Hints and tips:
...If you guessed the navy square (S&P 500), congratulations! And if you didn’t get it right, we can hardly blame you — compound percentages are hard, as is . . . everything else about the quilt....
...Still, it doesn’t look like a problem for now....
...Joseph Wang of the Fed Guy blog noted in a post yesterday that a global cutting cycle could also supercharge risk appetites....
...Talking of big political set pieces, they don’t come much bigger (in attendance numbers at least) than China’s National People’s Congress, which holds its annual session starting on Tuesday....
...“This is a point of minimum — rather than maximum — confidence,” as Joseph Gagnon of the Peterson Institute told the FT last week....
...The wine list mixes traditionalist gems such as Pierre Gonon St Joseph and Egon Müller “Scharzhof” with naturalista domaines that have long been ubiquitous....
...That’s what Joseph Bankman did when his son — alleged fraudster Sam Bankman-Fried — wasn’t giving him a high enough salary, according to a court filing by the administrators of FTX, citing an email....
...Wall Street’s benchmark S&P 500 closed 0.6 per cent higher, with all industries advancing except for financials....
...A falling rate of inflation, as opposed to falling prices, doesn’t solve the problem....
...Price gains in certain US cities have far outstripped the national average, which is up 6.7 per cent since its January low, according to the S&P Case-Shiller national index....
...The chart below sums up liquidity conditions and plots them against the S&P 500. The two have come apart lately: We don’t think liquidity is a theory of everything for stock valuations....
...This story has been amended to correct Joseph Byrum’s job title....
...Expectations are that S&P 500 second-quarter earnings fell 7 per cent from a year ago. If we were betting men we’d take the over, given the effervescent economic backdrop....
...And investors are not prepared to take a high-profile political risk,” said Joseph Mouawad, emerging market bond fund manager at Carmignac....
...And as the irreplaceable Joseph Wang (aka the Fed Guy) pointed out to me, while that problem did cause a wave of withdrawals at other banks, those other banks were able to source new liquidity, from the...
...But it doesn’t....
...Credit agency downgrades over the weekend won’t help with this....
...So long as fractures between US and Bahamian authorities don’t get in the way....
...Unfortunately for co-founder and chief executive Marc Benioff, growth has taken a dip (see the chart below) leaving him exposed — and the job cuts, while significant, so far don’t go far enough....
...They don’t suggest we’ll avoid it....
...Letter in response to this article: Another myth-busting fact about share buybacks / From Joseph von Zanten, King’s College London, London WC2, UK...
...Joseph Wang at the always-excellent Fed Guy blog has the details....
...“But you have to ask why people aren’t manufacturing in India . . . There are a bunch of reasons the government itself accepts: we don’t have the logistics, we don’t have the utilities....
...Hedge funds overall have shed 5.6 per cent, far less than the S&P 500’s 20 per cent drop, bolstered by strong performing quant and macro funds....
...As the American politician Joseph P Kennedy is reported to have said, “If shoeshine boys are giving stock tips, then it’s time to get out of the market.”...
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