Sunday, 24 February 2008

harris farm markets



Harris Farm Markets

posted by Steven Noble

The freshest herbs, the cheapest coffee and exclusives like Afghan

bread -- Harris Farm has at all, except visibility.

In fact, unless you drive to Broadway Shopping Centre from the Ultimo

end of town, you probably don't know it exists -- tucked away in the

west carpark. Walk there, or drive there from Chippendale, and it's

invisible -- unless you spot the tiny ad in the groundfloor of

Broadway, or like me benefit from word of mouth.

In terms of the 4 Ps of marketing, this one has Product and Price to

die for. But Place is half-and-half, and Promotion is virtually nill.

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ssrn municipal bond liquidity by



SSRN-Municipal Bond Liquidity by Lawrence Harris, Michael Piwowar

SSRN-Municipal Bond Liquidity by Lawrence Harris, Michael Piwowar:

Harris and Piwowar look at the liquidity of Municipal Bonds. Not

surprisingly they find that the bonds are not as liquid as stocks and

that transaction costs are MUCH higher.

While much of this illiquidty may be a function of the market itself,

at least some may be blamed on the issuers (and more importantly their

investment bankers). How? The authors report that transactions costs

increase with the complexity of the bonds. Why? If people do not

understand what the bond is offering, they are less likely to buy it.

As more people do not understand the bond, liquidity drops, and the

investors who are willing to trade the security demand a higher

premium. So it appears that simple plain vanilla bonds may be a better

option afterall.

In the authors' words:

"Unlike in equities, municipal bond transaction costs decrease with

trade size and do not depend significantly on trade frequency.

Municipal bond trades are also substantially more expensive than

similar sized equity trades. We attribute these results to the

general lack of price transparency in the bond markets. Additional

cross-sectional analyses show that bond liquidity increases with

credit quality and decreases with instrument complexity, time to

maturity, and time since issuance. The results suggest that

investors, and perhaps ultimately issuers, could benefit if issuers

issued simpler bonds. "

Interestingly this topic and, indirectly, this study was recently

(2/17/05) mentioned in the Houston Chronicle. Why? Because new changes

(Undoubtedly brought about in part by this study) have increased the

transparency (and hopefully will bring down the transactions costs for

the muni-bond market.

The rule change?

With the real-time pricing, which began Jan. 31, dealers are

required to report all trades within 15 minutes to the Municipal

Securities Rulemaking Board, which oversees the muni market. The

board posts the information on its Web site,

www.investinginbonds.com.

The Houston Chronicle reports that the new rule is working:

"Things have gotten better with next-day price transparency," Olson

says. "There aren't as many rogue practices. Brokers and traders

know they're being watched."

So it appears that Harris and Piwowar have helped to make a

difference! Good job!

Suggested Citation

Harris, Lawrence and Piwowar, Michael S., "Municipal Bond

Liquidity" (February 13, 2004). AFA 2005 Philadelphia Meetings.


greg harris running for council



Greg Harris Running For Council

Greg Harris

This really doesn't deserve a separate blog entry here at the

Cincinnati Black Blog (it should be an update to my blog entry "2007

City Council Preview"), but I'm in a good mood today, so I figured

what the heck. This week's edition of CityBeat reports that Greg

Harris plans to run for a seat on Cincinnati City Council in 2007.

Here's the story.

Greg Harris plans to run for city council next year. The

progressive Democrat, who challenged U.S. Rep. Steve Chabot

(R-Westwood) in 2002 and 2004, has been meeting with labor groups

to build support.

"My priorities include leveraging Cincinnati's existing assets," he

says. "I would love for Cincinnati to become one of the greenest

cities in America, including more brownfields redevelopment and

connecting Cincinnati's core to our region's network of recreation

trails. I think the Freedom Center can be better utilized to

catapult Cincinnati as a heritage tourism hub that allows for

immersion into the history of abilitionism and the Underground

Railroad but also a site for the ongoing fight for human rights. I

would love, for instance, to see an annual African American Theater

Festival on the riverfront devoted to these themes. I also see a

strong need to create a seamless public transit grid to unify and

support the emergence of a central entertainment corridor that

unifies The Banks, downtown, Over-the-Rhine, UC, Clifton,

Northside, etc." (link)

Oh, brother!

Reading between the lines, it appears that Greg supports giving more

tax money to the Freedom Center (I think the Freedom Center's current

request is $3 Million); raising taxes for a public transportation

system (I might be convinced to support that proposal, and certainly

don't mind someone raising the issue); rubber stamping any proposal

from organized labor union bosses (so don't look for Greg to support a

residency requirement for city workers which would be good for the

city, but is opposed by labor bosses); and giving lip service to Black

people (the vast majority of Black people aren't interested in the

Freedom Center or any African American Theater Festival on the

riverfront).

Greg isn't talking about the issues that matter to Cincinnatians:

CRIME, JOBS, HEALTH CARE. (Needless to say, Greg also isn't talking

about his support for white candidates over their more-qualified

African American counterparts.) For example, what does Greg think

about City Manager Milton Dohoney's proposed budget? (See, "Dohoney


not to be confused with rolf harris



Not to be confused with a Rolf Harris record

On Tuesday night. there was a BBC documentary about the Son-Rise

treatment for autism. I was out but I can't imagine that I missed

anything very much - just another quack theory. To be fair, it is less

pernicious than, say, holding therapy, because it is based on the idea

of respect for the autistic child but to say that by being nice to

someone they are more likely to want to hug you is hardly a startling

insight. In any case, I have managed to form close friendships with

several people who I now feel comfortable with, but this does not mean

that I am cured, because I am still wary around strangers.

All in all, there are several major problems with Son-Rise. Firstly,

it is incredibly expensive for a piece of trite and obvious advice.

Secondly, it seems to be run by a cult called the Options Institute.

Thirdly, it is ridiculous to try to cure somebody by accepting them as

they are. It is much quicker and more effective just to accept them as

they are and then forget about a cure.

By the way, I won't mention it every time I come across another

rubbish money-draining treatment for autism. There are literally

hundreds of them so this blog would get very repetitive indeed.

Suffice to say, there is no properly controlled scientific evidence


lord harris of high cross 10th



Lord Harris of High Cross (10th December 1924 - 19th October 2006)

His Grace is immeasurably saddened by the news that Ralph Harris has

died.

Ralph was a founding father of the Institute of Economic Affairs

because his Christian faith persuaded him that the liberalisation of

economic structures was the key to feeding the poor and housing the

homeless. He was one of those profound thinkers of the right, with a

maddening independent streak, who bothered to argue that in order to

be able to give a coat to those who have none, one must have been in a

position to earn two in the first place. To focus purely on the need,

which the Church frequently preached, ignored the reality that wealth

creation is the most effective means by which the plight of the poor

may be eased. He possessed immeasurable insight into how the European

Union damages the United Kingdom, and saw all things clearly, in three

and sometimes four dimensions.

His Grace was frequently confronted by Ralph's pipe(s) - an

unmistakable aura - and challenged on levels that few political

philosophers are now able to reach. He was unique; a man of his time,

who (thankfully) coincided with the rise of a political soulmate in

Margaret Thatcher.

You will be missed, my friend.

God bless.


review of our kind by marvin harris



Review of Our Kind by Marvin Harris

[note, if anyone read the first draft of this...I'm sorry.]

So much of history, as it's usually presented, is either a local

microcosm or a culturally specific snapshot, it fails to capture the

big (the big impersonal) picture of the human experience. Philosophy

follows a similar flaw of intimacy, driving for a first-principals

explanation of the human condition, proceeding from axioms created in

our skulls to as many future conditional progressive tenses as may be

(here's how I think I think, therefore, here's how society should

work). I am liking the empirical perspective lately, that is, the

anthropological one, observing the evidence of human coexistence and

making inductive generalizations from the pattern of the data. It's

been my growing conviction that for all the myriad ways we're fucked

up on an individual level, human behavior in the aggregate is a lot

more predictable and explainable than six billion partisans would have

you believe.

In Our Kind, Marvin Harris moves quickly to an important distinction

in this explanation, in truth another one I've been wrestling with:

that cultural evolution is different than the biological sort, faster,

and even if it's not working through genetics, it's force is similarly

powerful. Harris describes how cultural development as an unconscious,

collective means to most efficiently realize our various biological

imperatives. The species is, more or less, equally endowed, but we

react in different ways to the externalities of different communities:

different availabilty of proteins, vitamins, and heat sources,

differnt population density, different history, and varying degrees of

feasibility that somewhere else exists to go. The outlines of politics

and culture derive from these parameters. He puts the lie to fertility

as a biological imperative, digging up anthropological evidence and

biological analogies to show that humans are more wired more for sex

than we are for babies, and develops the consequences. He pokes at

race as an artifical construct. Our body shapes and colors over the

generations correlate more to local geography than our ethnic

heritage, both because of cultural selection and extensive

interbreeding (Jews, he notes in an example, generally look more like

the locals than they do Jews elsewhere, which is maybe one hint that

journalists should be careful not to casually conflate ethnography

with genomes.)

It gets touchy in parts. Harris outlines ways in which early societies

dealt with population pressures, reducing the idea of war to a means

to deal with this, and correlating that with misogyny. Preservation of

a warrior class limits population more than in the obvious way, Harris

says, and includes selection for male heirs for the patriarchy,

pushing toward female infanticide as a remarkably common device, even

in modern times. Historically, life has officially begun at the point

parents decided to keep the child, sometimes months ex utero. He

questions the cost of misogyny in terms of male life expectancy (along

with the contemporary unwillingness to question this), paints

government as an inevitable consequence of animal domestication.

I don't think any of the above discussions are comfortable, but the

cases are strong. His religious angle is perhaps the most sensitive.

He describes "killing" religions, entailing animal and human

sacrifice, as a development of a means of protein redistribution,

drawing patterns across the globe from Aztecs to the Vedic to the

Pacific island traditions. The non-killing faiths he paints as

reactionary creeds developed to address the failure of the faiths that

passed out meat, usually in response to specific political pressures.

He draws a line from here directly to subjugation empire, implicating

the gentler religions as a direct enabler of military powers. Why?

Because making a virtue of poverty and delaying material rewards past

death suits would-be emperors brilliantly. The first act of conquest

of non-killers, cites Harris, is to convert to the non-killing faith,

as true of Christianity, as of Jainism, as of Buddhism. The

proscription against killing, historically, has been easy enough to

circumvent, but the faith in ethereal rewards much harder to shake,

and murderous zealots have been useful tools of tyrants. (One amusing

point: even as Harris constructs a general condemnation of religioun

that quite clearly includes the Pauline faiths, he sticks with the

western conceit of weighting Biblical history toward the factual,

using Christian-formal terms like 'year of Our Lord', and citing that

holy book, and only that one, using chapter and verse. It's got to be

force of habit.)

Stylistically, Marvin Harris both worked for me and didn't. His

ultra-short sections--the book is five hundred pages long, but every

third page was a blank title--got right to the point, but they were so

brief and un-footnoted, that it lent to a less than scholarly feel.

It's not that the sections are unresearched: the author has done his

share of influential work the field himself, and there is a a detailed

bibliography for each tiny chapter in the back. He just doesn't point

to it. He also has a penchant for scribbling over his weaker points

with anecdote or irritable analogy. For example, he's probably out to

lunch on his message of gender identity--not so culturally controlled

between sexes as all that--but on the other hand, his message that

cultural selection usually satisfies the biological preferences in the

aggregate is almost certainly true, and biologically, he's largely

divorced sexuality from both reproduction and gender anyway. I admit

that I'd be more bothered by his idiosyncratic style if I agreed with

less of it.

We all know how short the timeframe of civilization is compared the

earth's history, but even our species is young, only around for a

hundred thousand years or so. By contrast, our various hominid

ancestors populated the earth for about 3 million years. (Our most

recent evolutionary analog, the Neandertals were a short-lived

species, only lasting about 200 thousand altogether). Even given the

age of our genome, sapient, language-using humans have only been

evidenced for a fraction of that, about 35,000 years. I can't accept

neither can Harris, which is why he describes evolution in the

cultural sphere). In that short time, we've graduated from the stone

tools that our ape-plus ancestors and cousins had used, and covered

the earth in dense societies, razing mountains and forests, and

erecting countless evidence that we lived. Although we may still fight

like animals, we've made a hell of a mark in the short time our kind

has been civilizing.

And the big question remains this: are we going somewhere, or have we

achieved our ecological niche? According to ideas of punctuated

equilibrium, species persist for a long damn time, but originate and

fill in their ecological space very quickly. In terms of biological

evolution, the fossil record and all that, 35 kiloyears ain't much. We

humans are probably still spreading into our role As a conclusion,

Harris calls our penchant for empire and evil as the likely inevitable

cultural consequences of our nature. Our failures to will into being

benevolent governments are a result of the unfortunate statistical

average of human action. They've all followed similar paths. Is there

hope, he wonders, a conclusion beyond the state? I have to think that

there's not going to be any success in regressing pre-state, that the

factors that pushed governments into existence--food dependence,

population, and circumscription--seem to only drive one way. But

here's the thing, the catch: trying to will cultural evolution forward

is how our biological imperative works, and there may be a point we

haven't yet achieved with it. We're certainly on different ground this

time in terms of communication, size, and boundaries. Is there still

time to realize a better existence than empire?

I'm not very optimistic actually--existential brinkmanship can't

continue forever--but the idea of a better future beyond nation-staes

is the hope I can find. Maybe we'll get there.


neil patrick harris next david