Random Reads - week ending Dec 16

Warren Buffett says, “I just sit in my office and read all day.” Not everyone can afford to devote themselves to reading to that extent so here's a shortcut - the headlines that caught our eye this past week and compelled us to click and read... or this week view a number of charts.


US mean & median household net wealth showing sharp divergence | WSJ

Interesting papers on the "alpha" from stock-picking & public communication of analysis... | via Alpha Architect
"Throwing a bone to stock pickers".

These Maps Show How Economic Freedom Around The World Enriches/Impoverishes People | ValueWalk
Australia and New Zealand also stand out in the Pacific as bastions of freedom.

Returns-based View of Opportunity Set | OSAM Research
For all but the largest investors, we would argue a returns-based approach is more likely to be applicable when assessing the opportunity set.

Australasia Targeted M&A by Quarter | WSJ
Australian M&A's Santa Rally - previous 2 December quarters were big and adding Westfield deal to the quarter-to-date figure below will ensure the trend continues.

Tax treatment of crypto-currencies in Australia – specifically bitcoin | ATO
Transacting with bitcoin is akin to a barter arrangement, with similar tax consequences. Our view is that bitcoin is neither money nor a foreign currency, and the supply of bitcoin is not a financial supply for goods and services tax (GST) purposes. Bitcoin is, however, an asset for capital gains tax (CGT) purposes.

Chinese capital controls send tremor through Australian property | Reuters
“Getting money out of China is very hard now. That’s a big factor for these discounts,” said Property Direct founder David Beard, who sold some two-bedroom units on the bus tour at 15-20 percent lower than list prices.

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