“Cyborg Foundation” wins $100K Focus Forward prize






LOS ANGELES (TheWrap.com) – Spanish director Rafel Duran Torrent has won the $ 100,000 cash prize in the Focus Forward Filmmaker Competition at the Sundance Film Festival. The awards, the most lucrative ever given to short documentaries, went to five different shorts, with the top one being Duran Torrent’s “Cyborg Foundation.”


The director will also be invited to a Sundance Institute ShortsLab program of his choice this year.






Runners-up were Jared P. Scott and Kelly Nyks for “The Artificial Leaf,” Paul Lazarus for “Slingshot,” Kim Munsamy for “Bones Don’t Lie and Don’t Forget” and Callum Cooper for “Mine Kafon.”


The program was launched at last year’s Sundance by Morgan Spurlock and Karol Martesko-Fenster. Focus Forward was run by Spurlock’s and Martesko-Fenster’s company, cinelan, and sponsored by GE.


The top films were chosen by a jury consisting of Sundance senior programmer Caroline Libresco, actress Daryl Hannah and directors Barbara Kopple, Jose Padilha, Joe Berlinger, Floyd Webb and Peter Wintonick.


The winning films and the 15 other finalists can be viewed on the Focus Forward website.


Movies News Headlines – Yahoo! News





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Stock futures flat, but techs rally in premarket






NEW YORK (Reuters) – Stock index futures were flat on Wednesday, with investors reluctant to make big bets following a five-day rally that took major averages to levels not seen since December 2007.


Tech shares will be in focus with earnings due from tech heavyweight Apple and following strong results from both IBM and Google, which rallied in premarket trading and continued the string of major companies outperforming following results.






Investors were also cautious as they awaited another onslaught of earnings reports, including from Dow component McDonald’s Corp . Apple Inc reports after the market’s close and investors will scour that report for signs the company can continue to grow at an accelerated pace.


“The market has an upward bias because earnings have generally been better than most expected, but whether we take another leg up from here depends on Apple,” said Oliver Purshe, president of Gary Goldberg Financial Services in Suffern, New York. “That is such a heavily watched stock that if it doesn’t come out with strong numbers we could take a pause.”


Google Inc rose 5.1 percent to $ 738.61 in light premarket trading a day after the search giant’s core Internet business outpaced expectations. Revenue was also higher than expected.


International Business Machines Corp late Tuesday forecast better-than-anticipated 2013 results and also posted fourth-quarter earnings and revenue that beat expectations. The results helped to allay concerns about the tech sector that arose when Intel Corp gave a weak outlook last week. IBM, which is a Dow component, rose 3.9 percent to $ 203.81 before the bell.


Dow component United Technologies Corp reported earnings that fell from the prior year, hurt by large restructuring charges.


Coach Inc slumped 12 percent to $ 53.20 before the bell after reporting sales that missed expectations.


According to the latest Thomson Reuters data, of the 74 S&P 500 companies that have reported earnings so far, 62.2 percent have topped expectations, roughly even with the 62 percent average since 1994, but below the 65 percent average over the past four quarters.


Overall, S&P 500 fourth-quarter earnings rose 2.6 percent, according to Thomson Reuters data. That estimate is above the 1.9 percent forecast from the start of earnings season, but well below the 9.9 percent fourth-quarter earnings forecast from October 1, the data showed.


S&P 500 futures fell 1.8 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures rose 3 points and Nasdaq 100 futures rose 4 points.


Both the S&P 500 and Dow Jones industrial average hit five-year closing highs on Tuesday, and recent gains have largely been fueled by a strong start to the earning season. The S&P has jumped 6.4 percent over the past four weeks.


Republican leaders in the U.S. House of Representatives aim on Wednesday to pass a bill to extend the U.S. debt limit by nearly four months, to May 19. The White House welcomed the move, saying it would remove uncertainty about the issue.


The debt limit issue has been viewed as a market overhang for the past few weeks, with many investors worried that if no deal is reached to raise the limit, it could have a negative impact on the economy.


“We’re raising our year-end target from 1,535 to about 1,575, in part because of the strong fourth-quarter earnings, but also because with the debt ceiling off the table that’s a headwind removed from the market,” Purshe said.


(Editing by W Simon and Kenneth Barry)


Business News Headlines – Yahoo! News





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Tufin Strengthens Its Executive Management Team to Support the Company’s Rapid Growth






RAMAT GAN, ISRAEL–(Marketwire – Jan 23, 2013) – Tufin Technologies, the market-leading provider of Security Policy Management solutions, today announced the addition of Julie Shafiki as Vice President of Marketing and Adam Mittler as Vice President of Technical Services to its executive management team. Additionally, Mark Wellins has been promoted to the newly created position of Vice President of Solutions. Mark, Julie and Adam bring deep domain expertise in their respective fields to Tufin, accelerating its ability to manage its explosive growth and execute on the increased demand for security policy management solutions. Tufin’s ongoing ability to attract top-notch talent aligns with its high customer satisfaction ratings and steady stream of accolades including its fourth, consecutive five-star review from SC Magazine, and its third top 10 ranking in Deloitte Israel’s Technology Fast 50.


“We are delighted to welcome two dynamic professionals to our management team,” said Ruvi Kitov, CEO, Tufin. ”Both Julie and Adam have proven track records in management and strategic planning for rapidly growing and evolving technology companies. Mark has been essential in creating Tufin’s culture of exceptional customer support, and his experience qualifies him to help our customers optimize their use of our solutions. We look forward to their contributions as we continue to execute on the significant market opportunity for Security Policy Management Solutions.”






As Vice President of Marketing for Tufin, Julie leads the company’s global marketing strategies, including branding, corporate communications, product & channel marketing, and online marketing and lead generation initiatives. Bringing more than 17 years of management expertise in marketing communications, public relations and corporate communications, Julie has extensive experience building up technology brands by creating and executing integrated marketing plans. 


Prior to joining Tufin, Julie was Global Director of Marketing & Communications for Lumenis, Israel’s largest medical device company. Previously, Julie ran her own highly successful communications consultancy. She has served as Associate VP of Global Public Relations at Comverse, and Director of Corporate Communications at PowerDsine (now Microsemi) where she led the corporate marketing activities during the company’s IPO and subsequently its acquisition. Julie also worked at Amdocs in various marketing roles. She holds an MBA from Tel Aviv University and a BA from Colgate University in New York.


“Tufin is a true innovator in a rapidly evolving market that is right on the verge of hitting critical mass,” said Julie Shafiki, Vice President of Marketing, Tufin. ”I am thrilled to join such an abundance of talented people, and look forward to further developing the Tufin brand as the company and market enter the next phase of growth.”


As Vice President of Technical Services for Tufin, Adam is responsible for delivering all aspects of Tufin’s Technical Services, including post-sales support, professional services, consulting and training and also leads Tufin’s Corporate IT department. With more than 20 years of experience in the high-tech industry and deep domain expertise in the field of network security, Adam possesses a proven track record of leadership and management of worldwide technical organizations. Prior to joining Tufin, Adam spent 13 years at Check Point Software Technologies in various technical and leadership positions, including various R&D management positions, Director of International Technical Assistance Center and Head of Worldwide Partner Alliances. Prior to Check Point, Adam spent four years as a computer engineer for the Israeli Ministry of Defense and four years as a computer engineer for the Israeli Defense Forces (IDF).


“It is rare that a company that has grown as fast as Tufin is able to continuously maintain such high standards of technical excellence and customer service,” said Adam Mittler, Vice President of Technical Services, Tufin.”I look forward to building on Tufin’s exceptionally strong technical foundation and further our tradition of fanatical customer service and support.”


Mark Wellins has spent more than two decades focused on customers and their requirements, and puts that knowledge to work as Tufin’s Vice President of Solutions. In this role, Mark is responsible for the matching of business needs with Tufin’s technology to help organizations realize full value from their investment. 


“My tenure at Tufin has by far been the most fulfilling chapter of my career because the long standing problems we solve for our customers have dramatically improved the quality of their work lives,” said Mark Wellins, Vice President of Solutions, Tufin. “I am particularly excited to enter into this next phase of our growth. Julie and Adam are phenomenal additions to the team — they share Tufin’s passion, and their commitment to excellence will help us to take the company to the next level.”


About Tufin Technologies
Tufin™ is the leading provider of Security Policy Management solutions that enable companies to cost-effectively manage their firewall, switch and router policies, reduce security and business continuity risks, and ensure Continuous Compliance with regulatory standards. The award-winning Tufin Security Suite provides security teams with powerful automation that slashes the time and costs spent managing change and successfully passing audits. Founded in 2005, Tufin serves more than 1000 customers in industries from telecom and financial services to energy, transportation and pharmaceuticals. Tufin partners with leading vendors including Check Point, Cisco, Juniper Networks, Palo Alto Networks, Fortinet, F5, Blue Coat, McAfee and BMC Software, and is known for technological innovation and dedicated customer service.
For more information visit www.tufin.com, or follow Tufin on:


Marketwire News Archive – Yahoo! Finance




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Wall Street edges up at open as tech leads


NEW YORK (Reuters) - Stocks edged higher at the open on Wednesday, with technology stocks among the best performers after earnings from Google and IBM .


The Dow Jones industrial average <.dji> gained 44.78 points, or 0.33 percent, to 13,756.99. The Standard & Poor's 500 Index <.spx> rose 0.81 point, or 0.05 percent, to 1,493.37. The Nasdaq Composite Index <.ixic> advanced 12.16 points, or 0.39 percent, to 3,155.34.


(Reporting by Chuck Mikolajczak; Editing by Kenneth Barry)



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Williams loses to Stephens; Federer advances


MELBOURNE, Australia (AP) — Serena Williams was only thinking out loud when she muttered this Australian Open had been "the worst two weeks."


Not long after a courtside microphone picked up those comments during her quarterfinal with 19-year-old American Sloane Stephens, things got a whole lot worse.


Stephens outplayed Williams, whose movement and serves had been slowed by a back injury, and beat the 15-time Grand Slam champion 3-6, 7-5, 6-4. It marked Williams' first loss since Aug. 17, and her first defeat at a Grand Slam tournament since last year's French Open.


Four-time Australian Open winner Roger Federer, a 17-time Grand Slam champion, looked for a while like he might join Williams on the sideline. But Federer eked out a 7-6 (4), 4-6, 7-6 (4), 3-6, 6-3 win over 2008 finalist Jo-Wilfried Tsonga in a match that lasted 3 hours, 34 minutes.


Federer, who broke Tsonga in the fourth game of the deciding set, converted his fifth match point while serving after Tsonga saved four match points in the previous game. Federer, who advanced to the semifinals for the 10th consecutive year at Melbourne Park, will play U.S. Open champion Andy Murray on Friday.


"I thought he played very aggressive," Federer said. "I love those four-set or five-set thrillers and I was part of one tonight."


Murray beat Jeremy Chardy of France 6-4, 6-1, 6-2. The other men's semifinal has defending champion Novak Djokovic playing David Ferrer on Thursday


Williams' downer of a Grand Slam Down Under started badly when she turned her right ankle in her opening match at Melbourne Park.


"I've had a tough two weeks between the ankle ... and my back, which started hurting," Williams said. "A lot of stuff."


While Williams packed for home — she and sister Venus have also lost in doubles — Stephens advanced to her first Grand Slam semifinal Wednesday night against defending champion Victoria Azarenka.


The top-seeded Azarenka beat Svetlana Kuznetsova 7-5, 6-1 in the early quarterfinal at Rod Laver Arena. Maria Sharapova, who has lost only nine games in five matches, plays Li Na in the other semifinal.


Williams hurt her back in the eighth game of the second set and things got progressively worse. She yelled at herself on several occasions, and smashed a racket into the court, earning a $1,500 fine from tournament officials.


"I was running to the net for a drop shot," said Williams, describing the injury. "As I went to hit it, it was on the backhand. I even screamed on the court. I totally locked up after that."


She reiterated after the match that her injuries had made this Australian Open difficult for her.


"Absolutely, I'm almost relieved that it's over because there's only so much I felt I could do," she said. "I've been thrown a lot of (curve) balls these two weeks."


Stephens has coped well this week, and the magnitude of her accomplishment only hit her while she was warming down after the match.


"I was stretching, and I was like, 'I'm in the semis of a Grand Slam.' I was like, 'Whoa. It wasn't as hard as I thought,'" she said. "To be in the semis of a Grand Slam is definitely a good accomplishment. A lot of hard work."


The No. 29-seeded Stephens hadn't been given much of a chance of beating Williams, who lost only four matches in 2012 and was in contention to regain the No. 1 ranking at age 31.


Williams' latest winning streak included a straight-set win over Stephens at the Brisbane International this month.


Stephens wasn't even sure that she could beat Williams until she woke up Tuesday.


"When I got up, I was like, 'Look, Dude, like, you can do this.' Like, 'Go out and play and do your best," she said.


Williams walked around the net to congratulate Stephens, who then clapped her hand on her racket and waved to the crowd, a look of disbelief on her face.


Stephens has said she had a photo of Williams in her room when she was a child, and had long admired the Williams sisters.


"This is so crazy. Oh my goodness," Stephens said, wiping away tears in her post-match TV interview. "I think I'll put a poster of myself (up) now."


Azarenka, with her most famous fan Redfoo sitting in the crowd wearing a shirt reminding her to keep calm, overcame some early jitters to beat Kuznetsova.


After dropping serve in a long fourth game that went to deuce 10 times, Azarenka recovered to dominate the rest of the match against Kuznetsova, a two-time major winner who was floating dangerously in the draw with a No. 75 ranking as she recovers from a knee injury.


Azarenka's American rapper friend returned from a concert in Malaysia to attend the quarterfinal match.


Wearing a red sleeveless T-shirt that read "Keep Calm and Bring Out the Bottles," the name of his next single, Redfoo stood, clapped and yelled "Come on, Vika!" during the tight first set.


Williams' loss was a boost for Azarenka, who lost all five head-to-heads against the American in 2012 and is 1-11 in their career meetings.


Tsonga said he was in a "bad mood" because he lost despite playing a good match against Federer.


"I was solid. I was there every time," he said. "I just gave my best today, so I'm proud of that."


The 25-year-old Murray had his service broken for only the second time while serving for the match. But he broke back immediately to clinch a quarterfinal victory.


Murray discounted comments in the British media that he was upset with an almost full schedule of day matches while Federer was given cooler night slots on Rod Laver Arena.


"The scheduling for me is part and parcel of playing in really any tennis tournament," Murray said. "It's tough to make the schedule perfect for every single player."


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Defterios: What keeps Davos relevant






STORY HIGHLIGHTS


  • Since the late 20th Century, the ski resort of Davos has been synonymous with the World Economic Forum

  • Defterios: I first came to Davos as a relatively junior correspondent, two months after the Berlin Wall fell

  • Fall of Communism, China's opening, removal of apartheid in South Africa unfolded in the 90s


  • It's the inter-play between geo-politics and business is what keeps the forum relevant




Davos (CNN) -- Veterans of Davos often refer to nature's awe-inspiring work as the Magic Mountain.


The name comes from an early 20th century novel by Thomas Mann -- reflecting on life in an alpine health retreat, and the mystery of time in this breath-taking setting.


Read more from John Defterios: Why Egypt's transition is so painful


Since the late 20th century, this ski resort has been synonymous with the World Economic Forum, which represents networking on its grandest scale.


This year nearly 40 world leaders -- a record for this annual meeting -- 2000 plus executives and it seems an equal number of people in the media, like yours truly, are in pursuit of them all. The setting is certainly more chaotic then a decade ago. The agendas of the Fortune 500 chief executives are to filled with bi-lateral meetings and back door briefings to allow for the spontaneity that made this venue unique.











Davos gets ready for leaders' gathering








HIDE CAPTION









I first came to Davos as a relatively junior correspondent in 1990, two months after the fall of the Berlin Wall. It was arguably then, after nearly two decades in the conference business, when the forum became a fixture on the global calendar.


Quest: U.S. economy to dominate Davos 2013


I can remember, quite vividly, working out of a bunker (like we do today) in the Davos Congress Centre. West German Chancellor Helmut Kohl sat side-by-side with his East German counterpart Hans Modrow. That meeting before the global community helped set the stage for monetary union, a huge unification fund for what became Eastern Germany and shortly thereafter German elections.


The early 90s at Davos were dominated by European reconstruction after the fall of communism. Former party bosses came to the forum to convince business leaders that a transition to market economics could be delivered. Boris Yeltsin made his Davos appearance during that chaotic transition from the USSR to today's Russia.


Davos 2013: New year, same old problems?


In 1992, Chinese Premier Li Peng used the setting here in the Alps to articulate plans for the country's economic opening up to the world. Not by chance, the architect of Washington's engagement with Beijing, the former U.S. Secretary of State Henry Kissinger also took a high profile that year.



Again only two years later in 1994, Yasser Arafat and Shimon Peres walked hand in hand on stage, holding a public dialogue leading up to the creation and recognition of the Palestinian Authority.


The World Economic Forum, as the saying goes, was positioned to be in the right place at the right time. While the author of the Magic Mountain talked about the complexity of time around World War I, in the 1990s time was compressed here.


The fall of communism, the lowering of global trade barriers, the opening up of China, the removal of apartheid in South Africa and the proliferation of the internet all unfolded in that decade.


Interactive: How's your economic mood?


As those events came together, so too did the major players as they made the journey to Davos. Michael Bloomberg, evolving as a global name in financial data and now the Mayor of New York City, sat alongside Microsoft CEO Bill Gates. U.S. President Bill Clinton outlined his party's historic move to the political center before a packed audience of global business executives.


To spice things up, rock stars and actors, as they became activists, chose the Davos platform: Bono, Richard Gere, Sharon Stone, Brad and Angelina would have the wealthiest and most powerful corporate titans freeze in their tracks.


Earlier this week, I walked into the main plenary hall as workers put the final touches on the stage and lighting. It is a venue which has welcomed countless political leaders and business executives, during internet booms and banking busts, in the midst of a Middle East crisis and even during the lead up to two Gulf Wars.


But that inter-play between geo-politics and business -- during the best and worst of times -- is what keeps the forum relevant. It allows this setting at the base of the Magic Mountain to endure and recreate something unique during what Mann rightly described as the ongoing complexity of our times.







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Michelle Obama wears Wu to the balls again






WASHINGTON (AP) — Michelle Obama made it a fashion tradition Monday night, wearing a custom-made Jason Wu gown to the inauguration balls. The ruby-colored dress was a follow-up to the white gown Wu made for her four years ago when she was new to Washington, the pomp and circumstance, and the fashion press.


She now emerged in velvet and chiffon as a bona fide trendsetter.






“I can’t believe it. It’s crazy,” said Wu, reached at his Manhattan studio. “To have done it once was already the experience of my life. To have a second time is tremendous.”


President Barack Obama also struck a similar style chord to his first-term inaugural balls: He wore a white tie with his tuxedo.


The red halter dress was the only one Wu, who went from fashion insider to household name on this night in 2009, submitted for Mrs. Obama’s consideration. He collaborated with jeweler Kimberly McDonald on the jeweled neckline. “For this occasion, it had to be real diamonds,” Wu said.


He said he felt the dress showed how he has grown up as a designer — and how Mrs. Obama’s style has evolved to be even more confident.


The first family headed out to inaugural festivities earlier on Monday with Mrs. Obama leading a very coordinated fashion parade in a navy-silk, checkered-patterned coat and dress by Thom Browne that were inspired by a menswear necktie.


The outfit was specifically designed for Mrs. Obama, but Browne said he wasn’t 100 percent sure she was going to wear it until she came out with it on at Inauguration. “I am proud and humbled,” he said.


The rest of Mrs. Obama’s Inauguration Day outfit included a belt from J. Crew, necklace by Cathy Waterman and a cardigan by Reed Krakoff, whose ensemble she also wore to yesterday’s intimate, indoor swearing-in ceremony.


Obama wore a blue tie with his white shirt, dark suit and overcoat. Malia Obama had on a plum-colored J. Crew coat with the hemline of an electric-blue dress peeking out and a burgundy-colored scarf, and her younger sister Sasha had on a Kate Spade coat and dress in a similar purple shade.


“It is an honor that Sasha Obama chose to wear Kate Spade New York,” said the company’s creative director, Deborah Lloyd, in an email to the Associated Press. “She epitomizes the youthful optimism and colorful spirit of the brand. We are so proud to have been a part of this historic moment.”


Jenna Lyons, creative director of J. Crew, said it was “a huge point of pride for all of us” to be a part of the day — as the brand was back in 2009 when the girls wore outfits by CrewCuts, its children’s label.


“It’s amazing to see the evolution of the family. I love the way Michelle looks. She looks beautiful in something so clean and tailored. It’s such an elegant choice,” Lyons said, “and they all look so sophisticated! You can see how the girls have grown up in the four years, and they’re still so alive and vibrant, but more sophisticated.”


The vice president’s wife, Jill Biden, wore a gray coat and dress by American designer Lela Rose.


Mrs. Obama has worn Browne’s designs for other occasions, including a gray dress with black lace overlay to one of the presidential debates last fall, and she honored him last summer at the Smithsonian’s Cooper-Hewitt National Design Awards for his contribution to fashion.


Browne made his name in modern — very modern — menswear, but he launched womenswear in 2011. He was in Paris on Monday, just finishing previews for his next menswear collection. The idea to use the tie fabric came to him because he was indeed designing these men’s clothes at the same time, he explained.


“I wanted ‘tailored’ for her. For me, she stands for strength and confidence, and that’s what I wanted to design for her,” he said.


Simon Collins, dean of the school of fashion at Parsons The New School for Design in New York, said the Obamas dressed in their typical fashion: one that shows pride in their appearance.


“They are a stylish couple and their children look fabulous. Too many people get dressed in the dark,” he said. “They show it’s good to dress up, take pride in how you look. … It’s a wonderful example for America and the rest of the world.”


He also noted that the Obamas seem to understand that the fashion industry is a driving force in the U.S. economy and that its lobby is a powerful one. They don’t treat fashion frivolously, he observed.


The first lady “is so supportive of so many American designers,” Browne noted.


But Collins said he was a bit surprised the public doesn’t pay much attention to the president’s wardrobe. He joked that Obama should perhaps try one of Browne’s signature shrunken suits — the ones that show a man’s ankles.


At the end of the Inaugural festivities, Mrs. Obama’s outfit and accompanying accessories will go to the National Archives.


___


Samantha Critchell tweets fashion at (at)AP_Fashion, and can be reached on Twitter at (at)Sam_Critchell.


Entertainment News Headlines – Yahoo! News





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The Market’s Unrelenting Cheer Makes Some Nervous






The late economist Hyman Minsky posited that a long stretch of calm on Wall Street and in the broader markets sows the seeds of its own demise. His 1960s-era “financial-instability hypothesis” didn’t get much love in the mostly deregulated half-century that followed—until so much financial laxity crashed and burned into 2008 and 2009. (Witness how blind the Federal Reserve was in the run-up to financial meltdown that would force it to take trillions of dollars worth of action.)


According to Minsky, investors take on more risk and debt in boom times, when complacency and easy money are the rage, until they hit a point when they realize they can’t service that debt. The ensuing rush to the exits is dominated by margin calls and forced selling; in an inflection known as a “Minsky moment,” markets fall, as does access to capital. The preliminaries to the ’08 financial crisis were marked by such instances, including subprime homeowner distress and the financial pyromania practiced by Bear Stearns, Lehman Brothers, and AIG (AIG).






In light of today’s calm and renewed risk-taking, could another Minsky moment be in the offing? Of late, that thought seems to be getting more mention on Wall Street.


“The ghost of Hyman Minsky hovers over Taleb’s work,” wrote Michael Lewitt, in the Jan. 1 Credit Strategist he edited. He was referring to Antifragile, the recently released bestseller by Black Swan and Fooled by Randomness author Nassim Nicholas Taleb. “The lesson for portfolio managers,” wrote Lewitt, “is we should stop worrying about things we can’t predict (such as the timing of the inevitable market dislocations to which current monetary and fiscal policy failures will lead) and instead focus on structuring our portfolios to be strong enough not only to withstand such events but even to profit from them.”


While Lewitt is arguing that you can’t necessarily time the elusive Minsky moments as much as brace yourself for them, there is fresh fodder for worry.


For one thing, volatility is at its lowest reading since June 2007, the month that a pair of Bear Stearns hedge funds blew up, sending shock waves across Wall Street. By at least one composite measure, aversion to risk is presently at a three-decade low. The U.S. markets have finally returned to pre-2008 levels, global debt issuance just staged a record year, and the individual investor is finally peeking his head back into the tent (a development that some on the Street swear is the best contrarian indicator of all). Bad credit? No credit? No problem.


All of this is being suborned by a super-accommodative Federal Reserve—far more generous than Alan Greenspan ever was during the early-to-mid 2000s swelling of the credit bubble.


Next, throw in the fact that leverage at hedge funds just hit the highest level to start any year since at least 2004, according to Morgan Stanley (MS). At the New York Stock Exchange (NYX), margin debt among member firms rose in November to the highest level since February 2008—a month before Bear Stearns collapsed.


Robert J. Barbera, co-director of the Center for Financial Economics at Johns Hopkins University, is a Minsky expert. He explains that in the wake of a recession, safety is paramount until an economic recovery eclipses memories of the decline, and higher-risk/higher-return thinking takes hold. Then takes greater hold. And then. …


Barbera says that today’s recovery from a once-in-a-generation downturn is not as easily diagnosable. “A Minsky moment in the making?” he asks, via e-mail. “Not so fast! The deadly admixture that elicits Minsky like financial system crises is a combination of risky finance and CENTRAL BANK TIGHTENING OF MONEY AND CREDIT” (his caps).


It is true, Barbera says, that some financial measures are looking relatively risky. But the economic backdrop to date has not signaled that easy money the world over will soon be reined in. The paradox, he says, is that a rapid upturn in the economy would force investors to have to “radically recalculate” the Federal Reserve’s tightening schedule. The result is that the boom and the attendant prospects of tighter monetary policy—normalcy, if you will—could beget market distress.


“The delicious Minskyian irony?” he says. “Angst about a return to recession, which has persisted in this recovery for four years, keeps the Fed on hold and the asset market recovery on track. Unambiguous economic strength, and the recognition that Fed largesse is no longer needed on Main Street, is the more serious threat to asset market returns.”


Businessweek.com — Top News





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Wall Street opens flat as investors eye earnings


NEW YORK (Reuters) - U.S. stocks opened little changed on Tuesday as investors held back from making large bets at the start of a busy week for corporate earnings after major indexes notched five-year highs.


The Dow Jones industrial average <.dji> gained 16.95 points, or 0.12 percent, to 13,666.65. The Standard & Poor's 500 Index <.spx> shed 0.33 point, or 0.02 percent, to 1,485.65. The Nasdaq Composite Index <.ixic> added 0.21 point, or 0.01 percent, to 3,134.91.


(Reporting by Chuck Mikolajczak; Editing by Kenneth Barry)



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Jim, John Harbaugh ready for rematch at Super Bowl


SANTA CLARA, Calif. (AP) — Jim and John Harbaugh have exchanged a handful of text messages, and plan to leave it at that. No phone conversations necessary while the season's still going. No time for pleasantries, even for the friendly siblings.


There is work to be done to prepare for the Super Bowl, prepare for each other, prepare for a history-making day already being widely hyped as "Harbowl" or "Superbaugh" depending which nickname you prefer.


"It doesn't matter who the coach is, what relationship you have with the person on the other side," 49ers coach Jim Harbaugh said so matter-of-factly Monday afternoon.


Their parents sure aren't picking sides for the Feb. 3 matchup in New Orleans.


These days, the Harbaughs' longtime coaching father, Jack, stays away from game-planning chatter or strategy sessions with his Super Bowl-bound coaching sons. Baltimore's John Harbaugh and little brother Jim have been doing this long enough now to no longer need dad's input.


Yet, they still regularly seek it. And, their father does offer one basic mantra: "Get ahead, stay ahead."


"Probably the greatest advice that I've ever been given and the only advice that I've ever found to be true in all of coaching, I think we mentioned it to both John and Jim ... the coaching advice is, 'Get ahead, stay ahead,'" Jack Harbaugh said.


"If I'm called upon, I'll repeat that same message."


His boys still call home regularly to check in with the man who turned both on to the coaching profession years ago, and the mother who has handled everything behind the scenes for decades in a highly competitive, sports-crazed family — with all the routine sports clichés to show for it.


The Harbaugh brothers will become the first siblings to square off from opposite sidelines when their teams play for the NFL championship at the Superdome.


Not that they're too keen on playing up the storyline that has no chance of going away as hard as they try.


"Well, I think it's a blessing and a curse," Jim Harbaugh said Monday. "A blessing because that is my brother's team. And, also, personally I played for the Ravens. Great respect for their organization. ... The curse part would be the talk of two brothers playing in the Super Bowl and what that takes away from the players that are in the game. Every moment that you're talking about myself or John, that's less time that the players are going to be talked about."


Both men love history, just not the kind with them making it.


"I like reading a lot of history ... I guess it's pretty neat," John Harbaugh offered Monday. "But is it really going to be written about? It's not exactly like Churchill and Roosevelt or anything. It's pretty cool, but that's as far as it goes."


Nice try, guys.


John watched the end of Jim's game from the field in Foxborough, Mass., as Baltimore warmed up for the AFC championship game. Jim called his sister's family from the team plane before takeoff after a win at Atlanta and asked how his big brother's team was doing against New England.


The improbable Super Bowl features a set of brothers known around the NFL as fierce competitors unafraid to make a bold move during the season. Unafraid to upset anyone who stands in their way.


In fact, each one made a major change midseason to get this far — John fired his offensive coordinator, while Jim boosted his offense with a quarterback switch from Alex Smith to Colin Kaepernick.


Leading up to Sunday's games, parents Jack and Jackie said they would wait to decide whether to travel to New Orleans if both teams advanced or stick to what has been working so well — watching from the comfort of their couch in Mequon, Wis.


"We enjoy it very much. We get down in our basement, turn on the television and just have a fantastic day watching outstanding football," Jack said last week. "We share our misery with no one but ourselves. Not only the misery, but the ups and downs, the ins and outs of an outstanding professional game."


And, no, the Harbaughs weren't looking ahead to a potential big trip to the Big Easy.


Jack insists his wife is quick to pull out that old sports cliche: "It's one game at a time. I think it's very appropriate," he said.


Jim figures they won't possibly miss this history-making game.


"I think they'll be there," he said with a smile.


The brothers, separated in age by 15 months, have taken different paths to football's biggest stage — years after their intense games of knee football at the family home. They tried to beat each other at cards, or whatever other game it was at the time. Sometimes, they tried to beat each other up. Sister, Joani Crean, often got in on the fun, too.


The 49-year-old Jim never reached a Super Bowl, falling a last-gasp pass short during a 15-year NFL career as a quarterback. The 50-year-old John never played in the NFL.


Still, both will tell you, "Who's got it better than us? No-body!" — one catchphrase they got from their dad.


"We can't put into words what it means to see John and Jim achieve this incredible milestone," their brother-in-law, Indiana basketball coach Tom Crean, said on Twitter. "We talked to Jim (before) his team plane left. All he wanted to know was how was John doing? How were they playing? One incredible family who puts the care, well-being and love for each other at the forefront like most families do. Again, we are very proud of them. Going to be exciting to watch it unfold."


John worked his way up from the bottom of the coaching ranks, while Jim was the star college quarterback at Michigan, a first-round draft pick and eventual Pro Bowler who made coaching his career once he retired.


John already has the one-up, while Jim's team is the early favorite. John's Ravens beat the 49ers 16-6 on Thanksgiving night 2011, in Jim's rookie season as an NFL coach — though both know that means nothing now.


"I just want everybody to know, that was a four-day deal and every story has been told," John said. "We're not that interesting. There's nothing more to learn. The tape across the middle of the room story, OK, you got it? It's OK. It was just like any other family, really. I really hope the focus is not so much on that. We get it, it's really cool and it's exciting and all that."


Said Jim, "Completely new business."


In spite of his efforts to avoid the topic, Jim did take the opportunity to express how proud he is of John.


"He's a great football coach, a real grasp of all phases — offense, defense, special teams. I think he could coordinate at least two of those phases and do it as well as anyone in the league," Jim said. "I've got half the amount of coaching experience he does. Again, it's not about us. I keep coming back to that. I'm really proud of my brother. I love him. That's the blessing part, that this is happening to him."


And, fittingly for the big brother, John feels the exact same way.


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AP Sports Writer Dave Ginsburg in Baltimore contributed to this story.


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