Markets were pretty dead: SPX, 10Y yield, DXY, even gold were pretty flat. Oil was up 1.5%, as were some energy stocks. The only excitement was $AMC going up 95%, through manipulation by the Reddit WSB crowd. European stocks were up.
There was not much news: everyone is …
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The fifth month of the year has started, and evidence of life in markets seems to be flowing back. Most commodities were up, especially ones that respond to inflation. Copper and gold benefited, as did oil. Even natural gas joined in with the party (up 3.6%). Unsurprisingly, the …
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High-speed rail may hurt intermediate places: The role of long-haul economies.
This is a long-term study of the impact of the Shinkansen trains in Japan.
This is a great article. It goes through why lending …
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This piece appeared in Grant’s Almost Daily Faulty Towers. You can subscribe for free via the main website. I enjoy Grant’s take on the market, but this daily letter is as much as I can get through.
Grant’s called out the craziness of the Global …
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So nobody really believes the EMH. Everyone wants to feel good about spotting something that the rest of the market has overlooked.
Nobody wants to believe Cramer, or the dull analyst reports from the bulge bracket banks. But, on the …
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The Theory of Economic Regulation
George J. Stigler
The Bell Journal of Economics and Management Science
Vol. 2, No. 1 (Spring, 1971), pp. 3-21 (19 pages)
This article is fifty years old. I am not sure I’ve ever read the original, but the ideas …
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The UK has singularly failed to establish any trade deals which are materially better than they already had as members of the EU. The current great white hope is one with Australia. The problem seems to be that farmers object to having to face competition from …
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The Fed finally moved. Some committee members whispered the possibility of reducing QE, or “tapering” in the jargon. This knocked 3.2% off the price of oil (but see the item about the China credit impulse below). The markets are fixated by the Fed, because it …
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Odd day. Housing starts disappointing, although recent data has been very noisy. Explanations vary from shortage of labour to shortage of lumber. Weather is always a confounding factor. Not obviously risk on or risk off:
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