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United States

Felix Salmon

Aug 22 2013

Column - Data crashes: inevitable and mostly harmless

When you look up the price of a stock on the Nasdaq stock exchange, you're not really looking up the price at which it's trading on that exchange. All of the Nasdaq stocks trade on dozens of exchanges, all of which have the right to trade in those stocks. That right is known in the market as unlisted trading privileges, or UTP. The job of the Nasdaq is to serve as the securities information processor, or SIP, for all those different exchanges: the exchanges report to the Nasdaq all of the information they have on bids and offers and trades, and then the Nasdaq aggregates all that information and presents it in one place. Most importantly, it shows the most recent price at which any given stock traded, on any exchange. That's the price you're looking at.

Aug 19 2013

Content economics, part 3: costs

When I wrote last week about Jeff Bezos and his journalists, I said that "the Boston Globe was sold for essentially a negative sum, once pension obligations are taken into account, while the Washington Post was sold for the price of a nice Cézanne." It turns out that I was comparing apples with oranges: the Washington Post, just as much as the Boston Globe, was sold for less than the value of its pension obligations. Bezos might have paid $250 million for the paper, but he was also given $333 million to help him meet its pension obligations.

Jul 17 2013

The silly trial of Fabrice Tourre

There's a huge amount of legal firepower on display in lower Manhattan right now, all centered on a University of Chicago grad student named Fabrice Tourre.

May 20 2013

Why Yahoo-Tumblr makes sense

Amidst all the positivity coming out of Yahoo and Tumblr, any self-respecting pundit is going to want to pour cold water on the whole deal. Especially since billion-dollar mergers almost never work out very well. But here's the weird thing: the more I look at this tie-up, the more it makes sense to me.

Apr 25 2013

Column: The tragedy of long term unemployment

Paul Krugman and Megan McArdle both point to this chart today:

Apr 25 2013

Column: Apple's new pitch to investors

Today's earnings report marks the point at which Apple is officially no longer a high-growth tech stock, valued on its monster potential. Instead, it has become a cash cow, valued on its ability to pump hundreds of billions of dollars into its shareholders' pockets.

Apr 25 2013

Column: The invidious "down payment requirement" meme

I feared this would happen. Peter Eavis has a column today about what his headline calls "Down Payment Rules". Here's his lede:

Mar 25 2013

コラム:キプロス「ゲーム」はまだ続く

ロシアの富豪たちにとって、先週末は心休まる日々ではなかっただろう。まず、新興財閥のボリス・ベレゾフスキー氏が英ロンドン郊外アスコットの自宅で死亡しているのが見つかった。そして、キプロス2大銀行では預金保険対象外の大口預金者(ロシアの富豪)に負担が課されることになった。この負担は、キプロス危機が表面化した時の想像をはるかに超えるものになりそうだ。

Mar 23 2013

コラム:キプロス支援をめぐるロシアの危険な賭け

モスクワを訪れていたキプロスのサリス財務相は、ロシア側との協議で成果を得ることなく帰国の途に就いた。欧州連合(EU)はキプロス支援の条件に預金課税を求めており、これが実施されればロシアの個人や企業にとって大きな痛手だ。キプロスの銀行預金総額約700億ユーロのうち半分弱は非居住者の預金で、その大半はロシア人が占めるとみられているからだ。

Feb 21 2013

コラム:ネット社会が問う「グーグル捜査官」の是非

グーグルは犯罪捜査でも重要な役割を果たすようになってきたのだろうか。ある盗難事件では、グーグルが捜査に貢献したことは間違いないようだ。私がこんなことを考えるようになったのは昨年11月、ブルームバーグが著名投資家ジェフリー・ガンドラック氏の特集を組んでいた時のことだ。9月に盗難被害に遭った同氏について、記事ではこう書かれている。

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