Companies added fewer workers than projected in February according to this morning’s ADP report. Emerging-market stocks rose for a second day while Europe and U.S. equities were little changed. Stocks rebounded yesterday after Putin said there was no immediate need to invade eastern Ukraine.
Refiners say concessions offered by the U.S. Environmental Protection Agency in an order issued today to reduce smog-producing sulfur in gasoline aren’t enough and the rule will still result in higher prices for consumers.
Dever included several insightful and amusing anecdotes regarding the irrationality of traditional investments and flawed analysis. My favorite — one I have heard before — is how people would not invest with his commodity fund because commodities are risky.
Now that the U.S. government has cleared the Keystone XL project of any dire environmental impact, attention is returning to why the pipeline was needed in the first place: to get more Canadian oil to U.S. refineries.