Harvard's losses are probably greater than advertised.

We in the United States and the Western nations will see our stature diminish in international financial markets as we do not take the medicine we recommend to others when they are in the midst of a financial meltdown.

Yesterday, we noted that typical bottoming behavior was occurring in the housing market as existing home sales rose from the month before as banks blew out foreclosed properties at fire-sale prices.

However, that does not mean the bottom is in.  Rather, it is the beginning of the bottoming process.  The actual bottom is probably several months away.

I scanned through several commodity charts today.  I am wondering if it is time to start looking for a bottom in the metals.

Copper

I apologize for being a day late but this is from yesterday's Wall Street Journal.

U.S. home sales registered their biggest monthly jump in nearly seven years in December, as cratering prices began to draw out more buyers and several major housing markets showed some signs of stabilizing.

In response to the worsening economic crisis, Canadian Prime Minister Stephen Harper has introduced a budget that will generate a deficit of $40 billion next fiscal year, the first time the budget will not be in surplus in 12 years.

Here is an interactive feature from The Globe and Mail on the contemporary history of Canadian fiscal balances.

More evidence that value stocks outperform growth stocks over time.

From Mish.

Did I get that right?

Anyways, to all the Chinese readers of Running of the Bulls, gung hei fat choi.  I hope the year of the ox is prosperous for you.

Good post at Division of Labour.