Terminology : Economic rent

Economic rent is the payment for goods and services beyond an amount needed to bring the required factors of productions into a production process and sustain supply.

This is what causes people who does a clerk job earn a speck of the gargantuan fees paid to actors like Charlie Sheen (1.25 million per episode of Two and a Half Men before he got fired).

So we should strive to get that economic rent shouldn't we?

Mindset : Passion

If you really want to succeed, take some time off and think about this for a moment - what is it you would do without the need for money when doing it.

When you have the answer, go follow it for you will never wake up dreading it and be very successful. Sometimes it makes it a more meaningful life as your  ideas might be ahead of time and you just won't make money out of it in this era. However, you must remember that you will save on medical expenses and other miscellaneous expense related to doing a dreaded job.

Australian apparel brands and the international market

It seems that the Australian apparel brands are slowly dying off due to competition from the international market. Well, it makes perfect economical sense as the international brands has much more to offer. From the economies of scale to the best quality inputs used to produce the goods.

The Australian apparel brands still do not price themselves more competitively and expect to stay in business. Looks like much needs to be changed in order for the Australian brands to survive.

Mindset : Risk and attitude to life

There has been a study that shows that people who fair well with risk are, not surprisingly, those who have a competitive, winning attitude. Those who likes to win, does not like to lose money as well, hence they pay close attention to situation to scenarios where there is a high probability of losing.

This paired with the ability to rebound from failures will definitely bring financial success. I believe it also bring success in other parts of life.

Buffettology : Europe uncertain

The Sage of Omaha has voiced his concern about Europe's short term economy. He does not have the confidence that Europe has to ability to resolve their crisis at the moment. However, he believe Europe is "not going away" and would be stronger in 10 years.

This shows that another great analyst has given a gloomy perspective on Europe for now. Another recession in the first quarter of next year is probable. 

Secret for success : Don Don

There is a chain of Don Don shops in the city, which are very successful. It focuses on japanese food and gives good value for what you pay.

In my opinion, I believe they are successful because of the following points:

1) Entrepreneurs who knows where to source the best products at good prices

2) Passing on the good price to the consumers while still making some profit

3) Timely delivery of the food (it takes them less than 1 minute to get the food out to consumers)

4) Strategically placed in places that could bring high traffic

If anyone would like to emulate their success, follow the points above and do your own research and take the big move to get into it.

Market has bottomed?

Sandler O'Neill's Harte says that the market has bottomed. It truly shows how much of a marketer he is. Firstly, the DJI being in the 12,000s mark makes it being near historical highs. Secondly with so much uncertainty with the world economy, it is hard to even predict the markets reaction.

However, for a marketer like him to succeed, he needs to sell his ideas and sell it fast. I would only take to his word when his specific investment has risen more than 10% during the next quarter and stay that way for another quarter, that way he is not selling and covering with other people's money, making money for himself.

Wealth gap between young and old

A data collected via a census states that the typical person aged 65 in America is 47 times more wealthy than a typical 35 year old.

That is a rather shocking figure. It could mean that the younger generation are not as prudent as the older ones. However, it might not be a bad thing for they probably have a better overall quality of life by spending more on luxury goods living not much left for savings.

This could potentially also be a problem as it further states that the median younger households has a net worth of only $3,662. Could this be a sign of a repeat in history?

7-Eleven day

For those who do not know about it, every year on the 7th of November, you could get a free slurpee. How does it work?

You just walk into any 7-Eleven store and say "happy 7-Eleven day". I believe it should be that phrase but might be mistaken. =)

For today, it has ended for it is past 11pm.

Oligopoly : Coles and Woolworths (Australia)

An oligopoly is a market where a small number of sellers dominate.

In Australia, it is clear that the supermarkets are an oligopolistic market. Coles and Woolworths clearly control a huge market share of the Australian market.

Another factor that further confirms this is that when Coles or Woolworths decreases their prices or have promotions, the other will follow suit. This is because with the higher price, it is bound to lose some market share to the competitor.

A recent scenario is where Woolworths offers a 10 cents off petrol prices per litre whenever you shop over a certain amount at Woolworths and spend at an affiliated petrol station. Soon after Coles follow suit.

Quotes : Steve Jobs

You can't connect the dots looking forward; you can only connect them looking backwards. So you have to trust that the dots will somehow connect in your future. You have to trust in something - your gut, destiny, life, karma, whatever. This approach has never let me down, and it has made all the difference in my life.

Iphone 4S

Apparently the 4S with its biggest feature "siri" the voice recognition tool does not recognise chinese.

So it looks like Apple must improve their game to capture the world's most populous nation or face a loss of market share to any competitor that takes on the challenge to better them.

Qantas

It looks like the CEO of Qantas is someone who has a vision. Even though there is a disruption in services for a few days, it is a small price to pay for the survival of the firm. He is making the company globally competitive to be able to survive long term.

Melbourne Cup

The race that stops the nation is a big day for all Australians. It is a holiday for all, a betting holiday to be more precise. Many Australians bet on the horses in hopes to get a good payout.

Besides that, the retail industry does prosper as well because people go out and dress to the nines to impress during the races, even if they are going for a house party.

What caught my attention was how close the first and second horses were (Dunedan and Red Cadeaux). Perhaps this race has caused some hearts to stop.