But first, a word
"The marketing world is drawing up plans to invade one of the last bastions of media that is largely advertising-free: books," The Wall Street Journal reports. "As e-books proliferate, advertisers are experimenting with ways to pitch to consumers while they read, a trend that could change the publishing business but faces opposition from some traditionalists. Marketers are exploring a variety of formats, including sponsorships that give readers free books. Videos, graphics or text with an advertiser's message that appear when a person first starts a book or along the border of the digital pages are also in the works. Ads can be targeted based on the book's content and the demographic and profile information of the reader. The advertising business has dabbled with books before without much success as authors howled and revenues proved skimpy. It's not clear that readers and authors would be more accepting now."
Debt? No, thanks
"Christmas will no longer be on credit for many [U.S.]shoppers, despite tempting offers from retailers and credit card companies trying to coax the plastic out of consumers' wallets," The New York Times reports. "The lowest percentage of shoppers in the 27-year history of a national survey said they used credit cards over the Thanksgiving weekend, while the use of general credit cards like Visa and MasterCard fell 11 per cent in the third quarter from a year earlier, according to the credit bureau TransUnion."
Luck be a lady
"Good manners have paid dividends for a man in the Philippines who won 741 million pesos [$17-million]in a lottery," BBC News reports. "An official for the national lottery said the father of three was next in a queue to buy a ticket when a woman rudely pushed in ahead of him. He graciously let her go ahead, and in turn he bought the winning ticket, choosing "lucky pick" numbers. He is believed to be a Filipino in his 60s, living in the United States, who was back in the Philippines visiting family. … When the draw was made on Nov. 29, nobody had won the lottery since May 15. The prize money had accumulated over 86 consecutive draws to become the country's bigger-ever jackpot, and millions of people bought tickets."
It wasn't his money
"A homeless Arizona man who returned a sack of cash to its rightful owner is being honoured," Associated Press reports. "Dave Tally, 49, was recognized by the city of Tempe for his honesty after returning $3,300 [U.S.]to an Arizona State University student who lost the money last month. KTAR radio reports Tally discovered the backpack and cash at a Tempe light rail station. He took the money to a homeless agency and together they found the owner, who had been planning to use it to purchase a car."
Easy come, easy go?
"The 'welfare cheque' has been a powerful icon in political debate for the past several decades," The Boston Globe reports. "Many conservatives claim that giving money to poor people encourages complacency and may not even improve their lives. On the other hand, many liberals point out that poor people are often just down on their luck and could use a little help to make ends meet. Sorry liberals, but a recent study finds in favour of conservatives, at least when it comes to cutting big cheques. Specifically, researchers looked at whether winning the lottery in Florida prevented people from going bankrupt. Although winning big ($50,000 to $150,000) helped stave off bankruptcy in the first couple years, the odds of declaring bankruptcy jumped back up three to five years after winning. And it's not like the winners accumulated lots of assets. Instead, their bankruptcy filings suggest they simply blew through the money."
Poor rich folk
"In Manhattan, a monthly parking space goes for $550 [U.S.] A magician for a children's party asks $650 an hour. (A rookie will take $400.) The nanny gets $600 a week. Breakfast for four at a corner diner is $40; a dog walker is $10,000 a year; a plumber who makes emergency calls won't lift the toilet lid for less than $250," the Los Angles Times reports. "Occasional spa treatments? 'Did you have to ask?' said Ricky Metz, a Manhattan hairdresser who boasted about the combined $310,000 she and her husband earn a year, but became embarrassed trying to explain how it is spent. 'I know, I know I shouldn't whine, but in New York unless you're a millionaire you don't feel rich. We feel middle-class.' "
Thought du jour
"Throughout all my years of investing, I've found that the big money was never made in the buying or the selling. The big money was made in the waiting."
Jesse Livermore (1877-1940), Wall Street stock trader