
| 125 | China | Asia | 9 | 77 | 14 | 7.6 |
| 125 | Ghana | Africa | 9 | 83 | 8 | 7.5 |
| 125 | Kenya | Africa | 9 | 78 | 13 | 7.5 |
| 128 | Guinea | Africa | 8 | 89 | 3 | 7.1 |
| 128 | Congo (Brazzaville) | Africa | 8 | 73 | 20 | 6.9 |
| 130 | Mongolia | Asia | 7 | 81 | 12 | 7.0 |
| 130 | Laos | Asia | 7 | 89 | 4 | 7.1 |
| 130 | Tajikistan | Asia | 7 | 74 | 19 | 6.5 |
| 130 | Sudan | Africa | 7 | 81 | 12 | 7.4 |
| 130 | Djibouti | Africa | 7 | 86 | 8 | 7.5 |
| 130 | Madagascar | Africa | 7 | 84 | 10 | 7.0 |
| 130 | Nepal | Asia | 7 | 82 | 11 | 7.4 |
| 137 | Bulgaria | Europe | 6 | 58 | 36 | 6.5 |
| 137 | Uganda | Africa | 6 | 71 | 23 | 6.8 |
| 137 | Tanzania | Africa | 6 | 70 | 24 | 7.5 |
| 137 | Senegal | Africa | 6 | 88 | 6 | 7.3 |
| 141 | Liberia | Africa | 5 | 90 | 5 | 6.7 |
| 141 | Chad | Africa | 5 | 88 | 7 | 7.1 |
| 141 | Mali | Africa | 5 | 77 | 18 | 8.0 |
| 144 | Benin | Africa | 4 | 80 | 16 | 6.7 |
| 144 | Haiti | Americas | 4 | 60 | 35 | 6.2 |
| 144 | Ivory Coast | Africa | 4 | 84 | 12 | 7.2 |
| 144 | Congo (Kinshasa) | Africa | 4 | 85 | 11 | 6.4 |
| 148 | Cambodia | Asia | 3 | 75 | 22 | 7.6 |
| 148 | Sierra Leone | Africa | 3 | 74 | 23 | 6.3 |
| 148 | Rwanda | Africa | 3 | 75 | 22 | 7.8 |
| 148 | Burkina Faso | Africa | 3 | 71 | 26 | 6.5 |
| 148 | Niger | Africa | 3 | 86 | 11 | 7.9 |
| 153 | Burundi | Africa | 2 | 58 | 40 | 7.5 |
| 153 | Comoros | Africa | 2 | 75 | 23 | 7.7 |
| 155 | Togo | Africa | 1 | 67 | 31 | 5.0 |
Data: Gallup World Poll.
Slideshow: In Depth: The World’s Happiest Countries
Video: Happy In Bhutan
Click here for the full story, “The World’s Happiest Places.” via Forbes.
110 Years Of Outperforming Markets
13 Aug![]()
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Thanks to Chinas hunger for commodities like oil, iron ore and coal and trustworthy anglo-saxon legislation: Australia outperformed most markets.
“During the so-called “lost decade” of the 2000s, when U.S. stocks lost ground, Australian equities earned real returns of 5.5% a year, third behind South Africa and Norway among the 19 major markets tracked.”
Australia posted 7.5% after-inflation returns per year during that time, with a standard deviation of 18.2%, according to a study from Credit Suisse. Those returns are the highest and the volatility the second lowest of the 19 major markets the researchers studied.”
To be continued? If you support the analysts that expect a sluggish growth in China you should probably be careful when considering investing in these commodity-driven markets. Read the full story on MarketWatch: The world’s best stock market.
















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