Hints and tips:
...However, even more interesting (and counter-intuitive) is Rogoff et al’s failure to find a statistical correlation between real rates and fundamental economic trends....
...Among large banks, only Wells Fargo has grown assets as fast over the past two decades, and its growing pains are well known. Some regionals have grown faster, but off much smaller bases....
...Of course, O’Neill et al were mostly talking about these countries as burgeoning economies with tons of potential. And many of these countries have indeed subsequently done well....
...Bunzl, Howdens et al are generally smaller than the household names, and smaller companies can grow faster. Bunzl’s revenues, for example, have increased from £2.7bn to £11.8bn over the past 20 years....
...Neither the monster national players (JPMorgan Chase, Bank of America, Wells Fargo, Citigroup) nor the regionals (PNC, M&T, et al) have had much to say about the economy’s effect on credit quality....
...More seriously, Goetzman et al argue that art price changes are largely a function of wealth concentration....
...Bored of words, Ma et al. then tried numbers — roughly recreating the ratio of earnings revisions deployed above, but utilising forecasts of “earnings and other metrics” instead of just rating labels: We...
...However, Weinstein et al say they are excited to a large extent because those aforementioned risks are now materialising. As private credit investors, this is the environment we’ve been waiting for....
...Wherever possible lies should be told about classes of people (Republicans, elites, big business, the media, et al) not specific individuals....
...Still, the study by Subramanian et al should remind us why we care about globalisation....
...The riskiest, most beat-up members of the group (KeyCorp, Comerica, Zions, Western Alliance et al) rose the most....
...If you owned rate-sensitive, high-risk stocks yesterday you have Unhedged’s permission to sell and take the rest of the year off (Carvana, Zillow, SoFi, et al rose 10 per cent or more)....
...But as Goldman’s Praveen Korapaty et al point out, the US government bond market has been pretty choppy for a while now....
...(New Yorker) — Erik Brynjolfsson et al paper on using generative AI in customer support (NBER)...
...The context for that was the turmoil around Silicon Valley Bank, et al....
...As Isabella Weber et al have written, energy is along with food one of the most “systemic” components of inflation....
...Today’s top stories The US Federal Reserve announces its decision on interest rates at 2pm ET/7pm London today. Check back here for details and reaction....
...CC Pakistan et al....
...These do not include the country’s financial elite, nor the small group that controls the bulk of our media....
...The recent rise of the Faangs, et al, looks like a knee-jerk reaction to the fall in rates and rate expectations that followed the banking mess (the 10-year yield has fallen from 4-ish per cent to 3.6-ish...
...What about how concentrated the stock market gains are with Nvidia, Microsoft, Google et al? I mean, shouldn’t that weigh against this rally? What about that? Katie MartinMaybe yes....
...Here’s Citi’s Andrew Coombs et al. then: For the European banks, we see less risk of deposit flight and believe they have more liquid balance sheets....
...Shares in other banks considered to have some degree of asset-liability mismatch (Western Alliance, Zions et al) only saw their shares wobble a little bit yesterday....
...For their part, dealers’ non-financial customers such as exporters and importers use FX forwards to hedge trade-related payments and receipts, half of which are dollar-invoiced (Boz et al (2020))....
...To put it more simply: Jiang et al argue there are $2.2tn in mark-to-market losses out there, and there is only $2.2tn in equity in the US banking system....
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