June 2014


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We finished our exams with Tort on Wednesday. Since then we have been flat out on a Tort’s assignment due this coming Thursday.

The striking thing about Tort law is just how unprincipled it actually is. Policy…or judicial lawmaking is at its most apparent, and it is everywhere through the decisions. Reading the fact patterns through the cases, and the legal tests applied by the judges…it is borderline incoherent.

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California

Giving away my age here, but I was there when the whole skateboard thing first happened. Actually my brother was more into it than I was but… The picture looks so much like a school that I went to, that I have posted the picture

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Fly Buy: $CHK, $BID, $OZM, $GILD
Mon Jun 23, 2014 3:31pm 3
As part of a long term portfolio, I bought CHK, BID, OZM and GILD. The timing of the purchases are immaterial to me, as I intend to hold them for at least 5 year

gild

I had a quick squizzy at his selections. This stock would make me nervous buying it on this chart structure. I’ll keep an eye on this one. Five years….hmmmm.

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Pretty much everything is higher. The market continues under easy money to frustrate the bears. Without a doubt the difficulty has been to stay long through the bottom in March 2009 despite the bad news and tepid earnings etc. Particularly when you are constantly inundated with similar charts on a regular basis.

High-Low-Breadth-Ratio

Staying the course, ie, long, is difficult when every couple of weeks, short-term something flashes a sell signal. This obviously is not a sell everything and go short…rather, take profits and look to re-enter lower. A neat trick if you can do it on a regular and accurate basis.

NYSE-Margin-Debt

Add this chart to your analysis and you are starting to get itchy to sell before you lose all your profits. It is true that to really make money in the market you need to use your initial stake and the market’s money…profits, to compound your returns. To do so, you must sell for a profit and re-invest [buy low] to sell higher in the future. Hence the hand-wringing.

I have been mostly selling winners and rotating into unloved sectors. I’ll have a little list of some swaps I completed today.

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We had our Property Law exam yesterday.

What came to my attention was the notable absence of a particular student. This student in class is sub-standard. Yet, somehow in exams, his results are far better than one would expect.

Like most universities, ours practices a policy of additional help for those suffering from cognitive disorders and possibly serious disabilities, where actual writing, reading, etc are impaired.

This particular chap has applied to take his exams under this disability policy. His disability you ask? Crohn’s Disease. What exactly is Crohn’s? Essentially it is an ulcerative colitis that can occur anywhere along the gastrointestinal tract.

In most, it is quiescent. If it is symptomatic, there are a number of external physical symptoms that indicate its activity: migratory arthritis, inflammatory disorders of the skin, eye and mucous membranes. Needless to say, this chap has presented with robust good health…until exam day.

So what advantage is provided? Quite a significant one. For every hour of exam, you receive an extra 20mins. In a three hour exam, that is an extra hour.

The point here is that in a law exam, that is the exact area of pressure. The information and questions are designed that you have little to no thinking time. No time to go back to unfinished questions. It is a flat out race against the clock. You have to deliver structure and content in one take at a very fast pace.

The largest problem encountered by students is not being able to finish the paper due to being only able to write so fast. Then, in your mad rush to finish, grammar, spelling, structure, content are all heavily penalised for errors.

Thus extra time…confers a huge advantage. This is the second year that he has employed this strategy. I suppose he will use it all the way through. God help his clients if he does actually graduate, as this individual is simply not up to the task.

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Click on the link to watch US economy spending in real time.

retail-in-real-time

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Still doing exams. Contract and Judicial Review completed. Property and Tort to go.

On another note: picked up the Ducati last weekend. We’ve had shite weather, plus exams, so not much riding…but it is a lot faster than I expected it to be. Lots of vibration in higher revs.

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