Links 29 July 2013

Global Macro/Markets:

• Greenlight Capital (David Einhorn’s) Q2 Shareholder’s letter – Scribd
• Hedge funds gripped by crisis of performance – Financial Times
• Hedge funds close the gate before investors can bolt – Financial Times
• How much capital should banks have? – VOX
• Cyclical vs. defensive equities performance points to diverging economies – Sober Look

North America:

• Obama Says Income Gap Is Fraying U.S. Social Fabric – New York Times
• Infrastructure skeptics take a hit – Noahpinion
• US economy takes Olympic leap to add 3% to GDP – Financial Times
• Getting Creative With the G.D.P. – New York Times

Europe:

• Europe ought to let its hopeless causes go bankrupt – Financial Times
• E.U. Market Needs to Be Opened Up More – New York Times
• Berlusconi won’t seek ‘exile’ if tax fraud conviction upheld – Reuters

Asia:

• China orders nationwide government debt audit – Reuters
• China’s Rural Pollution Problem – Wall Street Journal
• China’s Industrial Profits Growth Moderates as Economy Cools – Bloomberg
• China is going to slow down but it can handle it – Financial Times

Local:

• A proudly Australian voice will go on – The SMH
• Non-mining economy set to bounce back – The Age
• RBA’s Edwards warns on austerity – The AFR
• RBA may follow Canada’s monetary policy and drop rates, implement macro-prudential – The AFR
• Time for honesty on budget numbers – The AFR
• Mining bounty spent rather than saved – The AFR ; The Australian
• Party’s over for Digger’s & Driller’s mining conference – The AFR
• $10m-plus fighting fund over FBT reforms – The AFR
• High cost of fairy floss politics – The Australian

Other:

• The cult of home ownership is dangerous and damaging – Financial Times