“I measure what’s going on, and I adapt to it. I try to get my ego out of the way. The market is smarter than I am so I bend.” Martin Zweig

1. Greek unity government to form following PM’s resignation — while the turmoil in Italy intensifies, Greece is inching towards a resolution of its political problems. The accord increases the likelihood that Parliament will pass the latest bailout-austerity bill, and comes as eurozone finance ministers meet to speed up their work on strengthening the bailout fund in order to enhance its market credibility.
2. Buffett Broadens Portfolio by Investing $23.9B — according to Bloomberg news, Warren Buffett’s Berkshire Hathaway Inc. (BRK/A) invested $23.9 billion in the third-quarter, the most in at least 15 years, as he accelerated stock purchases and broadened the portfolio beyond consumer and financial-company holdings.
Berkshire bought almost $7 billion of equity securities in the three months ended Sept. 30, compared with $3.62 billion in the second quarter and $834 million in the first, the Omaha, Nebraska-based company said Nov. 4 in a filing. Stockholdings labeled “commercial, industrial and other” soared 62 percent in the three months to $17.4 billion on a cost basis, surpassing equity investments in financial and consumer-product firms.
3. Japan’s debt to exceed 1 quadrillion yen — Japan’s national debt is on track to exceed 1 quadrillion yen ($12.8 trillion) by the end of the fiscal year next March, with the debt rising faster than Ministry of Finance forecasts because of spending tied to aid and rebuilding from the devastating earthquake and tsunami earlier this year, according to a report in the Nikkei newspaper. A quadrillion is equivalent to 1,000 trillion.
4. NASDAQ High Yielders — below is the chart of Nasdaq high yielders courtesy from the Bespoke Investment Group.

5. Italian borrowing costs at breaking point — Italian 10-year bond yields shot above the 7 percent level that is widely deemed unsustainable even after Prime Minister Silvio Berlusconi’s promise to resign failed to raise optimism about the country’s ability to deliver on long-promised economic reforms. Scenerios for what happens next for Italy is noted here.
6. Greece names Lucas Papademos new prime minister — Lucas Papademos, a former vice president of the European Central Bank, was named the new prime minister of Greece, following several days of negotiations to form a coalition government, according to a statement by the office of the Greek president.
7. Jefferson files for biggest ever municipal bankruptcy — Jefferson County in Alabama filed for chapter 9 bankruptcy protection in the largest municipal failure in U.S. history. The county owes over $3B in debt for sewer treatment plants, with creditors such as JPMorgan (JPM) facing substantial losses.
8. Jim Grant on the ECB — courtesy of Bloomberg News Network.

The week ahead — Economic data from Econoday.com: