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Excerpted from Whitney Tilson’s latest email to investors.   The subtitle of this article asks the right question: “Why is a so-called populist trying to dismantle America’s most effective consumer watchdog?” In his inaugural address, Trump promised that “the forgotten […] The post Tilson Calls Out Icahn & Mallinckrodt; Buys More Shares Of Pershing Square appeared first on ValueWalk.

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Donald Trump’s federal budget plan proposes large funding cuts with largely negative consequences. John Oliver examines the troubling priorities of the new administration.   Federal Budget: Last Week Tonight with John Oliver   The post John Oliver on the Federal Budget appeared first on The Big Picture.

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In December, we wrote about how (thanks to EFF's lawyering) mobile phone provider CREDO Mobile was finally (after many years) allowed to reveal the National Security Letter (NSL) it had received from the DOJ back in 2013. As per usual, the NSL had a complete gag order, barring the company from admitting it had received such a letter. Then, just about a month later, Cloudflare was similarly ungagged over an NSL it had received in 2013 as well. On Wednesday, EFF will be back in the 9th Circuit

Read more: Techdirt.

This story is from our special series that explores NAFTA’s role in our economy from the perspective of workers, business owners and trade negotiators. What exactly is NAFTA? And what happens if it changes?  Join us to discuss how one of the most hotly contested issues in our society shapes the way we live. In October 1993, Janet Reno, the U.S. attorney general, was giving a speech at the University of California, San Diego, just 20 miles from the Mexican border. She was touting the benefits of the North American Free Trade Agreement, or NAFTA, which hadn't been ratified yet. And she said the trade deal would result in fewer Mexican people crossing the border to work illegally in the U.S. At the time, workers in Mexico were taking home just 30 percent of what U.S. workers earned on average each year. But NAFTA, Reno said, would make the Mexican economy so much better. “NAFTA is our best hope for reducing illegal immigration, in the long haul,” she said. That's what researchers at the Commission for the Study of International Migration found, and Reno believed it. Mexico's president even said NAFTA would help his country export "goods, not people." Related: Mexico's NAFTA architect on why he doesn't take Trump's critiques personally An end to NAFTA could send Mexico into a deep recession Corn farmers looking ahead with 'nervous anticipation' But it turns out the policy wonks got it wrong. They didn't count on stories like Elaine’s. She’s a 22-year-old woman who’s in the U.S. illegally. We’re identifying her by her middle name because she fears deportation. “I was born in 1994,” she said. “For Mexico, it was a very monumental year — it was the year that NAFTA took place.” Her mom’s family grew corn in Morelos, Mexico, back when NAFTA was signed. The trade deal opened up Mexico as a market for U.S. farm products. They poured in, including tons of cheap U.S. corn. It's yellow corn, largely for animal feed, not for tortillas. “It was more expensive to grow our own corn than to buy it from the U.S.,” said Elaine. U.S. corn farmers had their crop prices protected by the U.S. government. That’s on top of other advantages: good soils, ample rainfall and new genetically modified seeds, which boosted yields. U.S. producers now export about $2 billion a year in corn to Mexico. Bruce Peterson, a corn producer in Northfield, Minnesota, said he’s not sure how much to credit NAFTA for the expansion of his own farm over the past few decades. But he said it’s clear NAFTA has helped U.S. producers overall. “Mexico is our No. 1 purchaser of corn,” he said. Bruce Peterson, a farmer in Northfield, Minn., said NAFTA has played an important role for U.S. corn exports. Annie Baxter/Marketplace The farmers in Mexico couldn't compete against the Midwestern corn giants. Many downsized or folded. Elaine’s mom left her farm family and headed to the U.S. in search of better economic opportunities. She got to America and found a job in fast food.  “Her plan was just to send money back to Mexico so my grandma could raise me,” Elaine said. But her mom missed her. She sent for Elaine, who was just 3 years old, to join her. “My grandma and I crossed the border,” Elaine said. “We actually went through the desert.” Like many experts, economist Tim Kehoe at the University of Minnesota thought NAFTA would supercharge Mexico's economy, so any workers hurt, like corn farmers, would certainly find new jobs. But in the two decades following NAFTA, Mexico's real per capita GDP only grew at an annual rate of 1.3 percent. And Mexico's poverty levels have remained about the same. “Now, when we look at it, that growth miracle did not occur," said Kehoe, who acted as a consultant on the original trade deal. Other countries in Latin America with no NAFTA have actually seen better economic growth than Mexico. And Elaine's family wasn't alone in seeking opportunities in the U.S. when they failed to find them at home. Corn sitting in a pile in Randolph, Minn. waits to be loaded onto grain cars, which could carry it as far as Mexico. NAFTA gave U.S. corn producers a big opening to the Mexican market, with corn exports to Mexico now reaching about $2 billion a year. Annie Baxter/Marketplace Kehoe said in the case of corn farmers, NAFTA accelerated the rate of illegal immigration. Steven Camarota with the conservative Center for Immigration Studies agrees. He noted that NAFTA did create new jobs in Mexico. Many factories sprung up along the border, and folks from rural Mexico did head north for employment in those plants, improving their salaries. “But once you've left home and come right to the border for a somewhat better life, why not then cross the border and quadruple your wages by working in the United States?” he asked. “And that also seems to have happened.” Experts got a lot wrong about NAFTA back in the '90s. And Camarota said it's hard to guess what will happen with immigration if we renegotiate the deal.

Read more: Marketplace All Stories

Facebook is aggressively ramping up its video strategy, cultivating content whether it comes from users, advertisers or Hollywood, or is developed internally. With its nearly two billion monthly users, the social network could make a big dent in traditional TV […] The post How Facebook’s Big Bet on Video Could Change TV appeared first on ValueWalk.

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Because abusing the DMCA process only goes so far, some reputation management entities have begun exploiting an inattentive legal system to push lawsuits past judges. In some cases, these suits have featured fake plaintiffs filing bogus libel lawsuits against fake defendants and using a fake affidavit to fraudulently obtain court orders requiring Google to delist URLs. Those engaged in this fraudulent behavior aren't likely to get away with it for much longer. Paul Alan Levy and Eugene

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A interview with value investor and Columbia University Graduate School of Business professor, Joel Greenblatt. In this interview Joel discusses how small investors can beat professional fund managers using value investing techniques from Joel’s book, The Big Secret for the […] The post Joel Greenblatt: Value Investing For Small Investors appeared first on ValueWalk.

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Facebook Inc (NASDAQ:FB) stock declined on Tuesday after one of the few firms still lacking a Buy rating on it decided to join the crowd. BTIG analysts said they were wrong about the social network when they downgraded it to […] The post Facebook Inc (FB) Stock Upgraded By One Of The Few Bears Left appeared first on ValueWalk.

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The stakes couldn’t be any higher in the global cybersecurity arena. From Russia’s alleged role in the DNC hacks to this month’s revealing Vault 7 leak of nearly 9,000 CIA documents, it should now be clear that keeping data safe […] The post These Are The Countries Most (And Least) Prepared For Cyber Attacks appeared first on ValueWalk.

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KKR and Caisse de dépôt et placement du Québec have formed a productive partnership over the past decade, teaming to invest in nearly 20 different transactions, according to PitchBook data. Their latest move: The acquisition of USI Insurance Services from […] The post KKR, CDPQ Renew Partnership For $4.3 Billion USI Deal appeared first on ValueWalk.

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With gold surging while oil, the dollar and stocks are tumbling, today King World News is pleased to present an important update on the war in the gold market from Michael Oliver at MSA. Oliver allowed KWN exclusively to share this key report with our global audience. The post Is This About To SuperCharge Gold’s Upside Surge? appeared first on King World News.

Read more: http://kingworldnews.com/this-is-about-to-supercharge-golds-upside-surge/

U.S. stocks have delivered incredible stock market returns for a long time: the average compounded total return on the U.S. stock market has been nearly 10 percent per year from 1927 through 2016 (Using data from Ken French’s website on the market-capitalization […] The post Warning: The US Stock Market Is An Anomaly appeared first on ValueWalk.

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Stick to the right facts rather than emotion to choose your winners Every year, fans fill out their brackets for March’s mad dash to the collegiate basketball championship, trying to predict winners. For fans that want an edge, ESPN has […] The post From 1983–2007, among the largest 3,000 US stocks, the top 25% captured all of market’s upside appeared first on ValueWalk.

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Late last year, we wrote about the crazy case in which journalist Kurt Eichenwald was suing an anonymous Twitter troll, claiming that the troll had sent Eichenwald a flashing gif designed to cause some small percentage of epileptics to have a seizure. Eichenwald claimed that it had worked and he'd had a seizure on the spot. As we noted at the time, we're no fans of Eichenwald. In our opinion, he's an absolutely terrible journalist with a fairly long history of really weird issues, and a

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In 1988, a bank called Guardian Savings and Loan made financial history by issuing the first ever “subprime” mortgage bond. The idea was revolutionary. Subprime Mortgage Bond The bank essentially took all the mortgages they had loaned to borrowers with […] The post This New Bubble Is Even Bigger Than The Subprime Fiasco appeared first on ValueWalk.

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What is the state of SaaS? As the business model only continues to grow, taking the pulse of the current scene is timely and useful, especially as other industries continue to be transformed by software. K&L Gates’ 2017 SaaS Outlook […] The post The Outlook For SaaS appeared first on ValueWalk.

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Hedge fund managers view investor demands over fees as a key driver of change in 2017; three-quarters report to Preqin they are prepared to lower their rates 2016 Hedge Fund Letters As hedge fund managers seek to rebuild investor confidence […] The post Three Quarters Of Hedge Fund Managers Are Ready To Reduce Fees appeared first on ValueWalk.

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Angus Deaton, the Nobel-prize winning economist (who also sits on the advisory board of HumanProgress.org), recently reiterated his belief that on the whole the world is getting better–if not, as he accepted, everywhere or for everyone at once. Perhaps that comes as no […] The post 5 Charts That Will Shift Your Perspective On Poverty appeared first on ValueWalk.

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Investors Walk Away From Activist Hedge Funds Activist hedge funds are falling out of favor with investors according to Eurekahedge’s latest hedge fund report. The report, published earlier this week, notes that activist hedge funds have seen their assets under […] The post Investors Walk Away From Activist Funds As Performance Deteriorates appeared first on ValueWalk.

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A trade once nicknamed the “widow maker” by analysts at JP Morgan seems to be back in vogue with hedge funds this year. According to research from Ihor Dusaniwsky, Head of Research, S3 Partners, an independent Financial analytics firm, hedge […] The post Hedge Funds Double Down On “Widow Maker” Trade appeared first on ValueWalk.

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Top House Republicans have released a slate of revisions for their Obamacare replacement that they hope will draw more support. The American Health Care Act has been sharply criticized by members of both parties; an analysis from the Congressional Budget Office estimated that nearly 24 million people would lose their coverage under the plan. RELATED: Who wins and loses under the GOP's health care proposal?  Why a proposed Medicaid cut terrifies the parents of a severely disabled man Do high-deductible plans make the health care system better? A House vote on the changes is expected Thursday night. About 20 members of the Freedom Caucus — some of the most conservative people in the House — are not happy with the measure, arguing that it’s not enough to undo Obamacare. If those folks hold firm, then this bill will struggle. In the meantime, here’s a look at some of the proposed changes: Tax credits: The House bill gives the Senate the option to grant Americans age 50 to 64 more generous federal support for insurance premiums. Republicans in the House are setting aside $75 billion in additional tax credits.  But net premiums (the amount paid out of pocket) would rise by thousands over the next nine years. The House bill would have to provide lower-income older people with around $13,000 in tax credits by 2026 in order to compensate, according to the left-leaning Center on Budget and Policy Priorities.   These amendments will also end most of the Obamacare tax credits a year sooner. Work requirements: There are a number of changes to Medicaid, a program for low-income Americans, children seniors, and people with disabilities. States could require that some Medicaid recipients work or take part in job-training programs or community service. But lots of people on Medicaid who can work already do work. Seventy-eight percent of Medicaid recipients are in families with at least one worker. Lump sums: This legislation cuts funding to states by nearly $1 trillion over the first decade. For decades, conservatives have wanted to shrink the size of Medicaid. The amendment gives states the option of receiving a lump sum of money from the federal government, also known as a block grant, instead of the per-person payment cap.  However, this could also mean fewer dollars from Washington. Under the current system, the federal government matches payments from the state without funding limits.

Read more: Marketplace All Stories

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