Financial Orbit: Stories we should be thinking about

A few finance and related stories we need to be thinking about before Monday morning:

Macro matters:

Great post from Horan Capital Advisers about the Dogs of the Dow in both 2014...and potentially looking forward to 2015.

Good to-the-point article on winners and losers from the oil price fall

(h/t @EconomPic)

So what markets do you buy if oil goes down? Historically the US...but maybe that changes now? Interestingly over the last decade only three positive names...and not many more over the last five years.

So reports suggest that the Swiss voted down the gold referendum idea by a clear majority (see this link). I am a bit disappointed in the gap in favour of the 'no' vote...as is wonderfully captured in this cartoon:

(h/t @AxelMerk)

Sensible longer-term advice here on the opportunities still in stockpicking:

'If you have confidence in your business judgment and the ability to make decisions in 2014 with 2024 in mind, you can move beyond all this pseudo-intellectual flummery and build a badass collection of ownership interests instead'

So much better to stock pick than buy an index fund in my view...but cheapness and 'never being wrong' (and let's face it very few active managers have beaten the market during 2014) is being increasingly popular.

A challenge of higher dividend yield stocks. Good link.

Interesting report on The Financial Times website:

'Less than half of the FTSE 350 company secretaries replying to the FT/ICSA Boardroom Bellwether survey said their companies expected the British economy to improve over the next 12 months. This time last year, more than 80 per cent were expressing confidence about the outlook.

There has also been a drop in the proportion expecting the global economy to improve – down from four in five expecting improvement in the summer, to just one in three now.

Similarly, those planning to raise their capital expenditure have fallen from more than half of those responding to less than one-third. The proportion expecting to reduce capex has increased slightly, to one in five'

US$18 trillion US public debt? Link here.

Interesting quote: 'the International Labor Organization, which measures government employment per 1000 residents, puts France in the clear lead with 95 employees per 1000 residents, the United States 74, Germany 53, Turkey and Mexico each 38, South Africa 32, while China has only 30'. More here.

Hmm. 'Ebola Rages in Sierra Leone as UN Misses Goals for Curbing Cases'. Link here.

Brilliant write-up on Uber by a driver who has decided to quit. Link here.

Company-related observations:

Great table on Exxon share price and general oil moves over the last few years via Seeking Alpha (link here - free sign-up)

WTI Spot Oil Price				Exxon Stock Price
A	4/25/2011	9/26/2011			4/24/2011	9/18/2011
	$113.93	$79.2	-30.48%		$87.98	$69.31	-21.22%

B	2/20/2012	6/18/2012			2/20/2012	5/27/2012
	$109.77	$79.76	-27.34%		$87.34	$77.92	-10.79%

C	9/2/2013	1/6/2014			9/1/2013	2/3/2014
	$110.54	$92.66	-16.18%		$87.25	$90.58	3.82%

D	6/16/2014	11/28/2014			6/15/2014	11/28/2014
	$106.82	$70.00*	-34.47%		$103.83	$91.00*	-12.36%

		Average:	-27.12%			Average:	-10.14%

Effect of Major Oil Price moves on Exxon Shares for 2010-2014
*Intra-day Price

Good graphic on market cap losses over the last few days in some of the major oil names:

Telecoms and media stocks are getting closer and closer...

...which makes this report on Seeking Alpha even more interesting:

'Sources tell Bloomberg Vodafone is "holding internal deliberations and analyzing the financial and regulatory hurdles as well as investor support for a share-based transaction" with Liberty Global. However, they add no formal talks with Liberty are currently underway, and that "valuation and regulatory issues remain key obstacles." '

And finally...

'Optimum boarding methods' for planes. I like the idea...but 12 boarding waves?! Theoretically correct but not practical! Link here.