As Taylor Swift seems to have difficult saying what she means, so I thought I would provide a plain English translation of what she has to say about Apple Music. Continue reading
Having taken a number of Smarterer tests I find it scary that people use it as a recruitment tool. The tests are unreliable and meaningless. First, I will explain what is wrong about my scores — and I am complaining more about scores being to high than too low, so there is no personal grudge here. Then a few quick thoughts on the reasons. Continue reading
Ian Hickson, maintainer of the HTML5 specification, argues that the real purpose of DRM is to give content providers leverage over device manufacturers. Although this is true for some applications of DRM, in many cases the purpose is to lock customers to particular devices and services, and to raise barriers to entry against new devices and services. Continue reading
The Takeover Panel (which regulated mergers and takeovers inn the UK) has sent me an email telling me that reproducing the list of takeover offers (i.e. a list of company names and dates) would be a breach of copyright, and that they would be unlikely to allow commercial reproduction except though “official news channels”.
This is a company I have not looked at for a very long time. My interest was raised by a post on Expecting Value. The price to book value of 0.5 and reasonable PE (5× pre-exceptional earnings) it looks like a bargain, and sales of assets paying off its debt, but with some worries about low returns and constant downward revaluations of fixed assets. Continue reading
The usual argument in favour of legalising insider trading is that it is not actually harmful (or even beneficial) to investors. I think that insider trading is extremely harmful and in-ethical, but it should be legalised anyway. My reasons are the difficulties in enforcing the law, and the probable effects on markets of legalisation. Continue reading
The greater fool effect is well established as a key mechanism that allows bubbles to inflate to ludicrous valuations: investors who know prices are too high keep buying. Prices can stay too high in a similar way outside a bubble: not necessarily massively over-valued or in the context of a broader market bubble. Continue reading
Investors, and others who try to predict the future, are often fond of thinking in terms of megatrends. Changes in demographics, climate, technology and culture are often discussed. One that I believe to be the most significant of all is rarely mentioned, and I have never seen the implications discussed. It is also hard to accept, because it appears to be disproved by experience. Continue reading