Nice graph from Chart of the Day illustrating the 10 largest Chapter 11 bankruptcies in US history. Makes Enron’s bankruptcy look like child’s play.

Thailand is one place where the abundance of petrodollars of oil rich Arab countries won’t buy everything. Seems like ex-PM Thaksin went a little too far in wanting to augment his billions. I estimate, conservatively, that 99.9999% of Thais will fiercely oppose any such plans to sell land, particularily large rice farming land, to foreigners – at any price. And that’s something worth respecting.

Bangkok Post : Saudi investment in rice sector opposed

According to Mr Prapat, the proposed investment involves a joint farming project with Thai farmers, renting farmland, and a joint rice export venture.Mr Somsak said the ministry would definitely reject any plans that ignored the importance of the agricultural sector and threatened the farmers’ way of life.

”Rice farming is an occupation that is reserved for Thai nationals only according to the foreign business law. So, don’t look at it only as a business or for profits and don’t put your own interests first,” the minister said.

”How have they initiated such an idea to hire academics and farmers to grow rice for a 5,000 baht per rai wage? They couldn’t care less about farmers.”

”This kind of idea is tantamount to selling off the nation, aiming to take farmers away from their motherland,” he said. Mr Somsak added, however, that he did not know whose idea it was.

Prasit Boonchuey, president of the Thai Farmers Association, said the proposed investment would not benefit Thai farmers.

”If the government lets foreigners invest in rice farming in our country, the occupation of farming will become extinct, leaving only hired hands and Thais will then have to buy rice from foreigners,” said the farmers’ leader.

My scanners are all flashing unusual activity today. It’s not difficult to see in what direction it’s concentrated in. If I had to guess I would say trading programs and the big boys are very active accumulating today. I’ve also been adding to my lazy ETF portfolio in recent days. I try to do it on a regular basis but it’s (maybe not so) surprisingly difficult. Even though I buy and sell stocks every single day keeping the discipline to add in both rising and falling markets is not a given. I’ve got a Google Calendar reminder sending me emails about it which helps. As Brett said, you need to think like an investor to build long term wealth.

I have nothing to write about it. But that doesn’t mean it should stop bloggers from posting the shocking headline, right? ;-) So I’m joining in and contributing my communal “wow” to the trading blogsphere :-)

This has been going around the blogsphere for a while now but for posterity sake I’m adding it here.

Over the last several sessions I’ve been using some cash generated this year to accumulate some positions and add to my long term portfolio. Mostly large brand names that have been beaten down as well as some financials. Some of these were based off of Maoxian’s list and some my own. I’m trying to look at things from a contrarian perspective, when things get sold hard and I hear people around me, including those that don’t normally follow the markets, talk about how the markets are crashing it’s a good sign there *may* be some over-reaction. Of course no one knows if things will get cheaper or dearer by when but my long term portfolio is a lot more patient than the trading me :-)

There  was a bit of slump in the GBP today so took the opportunity to increase my holdings. This isn’t a trade but more of a long term currency diversification as the USD has been sliding forever. It’s great if you earn in a foreign currency and spend in USD but at some point I may need to take money out of the brokerage account. I just wish I started doing that years ago instead of just last year.

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