Quote of the Day
"The machines can help us think with unprecedented sophistication. They can’t help us believe. And in investing, belief—grounded in sound analysis but tempered with wisdom—still matters most."
(Bogumil Baranowski)
Rates
- The yield curve is steepening. (morningstar.com)
- There's not a lot of yield in high yield bonds. (apolloacademy.com)
Markets
- If this is a stock market bubble, it's one of the weirdest ones ever. (awealthofcommonsense.com)
- The stock market is betting on continued rapid earnings growth. (tker.co)
- It's hard to say the entire stock market is overvalued. (carsongroup.com)
Private assets
- There's no reason to believe that individual investors will have, on average, good results with private assets. (barrons.com)
- Why Goldman Sachs ($GS) is delisting its Petershill Partners unit. (ft.com)
Policy
- More than 20 million Americans are facing higher insurance premiums next year if Obamacare subsidies are not renewed. (nytimes.com)
- Health policy is being decided by the whims of a couple of people with no medical or scientific training. (wsj.com)
- SSI recipients are struggling to get assistance from the SSA. (axios.com)
- Despite what the administration says, PEPFAR has not been preserved. (nytimes.com)
Weather
- National Weather Service staffers are struggling to maintain normal operations. (wapo.st)
- On the dysfunction at FEMA. (msn.com)
The Fed
- Claudia Sahm, "Packing the Fed is faster than persuading the Fed." (stayathomemacro.substack.com)
- What if the goal of the takeover of the Federal Reserve is about more than low interest rates? (theatlantic.com)
Economy
- Just how dependent is the economy on tech spending? (econbrowser.com)
- Are we understating the growth in manufacturing productivity? (papers.ssrn.com)
- The research on the importance of high skilled immigration is unambiguous. (piie.com)
- Growth alone won't solve the deficit. (larryswedroe.substack.com)
- The economic schedule for the coming week. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Top clicks this week on the site. (abnormalreturns.com)
- What you missed in our Saturday linkfest. (abnormalreturns.com)
- With great gratitude, remembering Jonathan Clements. (abnormalreturns.com)
- Don't miss out! Sign up for daily e-mail newsletter. (abnormalreturns.com)
Mixed media
- The Financial Times and Schroders Business Book of the Year Award short list includes "Breakneck: China’s Quest to Engineer the Future," by Dan Wang. (ft.com)
- Lessons from John Malone's memoir: "Born to Be Wired: Lessons from a Lifetime Transforming Television, Wiring America for the Internet, and Growing Formula One, Discovery, Sirius XM, and the Atlanta Braves." (mastersinvest.com)
