Sneak Peek at Weekend Reading

Here is a sneak peek at some links from my weekly Weekend Reading column over at TheStreet.com.

  • Rumors rife of another failing U.K. bank (Guardian)
  • Canadian currency (and others) disconnecting from U.S. economy (G&M)
  • Some Vegas casinos are seeing lower win rates for table games (WSJ)
  • Food prices are skyrocketing as farmers adapt to biofuels and other factors (Economist)
  • California uber-realtor recommends people get out of the business (L.A. Times)
  • Art funds and related indices are popping up in the greatest bull market for art in history (IDD)
  • Jim Rogers Call Ben Bernanke a “nut” (Bloomberg)
  • Investors hate, hate, hate, hate, hate the U.S. dollar (Reuters)
  • Doubling in oil recovery efficiency seen possible (O&G Journal)

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Comments

  1. Karthik says:

    Investors hate, hate, hate, hate, hate the U.S. dollar

    And here I thought that they’d be love, love, loving the US dollar because now would be a good time to buy it all up, when it’s cheap? ;)

  2. Drake says:

    Back from weekend in Vancouver. First time ever– CDN$ worth more than USD. Ouch!

  3. I know, I know. Crazy thing. The end of the world must be nigh.

  4. Andy Nelson says:

    Month to month fluctuations in casino profits are fascinating. A month in a big casino is not long enough for probabilities to even out. That should be a lesson for anyone who wants to be a professional gambler.
    The really surprising thing is the expected win rate of 20%. Most players at the tables are making decisions based on instincts and intuition or memories of playing 21 as a kid. It only takes a couple of hours of reading to lower the casino win rate to less than 2%. A 20% win rate doesn’t mean that the casino takes 20% of your money; it means that they will end up with all of your money. At 100 hands per hour, $10 per hand times 20% means they are taking $200 per hour. If you start with a bank role of 40 betting units, you will be done in 2 hours. With a 2% win rate, you would expect to lose $20 per hour. After netting out the free drinks, it is similar to the cost of going to a movie, and you have a chance of riding some hot streaks. You will never have a hot streak against a 20% head wind.
    Casino gambling may be the only area of life where going in with a defeatist attitude and understanding that you will lose (and taking steps to minimize losses) is the key to enjoying yourself.