You can’t always get what you want. But if you’re a former Microsoft CEO with $2 billion, you just might find you get a Los Angeles basketball team.
The social media world was baffled over Steve Ballmer’s unprecedented $2 billion deal for the L.A. Clippers. “It may be another example of billionaires not knowing how better to throw their money away,” FT Alphaville reporter Izabella Kaminska concluded.
Meanwhile, the Twittersphere exploded yet again over Thomas Piketty’s “Capital in the Twenty-First Century” after The Financial Times challenged some of Piketty’s calculations and their underlying data. Bloomberg Businessweek proclaimed “Pikettymania” with a dreamy teen mag-style cover. Even reknowned data whisperer Nate Silver weighed in.
In other news, Josh Brown has a foolproof way to get your lost bag back from an airline, Barry Ritholtz reflects on his trading days, and Bill Griffeth has an origin story for a popular Rolling Stones song that advisors will appreciate (sorry, it’s not true).
On General Economic Topics
It is rare that one can say this, but here it goes…. The bond market has no idea what it is doing and has completely lost its mind.
— Burt White (@_BurtWhite) May 2, 2014
— Bill Griffeth (@BillGriffeth) May 31, 2014
LOL — shareholder asks “why are we standing here handing out voting ballots if the share structure gives Zuckerberg majority control?”
— _ (@MikeIsaac) May 22, 2014
My training as a trader consisted of being pushing into deep end of the pool while someone yelled “swim.” http://t.co/WaaqiiOlPY