You are no doubt aware that balanced superannuation funds showed their largest monthly loss in June since superannuation became compulsory in 1992. Balanced funds lost, on average, 6.39% in June.

Riding a bicycle in Melbourne’s autumn is like playing with fire, reader. The weather changes a lot quicker than we can ride.

Is there anything less enjoyable than writing about bank profits? Still, we’ll soldier on. After a little research, we’ve come to a conclusion about Australian banks stocks that you might find useful.

We have set ourselves a mighty task in today’s Daily Reckoning, dear reader. We aim to prove to you how short-sighted, smug, and shallow the mainstream press is. This may not be as big a task as it first sounds, given the quality of a lot of journalism. But we take on one of the central myths of the modern economy today: that consumption leads to prosperity.

Remember last week when the director of the Brazil National Petroleum Agency Haroldo Lima told the world that the Carioca oil field, “Could be the world’s biggest oil discovery in thirty years?” Let’s unpack the word “could.” It “could” be the world’s biggest oil field that will never enter into production.