Wrap
Generally, a risk-on day. Crude up, equities up, bonds up, long-duration stocks outperform value. No obvious driver. Lots of coverage of a new motor in the Tesla Model S, which would take it to 200 mph, if only it had tyres and brakes and cooling that were of the right spec.
What caught my attention today
This Econtalk episode was good. It made the case that it’s good to be wedded to an idea, and it’s good to argue about it, and it’s good to have conflict. And these idea apply to marriages as much as to committees and boards. Ian Leslie argues the case that, actually, to make an argument effectively you have to be invested in it and actually not make it calmly and rationally. It’s a sort of defence of the British idea that justice is served by an adversarial process.
I found it interesting, in that it argued that simply having diversity of skin colour was not nearly enough. You have to recruit partisan opponents. This is, of course, just another argument for having laws made by debates in parliament, not by a kitchen cabinet of cronies. Unfortunately, this seems to happen less and less.
India’s death toll per capita is approximately 20% that of the US.
We have spent trillions just to get used cars inflation. (A big part of the 5% CPI print yesterday was runaway inflation in used car prices, driven by chip shortages.)
Sorry
I’m sorry content has been thin lately. It’s the summer and the markets are dull. At some point, things will get lively. For the moment, I’m just enjoying the sun.
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