THE HYPOCRITE SPEAKS

No, it's not an ancient oracle, though he is getting on in years. He is Mr. Warren Buffett, the Omaha Hypocrite of Hypocrites.

He is at it again, cutting his taxes and telling the rest of us to: "Suck it up, cupcakes!"

You have to adore their terminology "efficient tax" moves. Buffett admits he prefers to own companies rather than invest in equities. What does that mean and how many of you can do that? And we thought that's what all America's small business owners who have to yearly visit the their tax proctologist do--own their business.

Though they may be hanging a bit lower at this stage of his life, one has to give him credit; he's got a pair and he doesn't mind putting them in your face. Russia has It Vladimir and we our Hypocrite of Omaha.

http://www.bloomberg.com/news/2014-03-19/buffett-graham-swap-is-latest-deal-to-limit-u-s-tax-take.html

PUTIN THE INVESTOR

Russian President Valadimir Putin just might have taken a page from the denizens of Wall Street, welcoming a rise in energy prices. According to Bloomberg, the Russian leader might looking after his own investments.

Expect the spin doctors from both sides to crank up their spinning presses.

http://www.bloomberg.com/news/2014-03-20/putin-is-investor-in-swiss-oil-trader-gunvor-u-s-treasury-says.html

NEW COLD WAR?

If it gets much colder a new East-West Cold War could grab center stage. The Berlin Wall crumpled more than a generation ago, easing tension and proffering what was supposed to be a freer, gentler, kinder world.

Given the current impasse over the Crimea situation investors need never lose sight of the old maxim: What goes around comes around. If so, what are some of the economic consequences of such a new cold spell?

http://www.marketwatch.com/story/6-economic-consequences-of-a-new-cold-war-2014-03-19?pagenumber=2

FAKE IT 'TILL

Fake it until you make it is a saying nearly as old as what goes about comes about. And that--given it's new emphasis on qualitative rather than quantitative policy from the Federal Reserve-- roiled markets yesterday.

After all, so the assumption goes, quantitative numbers can be somewhat measured. But what's up with qualitative anything? The problem here is the quantative worshippers might be fooling themselves, believing their benchmark is the more objective of the two. It's also become the familiar beaten-down path.

Either way, investors' safest bet remains: the Fed is where it's always been--behind rather than out front of the curve. That's about as quantative and qualitative as it gets.

http://blogs.wsj.com/moneybeat/2014/03/19/analysts-react-you-have-to-read-this-statement-as-risk-off/

JANET DISAPPOINTS

Apparently, new Fed Chairwoman Janet Yellen's first appearance with the market disappointed investors as they push their sell buttons after hearing her remarks.

http://money.cnn.com/2014/03/19/investing/stocks-markets/index.html?iid=HP_LN

THE WEEK AHEAD

Here's a decent rundown of the week ahead.  
http://www.marctomarket.com

DRAGHI AND THE EURO

There's an old declaration when talk gets fast and frequent: "Put your money where your mouth is."

If Mario Draghi, the European Central Bank's president, hasn't heard it yet, but depending on how the leaves twist in the current economic breeze, he soon might.

http://online.wsj.com/news/articles/SB10001424052702303730804579437393310878278?KEYWORDS=Mario+draghi&mg=reno64-wsj

ANOTHER VIEW OF UKRAINIAN DIVISIVENESS

These divisions are hardly isolated to the Ukraine.

They exist in many if not in fact most countries. And the US is no exception.

http://www.spiegel.de/international/europe/residents-in-provincial-southern-ukraine-defend-a-lenin-statue-a-958294.html

WHERE ARE WE?

"Bonds, including government bonds, are a lot more dangerous than people imagine."
                            Jeremy Grantham

The above quote appears in the latest issue of Barron's.

http://online.barrons.com/article/SB50001424053111904628504579431002134993072.html?mod=BOL_hp_mag#articleTabs_article%3D1

END WEEK MARKET WRAP

Techs and financials led the S&P 500 down for the week's final session. But 7 of the 10 sectors were up as news continues to be mixed. China and the Ukraine remain on investor's minds. Not to mention Crimea where the vote there is set for early next week. Evidence that insiders are more bearish than they've been in years also clouded the market for many. All this just a week after the index closed at a record high closing today at 1841. 

Over in the commodities bin the inflation-fear indicators, gold and silver, finish up for the week with gold 3% higher and silver up 2.3% while crude oil backed off 3.6% and copper fell 4.2%, most likely owing to China worries. Gold gained traction for the 5th straight session. Natural gas backed off 4.2%.

Stocks in the EU fell for the 3rd day and UK equities suffered worst performance since late 2011.

So besides the Crimea vote several other things are on tap for next week. But perhaps none is more interesting than Fed Chairwoman  Janet Yellen's first FOMC meeting. Here's one observer's take on that.

http://www.marketwatch.com/story/bill-gross-fed-to-reassure-market-on-zero-rate-policy-2014-03-13