NorthSider's Semi-Regular, Curated Linkwrap - November 2014

All too often lately, it seems, I am behind on replying to private messages. Though it is my sincerest intention to follow up on each item in my backlog, there is one question I receive more than all others: Which newspapers, blogs, periodicals, books, editorialists, academics, etc. do you follow?

As such, opportunism beckons. To the end of clearing a fair portion of my PM inventory, I have decided to initiate a semi-regular, curated linkwrap of writing on which I've been musing.

Just how regular these posts will be, I cannot say. But I will do my very best to offer content that is thematically manifold, disputatious, and discerning. Often, I will point to multiple articles offering variant views on a singular topic; always, the material will be interdisciplinary and perhaps a bit pedantic.

I do count on seeing you back here. And, as ever, I hope to galvanize your deepest animosity, which you are free - nay, encouraged - to expel in the comments.

-NorthSider

***

  1. Amazon and Hachette Squabble in the Limelight: About a month ago, Paul Krugman, as he is so prone, ruffled the feathers with a NYT op-ed cursing Amazon's supposed monopsonic power. Debate surrounds Amazon's long-standing and subsequently-resolved hardball negotiations with major publishing house, Hachette. For some extended period of time, Amazon went about removing Hachette's books (which include, inter alia, those of Malcolm Gladwell, James Patterson and the lovely Joel Osteen) from Prime shipping and sometimes introduced delays of weeks or more. Here you can read a bit more background on the tactics and here you can read about the resolution printed last week, but what's important is that commentators have some strong opinions re: Amazon, book publishing, value chain dynamics and digital revolutions. I've linked a few. In the spirit of getting everyone to read articles with which they will inevitably disagree, I won't be portending key takeaways. (The Economist) (Joshua Gains, Digitopoly) (As Simply As Possible) (Tyler Cowen, Marginal Revolution) (Keith Gessen, Vanity Fair [long-form])

  2. Is a Hedge Fund Cornering the LME's Copper Contracts?: Back in September, Reuters natural resources columnist, Andy Hope, noted a heavy concentration of LME Copper in the hands of a single owner. More than a month later, the Wall Street Journal reported the identity of the owner, viz., metals specialty hedge fund, Red Kite. Matt Levine at Bloomberg View picked up the story as a follow up to a similar piece he wrote on Goldman Sachs' supposed aluminum market manipulation earlier this year. Levine is judiciously skeptical of the idea that a (relatively) insignificant hedge fund (or even Goldman Sachs!) could so easily "manipulate" the LME's markets. On the other hand, Streetwise Professor was quick to chide Levine's naivety and capitalized on Levine's follow up to drive his point home. The economic role of warehouse exchanges and location-agnostic warrants is a meaty topic to ponder - I invite you to Google around. The only thing certain in this case is that copper prices have stubbornly resisted the Professor's cornering concerns.

  3. Speaking of Manipulation, What About the FX Settlements? As all of you regular finance nerds no doubt have read, the banks last week settled charges related to alleged foreign exchange market manipulation to the tune of - you guessed it - many billions of dollars. Dan Davies has some shrewd observations on the matter, which are echoed lucidly by Matt Levine. Less forgiving are the op-ed pages of the Financial Times, suggesting that shift bankers deserve criminal sanctions, to boot. In any case, this latest onslaught of fines seems to have triggered renewed interest in tracing the SEC's rather curious recent occupation with non-transparent ETFs. Earlier this month, the SEC granted preliminary approval to an Eaton Vance "exchange-traded managed fund". Just what concerns the SEC about intraday trading of non-transparent funds is a miniature mystery.

  4. Whatever Happened to Stephen Glass and All His Plagiaristic Fanfare? A reflective and sympathetic profile on the notorious author-turned-paralegal as he lives today. (Hanna Rosin, The New Republic)

What's on my Current Reading List: The Sense of Style, Steven Pinker; Moonwalking with Einstein, Joshua Foer

 
Best Response

A Follow-Up:

As Simply As Possible's article on the Amazon / Hachette dealings draws a comparison between the digitization of book and music distribution. It's an apt analogy in more ways than one, which is why Steve Albini's recent keynote address on the music industry in the internet era struck my interest. Albini mercilessly deconstructs the record labels' old platitude, "We need to figure out how to make internet distribution work for everyone." In so doing, he perhaps sheds light on the ongoing disruption of publishing. Worth a read.

Steve Albini - Keynote Address, Face the Music Conference [transcript]

"For all the tribulations in our lives, for all the troubles that remain in the world, the decline of violence is an accomplishment we can savor, and an impetus to cherish the forces of civilization and enlightenment that made it possible."
 

Et deleniti accusamus quasi perspiciatis aspernatur in ut. Ipsam numquam vitae consequuntur saepe voluptas est repellat. Provident sit autem est iure aut distinctio exercitationem. Nihil magni magni dignissimos quae et. Praesentium est molestiae nulla consequatur voluptas.

Ipsa quidem quidem odit et quo. Nulla rerum doloremque vero tempora inventore. Non adipisci totam ad voluptatum. Illum consequatur enim accusamus voluptas. Dolorem nulla sint veniam omnis dignissimos debitis. Ut molestiae libero dignissimos. Harum voluptas omnis pariatur.

Quas asperiores accusantium labore omnis. Perferendis aut occaecati molestiae maxime ea.

 

Qui eligendi illo vel ea ex molestiae vel. Consequatur enim voluptas adipisci provident qui ad. Id officia quam deserunt neque. Occaecati repellendus est nesciunt voluptatem ut. Quia ut officiis incidunt ea. Odio labore temporibus consequuntur natus in.

Qui iure ab et aperiam ipsam. Natus delectus neque ad nostrum et alias ea. Repellendus molestiae nam recusandae ut et. Nihil nesciunt ut ea consequatur nostrum id id. Esse qui quia illum iste porro nemo voluptate reiciendis.

Rerum et repellat ut sapiente. Est fugiat iusto dolores soluta non. Consectetur quis neque error atque perspiciatis. Illum nobis animi rerum accusantium saepe aperiam enim facere. Esse suscipit numquam quia deleniti libero repellendus amet dolorum. At ipsam et illum similique exercitationem non incidunt expedita. Temporibus reprehenderit neque delectus.

Necessitatibus magni et sit possimus. Qui et omnis non nisi totam. Beatae dolores quia maxime asperiores.

[Comment removed by mod team]

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (85) $262
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (65) $168
  • 1st Year Analyst (198) $159
  • Intern/Summer Analyst (143) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
BankonBanking's picture
BankonBanking
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
kanon's picture
kanon
98.9
5
Secyh62's picture
Secyh62
98.9
6
dosk17's picture
dosk17
98.9
7
CompBanker's picture
CompBanker
98.9
8
GameTheory's picture
GameTheory
98.9
9
bolo up's picture
bolo up
98.8
10
DrApeman's picture
DrApeman
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”