As Europe Closes Door To Refugees, 2 Fathers In Greece Face Tough Choices

With European doors closed to most new refugees, thousands are stranded on what they hoped would be the road to a new life. NPR looks at the excruciating choices facing two fathers stuck in Greece.

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Restaurant reviews: Meet the Salt Lake Valley's newest quick, casual GREEKS

If you thought there were enough GREEK fast-food joints in the Salt Lake .... I'm not GREEK, but I'm married to one, so I've learned the ins and outs of ...

READ THE ORIGINAL POST AT www.sltrib.com

Can Ai Weiwei Make Amends with a New Refugee-Focused Documentary?

Ai Weiwei visits the Idomeni refugee camp, on the border of GREECE and Macedonia, on March 11, 2016. Courtesy of Matt Cardy/Getty Images.

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GALLERY: Greek yard show

Before Feast for Finals on Thursday April 28, a crowd of students gathered in front of Loch Norse to watch the Greek Sorority and Fraternity Spring Yard Show. National Pan-Hellenic Council fraternities and sororities perform skits and step routines while ...

READ THE ORIGINAL POST AT www.thenortherner.com

Gun-obsessed Brit tortured and raped children in basement of Greek villa he paid for with benefits

A gun-obsessed paedophile who tortured children and locked them in the basement of the Greek villa paid for with benefits is set to spend the rest of his life in jail. Douglas Barr, 56, was sentenced to 20 years in jail for a string of horrific crimes he ...

READ THE ORIGINAL POST AT www.mirror.co.uk

EU executive to propose visa-free travel for Turks on Wednesday, sources say

[Turkish Prime Minister Ahmet Davutoglu speaks at a news conference at the end of a EU-Turkey summit in Brussels]The European Union executive will propose on Wednesday relaxing visa requirements for Turks, two sources said, after Ankara threatened to walk away from a migration agreement unless the EU eased travel rules for Turkish citizens. The 28-nation EU depends on Ankara's cooperation to maintain a March agreement that has helped stem the flow of refugees and migrants arriving from Turkey, which saw more than a million people reached Greece and Italy last year. Liberalising visa rules for Turkey, a Muslim country of 79 million people, is a contentious issue among EU states.

READ THE ORIGINAL POST AT uk.news.yahoo.com

Rousseff begins a long goodbye

Brazilian President Dilma Rousseff is scheduled to greet the Olympic flame today, but the pomp and ceremony will seem empty to a president likely to be suspended from office just a week later. The arrival of the flame in Brasilia from an ancient Greek temple via Switzerland will trigger a three-month countdown to the Rio de Janeiro Olympics and Brazil’s big chance to shine on the global stage. However, the supposedly joyful occasion coincides with the Latin American giant’s plunge into a political furnace,...

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IHS Convention in Astoria

ASTORIA – The youth of Greek America was seen in abundance at the convention of the International Hellenic Society (IHS) in Astoria. Established in 1983 as a New York-based organization, IHS has become a global not-for-profit entity, thanks to the efforts of its leaders: President Constantine Gurlakis, Vice President Margarita Skourlis, and Executive Board Member […]

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HEC Focuses on Professional Development

The Hellenic Education Center (HEC) of the St. Katherine Greek Orthodox Church of Fall Church, VA is committed to excellence in education. “We are focused on improving academic achievement for all students and committed to ensuring that all students graduate from the Hellenic Education Center with a deep commitment to their religion, Hellenic heritage and […]

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The riskiest energy companies are defaulting at a record rate (UPL, MPOY)

[empty oil barrels]Reuters/Mariana Bazo Two companies have pushed the default rate on risky bonds in the energy sector to an all-time high.  On Friday and Saturday, Ultra Petroleum and Midstates Petroleum respectively filed for bankruptcy protection. And according to Fitch Ratings, they pushed the energy high-yield default rate to 13%, topping the previous record of 9.7% set in 1999. Their filings added $3.1 billion to the high-yield energy bond default volume, according to Fitch.  Defaults in the energy high-yield space have been triggered by the spectacular plunge in oil and gas prices that started in the middle of 2014. Although oil prices are rebounding, with oil up about 20% in April to be the best-performing asset, many companies are still cash-crunched.  This means there may be more defaults to come. Fitch projects that the rate at which energy companies miss payments to their creditors will balloon to 20% by the end of the year. And, consulting firm Deloitte thinks that up to one-third of all oil producers could end up filing for bankruptcy by the end of the year if commodity prices don't rebound.  Midstates Petroleum filed for bankruptcy after reaching an agreement with its lenders that involves converting a $2 billion conversion of debt to equity.  Ultra Petroleum's filing for Chapter 11 bankruptcy Friday showed it had $3.92 billion in debt. The company's quarterly report, released on the same day, warned investors that it did not have enough liquidity to pay its debt and would likely seek court protection.  Fitch noted that Ultra's $850 million 6.125% bonds due in 2024 are priced at just $0.15, showing "the market's expectation of below-average bond recoveries."  This chart shows high-yield spreads in some of the sectors most affected by the commodities crash, and how they blew up after the oil crash:[Screen Shot 2016 05 02 at 1.49.11 PM]Reuters/Mariana Bazo NOW WATCH: FORMER GREEK FINANCE MINISTER: The single largest threat to the global economy

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The laziest investing argument in the world gets completely blown up (SPX, SPY)

[dark knight hospital]YouTube One of the hottest and laziest ideas in the investing world right now is that more money flowing into passive investment strategies will ruin the market. We recently highlighted commentary from CLSA's Chris Wood, for example, who said that if more and more investors pile into passively-managed, low-cost index funds, "the index becomes the market resulting in the equivalent of investor socialism." The basic argument is that money flowing into funds that passively seek the market return creates less price discovery and leads to more potential dislocations in markets. Wood added that, "The result of [this flow into passive funds] would obviously be disastrous." But would it? Actually, no, it doesn't seem like it. And in fact, the increase in passive management would likely _increase_ market efficiency. In an absolutely epic blog post published on Sunday, pseudonymous finance blogger Jesse Livermore completely destroys this idea by breaking down just what it means to be a passive investor, an active investor, and how people so widely misunderstand what it means to earn the market return. The first thing Livermore sets straight is that when someone is passively investing, they are doing so within a defined world of securities. In a sense, then, passively investing is an active decision, at least on the level of answering the question, "What should I do with my money?" So if I call myself a "passive investor" who owns "US stocks," I most likely own an index fund that tracks the S&P 500. This means I buy a fund that owns a proportional amount of each stock in the S&P 500 relative to that stock's weighting in the index. [January 4 COTD 2016]YouTubeWith this investment I am indifferent to the price of Apple, or Delta, or Ford, or Verizon, and care only that I own a number of these shares which reflects their relative weight in the index itself. Given that the S&P 500 is market-cap weighted, I'll end up owning more Apple than I would Delta or Ford or Verzion, but also own more Verizon than Delta or Ford and so on. What's most important to keep in mind here is that I am not passively investing in "stocks," but passively investing in stocks that are in the S&P 500 — or any index of stocks I choose to passively invest in — IN THE SAME PROPORTION WITH WHICH THESE STOCKS ARE WEIGHTED IN THAT INDEX. The upshots, here, are multiple. Extending passive ownership of all possible assets is simply not worth discussing: you'd have to own a proportional share, for example, of commercial and residential real estate in every single country in the world, among other practically impossible (though theoretically possible, sure) ownership combinations. And so while a massive 34% of the large cap US equity ownership is through passive funds, fully two-thirds of this market is still being actively managed! Let's then explore these fears about "market socialism" a bit more full. If we take an example of a sizable index of securities — call it "US stocks," by which we mean the S&P 500 — being held in an entirely passive manner, we now obviously see that there are many, many other areas in which investors can actively manage their capital. More importantly, however, assuming our index of US stocks is being held in a purely passive fashion, it would take just one outside bid for a single member of this set of securities to render the index once again active. Again, passive management involves simply maintaining a proportional ownership of each of an index's securities. Price discovery, or simply bidding for one share of Facebook at the market price, is inherently not a feature of passive management because this style of investing requires _proportional_ ownership of a stock _regardless_ of its price. Once price or even value becomes the main concern, active management has begun. Though perhaps the biggest and most controversial implication out of Livermore's analysis is that the increase in passive management makes markets _more_ efficient. The simple outline here is that if you allow unsophisticated investors to achieve the market return passively and efficiently — you can get the S&P 500 return for a fee of just 0.05% per year from Vanguard, for example — you make the average remaining active manager more sophisticated. [Cost_Figure1]YouTube And with less sophisticated investors getting out of making decisions about their investments, the argument that follows is the remaining investor is, on average, better. This would then lead us to expect that the average dislocation of a stock's price from its underlying value will, in the future, be smaller if the remaining active managers are better at investing than those who have opted to simply take the market return. It's long, but I think Livermore's breakdown of this idea is worth quoting in full (emphasis mine): THE OPTION OF INVESTING IN A LOW-COST INDEX IS IMPACTFUL IN THAT ALLOWS INVESTORS TO GAIN THEIR DESIRED EXPOSURES WITHOUT HAVING TO MAKE WHAT WOULD OTHERWISE BE UNSKILLED, UNINFORMED PICKS. IT ALLOWS THEM TO OWN THE MARKET THAT THEY WANT TO OWN, WITHOUT FORCING THEM TO INTRODUCE THEIR LACK OF SKILL INTO THE MARKET’S ACTIVE SEGMENT. In this way, it increases the average skill level of the market’s active segment, making the market more efficient, more difficult to beat. A similar point applies to the Darwinian pressure that indexing places on active fund management businesses. THE GROWTH IN LOW-COST INDEXING HAS TO COME FROM SOMEWHERE. WHERE IS IT MOST LIKELY TO COME FROM? THE ANSWER: FROM ACTIVELY MANAGED FUNDS THAT ARE CONSISTENTLY UNDERPERFORMING. If you believe in skill, then you will probably agree that those funds are more likely to lack skill than funds that are consistently outperforming. IN REMOVING THEM, PRESSURING THEM OUT OF BUSINESSES, INDEXING INADVERTENTLY INCREASES THE AVERAGE SKILL LEVEL OF THE ACTIVE FUNDS THAT REMAIN, AGAIN MAKING THE MARKET MORE DIFFICULT TO BEAT. It’s important to remember, here, that secondary market investing is a zero-sum game. For a given market participant to outperform, some other market participant has to underperform. Obviously, for a market participant with a given level of skill, the ease at which that participant will outperform will be a function of the quantity of unskilled participants that are there for the skilled participant to exploit. To the extent that the prevalence of indexing preferentially reduces that quantity, it makes outperformance more difficult. TO SUMMARIZE THE POINT, INDEXING PREFERENTIALLY REMOVES INEXPERIENCED, UNINFORMED INVESTORS FROM THE MARKET, GIVING THEM A SUPERIOR OPTION — SUPERIOR _FOR THEM_, BECAUSE IF THEY WERE TO GET INTO THE FRAY, THEY WOULD LIKELY UNDERPERFORM. It also preferentially undermines the businesses of low-skill managers that fail to produce adequate results and that lose business to index competition. IN THIS WAY, INDEXING CONCENTRATES THE ACTIVE SHARE OF THE MARKET INTO A SELECT GROUP OF HIGHLY-SKILLED MANAGERS —THOSE THAT DELIVER. AS AN ACTIVE MARKET PARTICIPANT, YOU ARE NO LONGER ABLE TO DO BATTLE WITH LOW-SKILL PARTICIPANTS, AND ARE INSTEAD FORCED DO BATTLE WITH THEM. THINK: THE BRIDGEWATERS, THIRD POINTS, APPALOOSAS, BAUPOSTS, AND GMOS OF THE WORLD, JUST AS EXAMPLES. IF YOU THINK IT WILL BE EASIER TO OUTPERFORM IN A MARKET WHERE THESE ENTITIES ARE YOUR COUNTERPARTIES, AS OPPOSED TO A MARKET WHERE THEIR PRESENCE HAS BEEN DILUTED BY A FLOOD OF RUN-OF-THE-MILL MANAGERS AND RETAIL INVESTORS THAT DON’T KNOW WHAT THEY’RE DOING, YOU’RE CRAZY. In recent months we've noted the massive increase in indexed money in the mutual fund industry.  We've also spoken with investment managers who think ETFs — low-cost, often passively managed funds fund designed to track a single asset class like, for example, the S&P 500s — will make the classic mutual fund, with its high fees and vague goals extinct.  And while seismic shifts in any industry are likely to cause waves of anxiety and fear-mongering over the supposed ill-effects of this change, Livermore's post is a clear argument in favor of not only the market's getting more efficient, but the likelihood that "Mom & Pop" investors don't get ripped off my incompetent "market pros." _IT'S LONG, BUT WE VERY HIGHLY RECOMMEND YOU READ THE WHOLE POST HERE »_ NOW WATCH: FORMER GREEK FINANCE MINISTER: The single largest threat to the global economy

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The Avett Brothers jump into the crowd with a stellar performance at The Greek Theatre

Making their second career appearance at the Greek Theatre at UC Berkeley, on Saturday, April 30, Americana rock and roll powerhouse group The Avett Brothers continued their hot streak across the country. Touring in support of the June 24 release of the ...

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EP Socialists’ leader Pitella: Germany and IMF want Grexit, “hawks are condemning Greece to death”

The IMF and German hawks want the patient dead. And they still want a Grexit. But the Socialists say “Non passeranno” [they will not pass], Gianni Pittella, leader of the Socialist and Democrats group in the European Parliament, told Euractiv.com in an exclusive interview. Gianni Pittella told EurActiv.com, among others: Q: […]

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Fires around Orthodox Easter torch 3 churches in 3 cities

In Melbourne, the 115-year-old Holy Church of Annunciation, a GREEK Orthodox church, was heavily damaged by a fire that was ultimately contained to ...

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So Delicious Dairy Free GREEK Coconut Milk Yogurt

Always the innovators, So Delicious has developed not only “traditional” yogurt alternatives, but also GREEK coconut milk yogurt for those seeking a ...

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GREECE still has 'some deficiencies' in border management, EC says

Even though GREECE has improved its record considerably since first being criticized by Brussels, there are still “some deficiencies” in its border ...

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EU set to extend Schengen border controls

[Refugees and migrants arrive on a dinghy at the port of Mytilene, on the Greek island of Lesbos, after crossing the Aegean sea from Turkey, on February 18, 2016]The EU is set this week to allow countries to extend border controls in the passport-free Schengen area as a result of the migrant crisis and recent terror attacks following a request by five countries, European sources said Monday.

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The shifting sea routes of Europe's refugee crisis, in charts and maps

Now that Greece is sending refugees back to Turkey, the world is watching to see whether the main route shifts back to Italy, which already sees a very different set of arrivals.

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Gun-loving British paedophile who tortured young victims and kept them in a basement at his Crete villa is jailed for 20 years

Douglas Barr, born in Dundee, Scotland, tortured his victims and kept them prisoner in a basement during his campaign of abuse on the Greek island, a court heard.

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Government spending is slowly on the rise and the stock market has taken notice

The stock market is feeling the effects of more government spending. In a note to clients on Monday, Daniel Clifton and the team at Strategas Research Partners note that an index of stocks which typically outperform when government spending is stimulative to the economy have been quietly outperforming the market. Stocks that make up the firm's fiscal policy index are a mix of your typical government contractors — defense and IT stocks — as well as healthcare and pharmaceuticals. This outperformance comes on the heels of last year's budget agreement, which for the first time in years would see the federal budget not serve as a drag on GDP. [Screen Shot 2016 05 02 at 11.07.19 AM]Strategas Research Partners Clifton and the team also highlight commentary from Carl Icahn and others who have begun to, "fret about the lack of fiscal policy and to imply that there is too much dependence on monetary policy." The prevailing narrative out of these corners has been that the government needs to use record-low interest rates to do more borrowing and more spending — particularly on the infrastructure front. Markets, however, seem to at least in part disagree and have rewarded companies feeling the positive impacts of the most recent budget. And over the last several quarters, government contributions to GDP have been steadily on the rise. [Screen Shot 2016 05 02 at 11.24.49 AM]Strategas Research Partners The presidential election looks like it will come down to a general election matchup between Hillary Clinton — a Democrat who would likely support increased fiscal stimulus — and Donald Trump, a Republican who has managed to catch the eye of a former Fed official who thinks his fiscal policy could ultimately be stimulative, markets could be in for even more help from the government. Though of course when it comes to Trump, who knows what would actually happen. But as the current monetary policy cycle of low rates and big asset purchases continues to meet an ever more skeptical market, government spending seems poised to step up. And the market is taking notice. NOW WATCH: FORMER GREEK FINANCE MINISTER: The single largest threat to the global economy

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Atlantic City just averted a massive disaster... for now

[Atlantic City Boardwalk Entrance]Wikimedia Commons Atlantic City, New Jersey was able to make a $1.8 million bond payment, avoiding default and a serious financial meltdown. Mayor Don Guardian announced at a press conference Monday that the city will be able to make its payment to creditors for the month of May. This payment comes after a showdown between Guardian and New Jersey Governor Chris Christie over the city's finances. Guardian's plan to avoid a total takeover by the state, which focused on shifting city employees from a biweekly pay schedule to a monthly pay schedule was instituted in April. On the other hand, Christie wants the state and county to take over the city's finances and have the ability to renegotiate contracts with the city's public sector employees. The deal reached in April was made just days before a government shutdown which would have closed all non-essential services in the city. The next big showdown comes in June, as the city will have to make another round of debt payments, pay employees, and make payments for schools and services. So while this is a sigh of relief, it is not the end of the budget crisis by any means. The city has accrued debt as it has lost significant revenue from its formerly large casino business. Asked why the city would make the debt payment at all, Guardian said a default on any debt would drag down the credit rating for all of New Jersey and set up a worrying precedent for the city. Atlantic City's debt has already been slashed to junk level by Moody's and Standard & Poor's. Atlantic City still has roughly $240 million in debt still outstanding, according to Guardian. NOW WATCH: FORMER GREEK FINANCE MINISTER: The single largest threat to the global economy

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Squeezed Tsipras Attacks Greek Media, Campaign of Mass “Disinformation”

With his wobbly under coalition under pressure by international creditors to impose more austerity, Greek Prime Minister Alexis Tsipras has blamed the country's media for unfairly pressing him in a bid to oust him.

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LC student joins global effort on GREEK NT manuscripts

Breaux — who recently won academic awards for his achievements in both Hebrew and GREEK — said, “This is a rare opportunity for me as an ...

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Horrified shipwreck survivors watched as hundreds drowned

ATHENS, GREECE, May 2 (UNHCR) – All Yasin Osman Ibrahim and his three-year-old son Abdulrahman could do was watch in horror as more than ...

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ECB board member: GREECE will remain in Eurozone, get debt relief

European Central Bank (ECB) board member Benoit Coeure estimated GREECE would stay in the Eurozone, according to Reuters news agency.

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Is a More Democratic Alternative to the EU Possible?

Yanis Varoufakis—the leftist former finance minister of GREECE who experienced the crushing power of eurozone austerity first-hand—thinks so.

READ THE ORIGINAL POST AT www.thenation.com

Mycenaean Era Tombs Found in Southern Greece

Tombs dating back to the Mycenaean period 1600-1100 BC were found at the town of Kiveri in the Argolis region, in southern Greece. According to Greek mythology, Danaos, founder of the city of Argos, one of the foremost Mycenaean cities of Peloponnese, had anchored at the small port town of Kiveri. The ancient temple of

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Former Greek finance minister says Greece was fiscally waterboarded by creditors

Yanis Varoufakis has been called a narcissist, belligerent and brilliant. When he was the Greek finance minister, everyone from the IMF to the EU, wanted to blame Greece for its financial crisis. He's still looking to set the record straight.

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Paedo Douglas Barr jailed for imprisoning children in GREEK villa in Crete

Two girls told the GREEK court how Barr raped them and questions are now being asked about whether authorities in Britain knew about his interest in ...

READ THE ORIGINAL POST AT www.dailystar.co.uk

UPSat, an open-source GREEK satellite

The project was completed with the contribution, development and integration by the GREEK based non-profit "Libre Space Foundation". With the ...

READ THE ORIGINAL POST AT www.spaceref.com

Trump's antecedent in Ancient GREECE

First question: is Donald Trump a demagogue? Second question: who is the demagogue and, above all, where and when was he born? For a verdict ...

READ THE ORIGINAL POST AT www.west-info.eu

Slow progress on Greek reform, debt talks, May 9 deal unlikely -sources

However, he said GREECE did not need the next tranche of euro zone funds until mid-July, so there was no sense of overwhelming urgency.

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Energy high on the agenda, when Russian President Putin visits Greece on May 28/2016

A visit with heavy political weight. Russian President Vladimir Putin is expected in Athens on May 28th 2016. Expectations in bothe countries are high, with Russia to eye a partner in promoting its new geopolitical strategy and Greece to try to use the “Russian card” as a pressure tool in […]

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An Audience With The Space Pope Of 'EVE Online'

This is at the same time as the real pope is out in Greece meeting with refugees, so, clearly, we’re talking about a different pope.

READ THE ORIGINAL POST AT kotaku.com

Search for missing Greece man on hold

Police say the search for a missing Greece man is on hold Monday due to the weather. Investigators say that 45-year-old Kurt Freese has been missing since Friday around 6:30 p.m. after he left work at 40 Hytec Circle, which is a side street off of Trolley ...

READ THE ORIGINAL POST AT www.whec.com

Denmark extends controls on German border, EU set to authorise more

[Two migrants rest next to containers at a makeshift camp for refugees and migrants at the Greek-Macedonian border near the village of Idomeni]COPENHAGEN/BRUSSELS (Reuters) - Denmark extended temporary controls at its border with Germany on Monday, imposed to help control an influx of migrants, as the European Commission confirmed it would shortly authorise more such extensions within the passport-free Schengen zone. Seven members of the Schengen zone, including Germany and Denmark, have introduced temporary border controls after more than one million migrants entered the European Union last year, mostly via Greece. The European Commission, struggling to prevent the collapse of the Schengen accord, is expected this month to allow EU member states to retain the emergency border checks, which are due to expire in May, for a while longer.

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Lokalno, Macedonia: Four orthodox churches – Russian, Macedonia, Serbian, GREEK burned down ...

Skopje. Four Orthodox churches – Russian, Macedonian, Serbian and GREEK, burned down at Easter, Macedonian online news edition Lokalno ...

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Minimum wage: Edo wage increase is GREEK gift

Edo State chapter of the Peoples Democratic Party (PDP) has described the increment of the minimum wage in the state as a GREEK gift and something ...

READ THE ORIGINAL POST AT thenationonlineng.net

Refugees, migrants reach 54142 in GREECE on Monday

The number of identified refugees and migrants across GREECE reached 54,142 on Monday, the ANA-MPA news agency reported. The figures were ...

READ THE ORIGINAL POST AT www.ekathimerini.com

Warren Buffett's nonanswer about investing in Coke captures what his meeting is all about (BRK.B, BRK.A, KO)

[Warren Buffett]Reuters/Rick Wilking This past weekend, Berkshire Hathaway held the 51st edition of its annual meeting. Berkshire CEO Warren Buffett and vice chairman Charlie Munger held court for six hours, fielding questions from journalists, analysts, and Berkshire shareholders. What did they say? Lots of things. Or, in the eyes of some prominent commentators, nothing, as usual. And while the Berkshire meeting has the corny name of "Woodstock for Capitalists," this overwrought metaphor makes unserious what is, in fact, a great experience for investors who know that the way to learn isn't just by wholesale absorbing one person's way of thinking, but also by grabbing bits and pieces along the way. Berkshire's annual meeting is, if nothing else, a piece. The biggest headline to come out of this year's meeting was Buffett's basic refusal to answer Andrew Ross Sorkin's question about whether Berkshire shareholders should be proud to own shares of Coca-Cola. (Disclosure: I own a few Berkshire shares_._) It was a classic "gotcha" question that piggybacked off comments from hedge fund manager Bill Ackman made last year. Of course, Ackman wasn't just broadsiding Buffett and Berkshire for no reason: Munger had called the pharmaceutical company Valeant, a major Ackman investment, "deeply immoral." Munger also called Valeant a "sewer" on Saturday; Buffett said the business was "enormously flawed." This dispute, it seems, will continue. But getting back to the Coke issue raised Saturday, Buffett simply eluded Sorkin's question. Instead Buffett talked about choice, about how much Coke he chose to consume — four or five cans a day — and about how no one forces anybody to drink Coke products. Munger, a lawyer by trade, argued that asking only about the negative impacts of Coke ignored the product's advantages. Which are basically that it tastes good. Which makes some sense: It's just liquid candy. [Screen Shot 2016 04 30 at 10.33.02 AM]Reuters/Rick WilkingBut as he has in the past and will in the future, Buffett argued that he drank Coke simply because he likes it, adding that if you do what you want, you'll live longer. Which is the perfect kind of unprovable life lesson that looks great on a poster. None of this, however, changes the fact that Coca-Cola is very, very bad for you and that Buffett is very, very unconcerned with this. You will be less healthy if you drink lots of Coke, and Buffett's habits are, like his investing successes, yet another reason you will not be the next Warren Buffett. He really is one of a kind. And this unapologetic attitude toward choice is, in short, the entirety of the applicable lessons one can glean from listening to Buffett talk about whatever it is he wants to talk about during the annual meeting: MAKE YOUR OWN DECISIONS. I wrote Saturday that Buffett was an American and media fascination: He is from Omaha and still lives there, is fabulously rich, and at 85 has enough energy to sit onstage for hours and answer questions while most of his audience has started dozing off. At one point, it looked as if Munger were losing the thread, too. At various points during the meeting, however, when Buffett was asked specific questions about the morality of Coca-Cola or the process he used to determine what stocks to buy, he demurred, time and again. The specifics, to Buffett, are not your business to judge, and the results are his alone to live with. In this much Buffett is clear: He does not care what anyone else, even other Berkshire shareholders, think about his choices. Buffett's daily routine of sitting in his office and quietly reading annual reports all day is the stuff of legend. But this also reveals the entirety of how much you'll know about his investment process other than tracking the actual investments he makes. He'll never be at an investment conference pitching an idea or on TV talking about why a company's multiple looks attractive. All you know is he reads a lot. Buffett buys some things and doesn't buy others; you, the Buffett-watcher, can figure out why on your own. The Berkshire meeting, then, isn't about listening to what Buffett actually says but about absorbing what he stands for. Buffett sits there and preaches, giving the audience a window into his worldview, one that says everybody has to make his or her own choices and the government ought be there to help. You're free to agree or disagree. But he'll never tell you what to do. NOW WATCH: FORMER GREEK FINANCE MINISTER: The single largest threat to the global economy

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ISM manufacturing falls more than expected (USD, DXY)

[Screen Shot 2016 05 02 at 9.48.46 AM]Markit Data on US manufacturing in April showed that the sector is still facing big challenges.  The ISM manufacturing purchasing manager's index (PMI) was 50.8, dropping from 51.8 in March. This showed that the sector expanded — denoted by an index above 50 — but at a slower pace than expected. Economists had forecast a PMI of 51.4. Their optimism was based partly on the rise in crude oil prices and the drop in the US dollar — two of the biggest headwinds to manufacturing in the last few months.  The data showed that the setbacks from these and other challenges linger. New orders and production grew for a fourth straight month, while employment fell for a fifth.  Markit Economics' final PMI came in at 50.8, unchanged from the preliminary reading.  This print indicated that overall, the manufacturing sector barely grew or contracted. But it pointed to the weakest performance since September 2009.  After a brief resurgence in the last few months, new business growth slowed to the weakest pace so far seen in 2016.  New-order growth increased, but at the smallest rate since December. And, unfinished business declined at a pace not seen since September 2009, sending the pace of job creation to a near-three-year low. "The April PMI data suggest there’s no end in sight to the current downturn in manufacturing activity," said Markit chief economist Chris Williamson in the release. "The survey indicates that factory output is dropping at an annualized rate of approximately 3%, and factory headcounts are being culled at a rate of around 10,000 per month."   Refresh this page for updates. NOW WATCH: FORMER GREEK FINANCE MINISTER: The single largest threat to the global economy

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The biggest names in finance all want the government to do one thing, but it's not going to happen

[Icahn Dimon Fink compsite]Neilson Barnard/Getty Images; Justin Sullivan/Getty Images It can be hard for people on Wall Street to agree on anything. Whether they're on different sides of a trade or simply in competition for business, it's rare that they see eye to eye. There is one issue uniting some of the largest names in finance for one cause, though: fiscal stimulus. From JPMorgan CEO Jamie Dimon to hedge fund billionaire Carl Icahn, it seems there is a growing chorus among the big names in finance that the government needs to spend more money. Larry Fink, CEO of BlackRock, in an interview with Bloomberg Go last Wednesday said that spending to build up infrastructure is a huge positive for the US economy. "You are creating jobs, creating a better and more efficient grid, better and more efficient roads, ports, airports. So you can get a mileage out of it. So I believe that is what we need in this country," said Fink. He also said he believes that this will have a meaningful impact on US GDP. Dimon, for his part, wrote that part of the solution to the "serious issues" facing the US was to increase federal investments. "I won't go into a lot of detail but will list only some key concerns: the long-term fiscal and tax issues (driven mostly by healthcare and Social Security costs, as well as complex and poorly designed corporate and individual taxes), immigration, education (especially in inner city schools) and the need for good, longterm infrastructure plans," he wrote in his annual letter to shareholders. In an interview with CNBC last Thursday, hedge fund billionaire Carl Icahn said there would be a "day of reckoning" in the market if fiscal stimulus does not occur, saying there "could certainly be more spending." WHY FISCAL STIMULUS? Now, there are two reasons these financial heavyweights are suggesting such a strategy — a short-term benefit and a long-term benefit. On the one hand, there is the short-term need to increase growth. GDP has been lackluster during the recovery from the financial crisis and it appears the Federal Reserve has done all it can from the supply side to help stimulate spending. The thinking is that the effectiveness of money supply stimulus is wearing off and government efforts should focus on demand. Fiscal stimulus jump-starts the economy by creating jobs. Those people with new jobs are more likely to spend more, thus supporting other industries and so on. Basically, government spending would induce more consumer spending and strengthen household finances in order to move the wheels of the economy and kick-start growth. [highway construction]Neilson Barnard/Getty Images; Justin Sullivan/Getty Images The second argument for fiscal stimulus is the long-term impact, which is what Dimon is really driving at. The idea here is that by investing now, the government could strength US' position as a global leader and head off some of the under-the-surface problems that could bubble up later. For instance, one big way the government can spend is investments in highways and bridges. Currently, much of the US' infrastructure system is struggling. Spending now will help maintain the transportation network before the system falls in to disrepair. This spending has benefits that go beyond maintaining physical infrastructure. Highways and bridges facilitate movement that is vital to the economy. Without it, growth will slow, potentially setting up a negative spiral. Slow growth makes it harder to bring in government receipts while also leaving fewer people with enough savings for retirement. As Dimon noted, this could end up with a generation of people unable to retire and a government unable to support them. "The problem is not that the US economy won't be able to take care of its citizens — it is that taking away benefits, creating intergenerational warfare and scapegoating will make for very difficult and bad politics," wrote Dimon. "This is a tragedy that we can see coming. Early action would be relatively painless." So taking action now kick starts the economy.  THERE'S JUST ONE PROBLEM The issue, as it stands now, is that executing this sort of government stimulus requires, well, the government. Many elected officials are worried about the $19 trillion in debt that the US government currently holds (whether or not that's actually an issue is another question), so attempting to convince Congress that adding more debt is the solution is a tough sell. As Icahn noted in his interview with CNBC, it is unlikely that much will happen on the spending front anytime soon. Icahn said Congress is "grid-locked obsessed" and "obsessed with this deficit to a point that I think it's almost pathological." Additionally, with the election season underway it is unlikely, in the absence of a serious crisis, that the federal government would enact any large-scale spending program. The likes of Jamie Dimon, Carl Icahn and Larry Fink are used to getting what they want. On this occasion though, it looks like they will be left disappointed.  NOW WATCH: FORMER GREEK FINANCE MINISTER: The single largest threat to the global economy

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