Links

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Links 27 February 2017

Global Macro / Markets / Investing: How Imports Boost Employment – Project Syndicate Economists in Denial – Project Syndicate Nasdaq Executive Fredrik Voss Optimistic About Blockchain in Capital Markets – Coin Telegraph Japan Supports Hitachi’s 150 Mln Member Blockchain Project – Coin Telegraph How Dangerous Is a Stock Market of Mindless Robots? – WSJ Global value chains in developing economies –

336

Weekend Reading 25-26 February 2017

Global Macro / Markets / Investing: On the fickleness of capital flows – VOX Longevity in rich countries – The Economist Report: The Corporate Innovation Imperative – Medium U.S. Gas ’Pain Train’ May Chug Along as Spring Fever Grips Bears – Bloomberg End of Bacon Boom Sends Pork Prices Tumbling the Most in Three Years – Bloomberg Foreign booms, domestic

11

Links February 24, 2017

Macro, Markets & Investing The Trump ‘bubble’ skeptics are getting louder, but when — or if — it pops is anyone’s guess – Financial Post Preparation underway for Donald Trump, Xi Jinping to meet at G20 summit in July, sources say – SCMP OPEC searching for proof oil output cuts working – SCMP Federal Reserve minutes

8

Links 23 February 2017

Global Macro / Markets / Investing: Who Gains If U.S. Universities Lose Out – Bloomberg Life expectancy to break 90 barrier by 2030 – BBC The Great Mystery Behind Tesla’s Rally – WSJ Crude Oil Could Plunge to as Low as $30 a Barrel – Bloomberg Investors Are Charging Into Emerging Market ETFs – Bloomberg For clues to the productivity

21

Links 22 February 2017

Global Macro / Markets / Investing: Do We Still Want the West? – WSJ A Billion Barrels of Bets Backing Stagnant Oil Price: Chart – Bloomberg Let’s Think Harder About the Role of Globalization in Wage Stagnation – Brad Delong Why Libertarians Should Oppose the Universal Basic Income – EconLog Bond Traders Are Placing Euro-Breakup Bets Again – Bloomberg Shell

10

Links 21 February 2017

Global Macro / Markets / Investing: Yellen Can’t Halt Trump Gold Rally That Hedge Funds Bet Against – Bloomberg Bill Gates calls for income tax on robots – FT About one-fifth of adults globally have no formal schooling – PEW Research A new politics of globalization? Taking stock of what 2016 brought Europe and America – Ox When the

31

Links 20 February 2017

Global Macro / Markets / Investing: How antitrust enforcement can spur innovation – VOX The Long Economic and Political Shadow of History – Africa and Asia – VOX Why shocks to large banks cause big GDP swings – VOX Monopolies Are Worse Than We Thought – Bloomberg Americas: U.S. Household Debts Climbed in 2016 by Most in a Decade –

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Weekend Reading 18-19 February 2017

Global Macro / Markets / Investing: ROUBINI: The Trump rally is about to smack into a wall of worry – Yahoo Catalyst Capital Says Don’t Blame Us for Stock Market Swings – Bloomberg Why Bond Market Isn’t Convinced About Surging Growth – WSJ Low real interest rates: depression economics, not secular trends – Bank Underground What Happens When Two

10

Links 17 February 2017

Global Macro / Markets / Investing: Why the Middle East Fell Behind – jaredcrubin.com The Bear Market That Nobody Talks About – The Irrelevant Investor Young people are tolerant of other people, except others’ intolerance – The Economist Hedge fund Night Square to shut, founders move to Citadel – Reuters Scientists discover massive reservoir of greenhouse gases – Mail

5

Links 16 February 2017

Global Macro / Markets / Investing: Goldman Stock Hits Record on Bets Trump Will Unleash Wall Street – Bloomberg Hedge funds reportedly want to buy Mt. Gox bankruptcy claims – Arts Technica Credit Suisse to cut up to 6,500 jobs after reporting $2.4 billion loss – CNN Money A ‘magic bullet’ is about to push U.S. stocks higher –

6

Links 15 February 2017

Global Macro / Markets / Investing: Goldman’s Chief Economist: Trump Won’t Jumpstart Economic Growth – Bloomberg ‘A World in Disarray’ Is a Calm Look at a Chaotic Global Order – NY Times Some Platinum hedge fund clients get hopeful sign from receiver – Reuters Does a High-Pressure Labor Market Bring Long-Term Benefits? – Atlanta Fed Macro Blog What You

6

Links 14 February 2017

Global Macro / Markets / Investing: Global Trade: Drivers Behind the Slowdown – VOX Border Tax Could Upend Global Markets, but Investors Shy Away From Any Bets – WSJ Socialism Is Bad – Forbes Oil and gas discoveries dry up to lowest total for 60 years – FT Instead of draining the swamp, Trump has become Wall Street’s best

11

Links 13 February 2017

Global Macro / Markets / Investing: The Science of Flow Says Extreme Inequality Causes Economic Collapse – Evonomics A Quarter of the World’s GDP Is Undergoing Big Experiments – Bloomberg How Central Banks can use Interest on Reserve to Target Inflation – EconReporter Effects of the backhaul problem on global trade – VOX Crisis of capitalism? Perhaps, but don’t

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Weekend Reading 11-12 February 2017

Global Macro / Markets / Investing: The world’s biggest gamblers – The Economist Why Value Investors Need “Mental Toughness” – Value Idea World’s Biggest FX Trader Says Trump Currency Talk Is ‘Hogwash’ – Bloomberg Olive Oil Prices Are Going Through the Roof – Bloomberg Bond trading platform boom a challenge for regulators, says IOSCO – Trade News Carbon compromise? – The

11

Links 10 February 2017

Global Macro / Markets / Investing: A Conservative Case for Climate Action – NY Times A Conservative Answer to Climate Change – WSJ Q&A with Nasdaq’s black belt CEO – Bloomberg Global financial safety net hits snag in regional finance – Central Banking The Major Blind Spots in Macroeconomics – NY Times The Becalming of Stock Volatility – Bloomberg Where Markets

3

Links 9 February 2017

Global Macro / Markets / Investing: How to Close a Gender Gap: Let Employees Control Their Schedules – NY Times Uncertainty is sweeping the globe. That’s very bad for business. – Washington Post Fear in a time of Trump: How stock-market investors think about risk – MarketWatch Le Pen and Brexit Are Forcing Traders to Redraw Their European

30

Links 8 February 2017

Global Macro / Markets / Investing: Why the falling cost of light matters – BBC Sleepy S&P 500 Approaching a Record of Inaction That’s Stood for Four Decades – WSJ Wall Street’s Hottest Investment Idea May Be Getting Too Hot – Bloomberg Considering a REIT? Here’s How to Evaluate Likely Returns – WSJ As Bitcoin ETF Nears, Analysts Warn

9

Links 7 February 2017

Global Macro / Markets / Investing: Investors Have Never Loved OPEC So Much as Cartel Sticks to Cuts – Bloomberg Alibaba CEO Warns That ’If Trade Stops, War Starts’ – Gizmodo How One Blogger Blew Up the Way ETFs Work – Investor Place Wall Street Is Even More Craven Than We Thought – Huffington Post Taibbi: Extreme Vetting, But

8

Links 6 February 2017

Global Macro / Markets / Investing: Trump Risks May Impact Global Outlook – Bloomberg Not all macroeconomic problems are recessions – EconLog What defines a nation’s identity – The Economist In Bank Rules Debate, Capital Matters—and Words, Too – Bloomberg Hedge Fund Investor Letters Show Managers Are Stumped by Trump – Bloomberg Americas: How Stephen Miller’s Rise Explains The Trump

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Weekend reading 4-5 February 2017

Global Macro / Markets / Investing: How tearing apart Nafta could wreak havoc on supply chains – Bloomberg Banks Make Unwanted Risk Lucrative With Bets for Hedge Funds – Bloomberg Here’s a Glimpse of the Global Trade Carnage From a U.S. Border Tax – Bloomberg Specter of global trade war rises as trump puts ‘america first’ – Bloomberg Bank

24

Links 3 February 2017

Global Macro / Markets / Investing: Who is Responsible for the Strong Dollar? And What can be Done? – EconFact ‘Beyond the extreme’: Scientists marvel at ‘increasingly non-natural’ Arctic warmth – Washington Post Petraeus: World order under ’unprecedented threat’ – The Hill Environmental economic history – VOX Don’t Bet on the Active Manager Revival – assetclasstrading.com Lesson of the century:

11

Links 2 February 2017

Global Macro / Markets / Investing: Where to Invest When You’re Investing – Ofdollarsanddata Spatial distribution of development: The roles of nature and history – VOX Is the Deflation Cycle Over? – Project Syndicate The Illusion of Stock-Picking Skill – Wealth Front Rethink on Trump hits dollar and world stocks – Reuters Euro jumps after Trump adviser calls shared currency

17

Links 1 February 2017

Global Macro / Markets / Investing: Volkswagen overtakes Toyota as the world’s biggest carmaker – BBC Markets’ Postelection Calm Is Eerie and Historic – WSJ The Markets Don’t Believe in Trump for the Long Term – WSJ Worst S&P 500 Drop Since Election Day Emboldens Trump’s Haters – Bloomberg Immigration ban ends Donald Trump’s stock-market honeymoon – MarketWatch Stocks Fell. Are

9

Links 31 January 2017

Global Macro / Markets / Investing: ‘Becoming Warren Buffett’ Goes Beyond a $74 Billion Fortune – NY Times The stock market has boomed under Trump. What happens next might scare you. – Washington Post How Trump’s Rush to Enact an Immigration Ban Unleashed Global Chaos – NY Times Global Criticism of Trump Ban Builds From Germany to Google –

21

Links 30 January 2017

Global Macro / Markets / Investing: Diplomatic debut: Trump makes uneven entry onto world stage – AP News Age of Anger: globalisation is rebounding on us – The Guardian Next Stop, Dow 30,000 – Barron’s It’s Time to Think for Yourself on Free Trade – Foreign Policy I spent the week with the global elite at Davos. Here’s why I’m