1. Seriously, a jigsaw puzzle monopoly?’

    Published: Fri 30 April 2021
    Updated: Tue 22 November 2022
    By steve

    In Markets.

    The day

    Weird monopolies

    Cheap funding creates monopolies. The robber barons of the US at the end of the 19th century understood this, and the private equity guys do today. The smaller the industry, the easier it is. You just buy out your competitors. What’s amazing is that it …

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  2. Reflections on Reflexivity

    Published: Thu 29 April 2021
    Updated: Tue 22 November 2022
    By steve

    In Markets.

    The day in retrospect

    Reflexivity

    I saw this great thread on reflexivity, George Soros’s contribution to investing lore. I have read his book on it a couple of times, and at the end of it I’ve always thought:

    • wow, is that all there is to it?
    • so, demand …
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  3. Short Stories

    Published: Tue 27 April 2021
    Updated: Tue 22 November 2022
    By steve

    In Markets.

    The day

    Wrap

    The reflation narrative seems to be taking off:

    • DXY down, to 90.87,
    • 10Y Treasury up to 1.63%,
    • virtually all commodities up: GSCI up 0.75% today, 20% YTD. Except gold, stuck on $1776/oz,
    • equities generally flat. Blowout numbers from GOOG, up 3.6%, could …
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  4. Intel: chicken or egg?’

    Published: Mon 26 April 2021
    Updated: Tue 22 November 2022
    By steve

    In Markets.

    The day in review

    Wrap

    Today was pretty neutral. Equities were up slightly, but not enough to matter. Quite a number of the FAANGFAT stocks are due to report this week. $TSLA after hours tonight.

    A stock I’ve liked for a while is $TPL, Texas Pacific Land. Do your …

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  5. Maybe Fred Hoyle was right after all

    Published: Sat 24 April 2021
    Updated: Tue 22 November 2022
    By steve

    In Markets.

    Weekend Update

    Origins of life

    The Ethical Skeptic is a former intelligence officer who has a wide range of interests and a rigorous approach to understanding the world. I came across him on Twitter through his analysis of pandemic statistics. He is a remarkable erudite individual. I discovered his long-form …

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  6. Trade talks

    Published: Thu 22 April 2021
    Updated: Tue 22 November 2022
    By steve

    In Markets.

    The day in question

    Post-Brexit trade with the EU

    79beecf8da51bafa53af268c07a6420f.png

    It looks as though trade is flowing more freely. Full details.

    Vaccines and globalism

    Politicians have been making things worse by interfering with the normal mechanisms of global trade. The end result will almost certainly be more votes for them, but …

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