Econintersect: Every late afternoon (about 6:06 pm, EDT - GMT -5) Econintersect members receive an e-mail summary of the articles posted during the previous 24 hours. Included in the e-mail is access (exclusive for members) to a daily feature: "What We Read Today". An excerpt from today's WWRT (21 April 2016) follows the Read more jump.
The section below was what GEI Newsletter subscribers saw as part of the WWRT post earlier today. The article is easily accessed from our daily newsletter and only newsletter subscribers are provided the access codes for each day's article.
Now for the excerpted section from WWRT for 21 April 2016:
Other Scientific, Health, Political, Economics and Business Items of Note - plus Miscellanea
Intel made a huge mistake 10 years ago. Now 12,000 workers are paying the price. (Vox) June 6, 2005, seemed to be a triumphant moment for Intel. The chipmaker was already dominating the market for processors that powered Windows-based PCs. Then Steve Jobs took the stage at Apple's World Wide Developers Conference to announce that he was switching the main Windows alternative, Macintosh computers, to Intel chips as well. The announcement cemented Intel's status as the leading company of the PC era. There was just one problem: The PC era was about to end. Apple was already working on the iPhone, which would usher in the modern smartphone era. Intel turned down an opportunity to provide the processor for the iPhone, believing that Apple was unlikely to sell enough of them to justify the development costs. The result today is a layoff of 12,000 employees by Intel (11% of its workforce) as smartphone technology has been eroding the old PC formats and Intel does not have a central role in the low-power consumption ARM chips used in mobile devices. This technology has exploded by a factor of 7 since Intel said "no thanks".
Long Bond Rally Has Legs, U.S.'s Top Government Fund Says (Bloomberg) Hoisington Investment Management Co. has been riding the rally in long-term Treasuries for more than two decades, and it sees no bottom in sight for yields. In a year when U.S. government debt is proving a haven for investors, the longest-dated Treasuries have delivered the biggest winnings. Thirty-year bonds have earned about 10% in 2016, almost double the gain on 10-year notes and triple the return for the Standard & Poor's 500 Index, based on data compiled by Bank of America Merrill Lynch and Bloomberg. So far in 2016 the 30-year-old Wasatch-Hoisington U.S. Treasury Fund (up 10%) is the top performing fund among it's peers, according to Bloomberg. Bloomberg quotes former Fedreal Reserve Bank of Dallas economist and Hoisington VP Lacy Hunt (Hunt and President Van R, Hoisington write a quarterly market report posted on GEI):
"We do not believe the secular low in rates is at hand. The economy is weak and inflation is contained, and as long as that continues we will make our mistakes from being on the long side of the Treasury market. We expect the current 30-year-bond yield low to be eclipsed over the next several years. The yield is going to sub-2 percent and may go down there and hold for a while."
U.S. Home Sellers in March 2016 Realized Highest Home Price Gains Since December 2007 (Reaalty Trac) U.S. home sellers in March on average sold for $30,500 more than they purchases for, a 17 percent average gain in price - the highest average price gain for home sellers in any month since December 2007 at the onset of the Great Recession. Of the 125 metropolitan statistical areas with at least 300 sales in March only 19 saw average sellers losing money from purchase price. For the other 106 markets the the biggest average gains compared to purchase price were in San Francisco (72% average gain); San Jose, California (60%); Boulder, Colorado (53%); Prescott, Arizona (51%); and Los Angeles (48%).
Scientists Unveil New 'Tree of Life' (The New York Times) A team of scientists unveiled a new tree of life on Monday, a diagram outlining the evolution of all living things. The researchers found that bacteria make up most of life's branches. And they found that much of that diversity has been waiting in plain sight to be discovered, dwelling in river mud and meadow soils. See A new view of the tree of life (Nature Microbiology). Click on figure below for large image with description.
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