It is possible to cut costs two far. Even in the airline industry, so cut-throat, it eats capital like I eat potato chips. ...More...

The first Democratic election in the history of Iraq came off today. Turnout possibly was over 70%. That was better than our last election. The stakes were equally high. ...More...

I should pick horses. I really should. I spent an hour online picking flights for a meeting in Atlanta. I managed to pick the only two flights, one to Atlanta, one home that both got cancelled due to weather. So Delta says. Technology and customer service played a big role in the theft of my night’s sleep. ...More...

The month gone by has been disappointing. There was no Santa effect. There was no Santa effect. We are right on track for one of the worst January’s in quite some time. What seems mysterious is the reason. Bad winter weather pushed up the price of oil. An actual look at inventories show there really isn’t much of a problem, but when a market is looking for a reason, read excuse, that’s good enough. ...More...

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Behavioral Trading is a book whose cover says it provides "Methods for Measuring Investor Behavior, Confidence, Expectations and Market Trends". To some degree it does deliver on this promise. While it does provide a prescient analysis of the trends that contributed to the stock market bubble of 2000 and the many false bottoms after that, we'll never know how good it is until the next market bubble and collapse. ...More...