The Wall Street Journal celebrates its 125th anniversary today. First published on July 8,1889, today an issue goes for $2. Back then an annual subscription cost $5.00 and advertisements 20 cents a line. The first edition had four pages.
So as a long time reader and in tribute to their longevity, we'll do an around-the-web solely dedicated today to the WSJ.
--We've been talking about the demise of cash for some time now and here's a piece from today's WSJ.
http://online.wsj.com/articles/james-gorman-on-the-future-of-finance-big-banks-will-get-bigger-1404762062. Make no mistake no matter how they spin it, removing cash has much more sinister leanings than the convenience excuse and the advance of technology behind it.
As Voltaire reportedly said: "If you see a banker leap of out of a window, it's probably a good idea to follow because there's probably a profit in it."
--Yesterday we wrote about the big banks, american-dream-wall-street-style, and their quest to claw their way back to profitability.
The six largest U.S. banks have cut about 7.5% of their staffs, or 88,110 positions, since 2011, according to regulatory filings. The cuts have been spurred partly by the slowdown in mortgage refinancing, which hit banks’ revenue last year and continues to be a headwind this year. The slow trading environment has also raised the prospects for additional job cuts, according to analysts.
Count these survivors out at your own investing peril.
--Here's a buyback quote from Ahead of the Tape column.
A big one is buybacks, which hit their
highest since 2005 in the first quarter, boosting per-share earnings by
3.3%. The S&P 500's earnings wouldn't have grown without those
repurchases.
Not only are buybacks' bang
for the buck diminishing, the amount has slipped. Announced buybacks by
all listed companies slid to nearly a two-year low in the second
quarter, according to TrimTabs Investment Research. That could mean
companies are now more optimistic, finding investments for that extra
cash.
--If there's a spy in the ointment it just might be the U.S. http://online.wsj.com/articles/new-u-s-spying-claim-prompts-german-outrage-1404727787
--Is there anything those psychiatrists won't do to a make a buck? Hoarding, extreme, what ever the hell that is and who gets to define it, is now a psychiatric disorder.
So that's it. Happy 125th WSJ.
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