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Sunday, April 20

20th Apr - W/E: Markets & Economics

Previously on MoreLiver’s:

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EM tail-risks are risingHumble Student
The technical picture of the stock market is starting to look like the Spring of 2011. Market internals are deteriorating and risk appetite is rolling over.

The Incredible Shrinking 'Realized' Equity Risk PremiumSSRN
Bonds for the long runFT
If we know one thing about investing, it’s that time and the power of compounding make stocks an essential holding for savers, right? Well, maybe not, at least when the choice is to hold bonds with a reasonable yield instead and the excess returns from stocks have been on a long term downward trend

The Hedge-Fund Manager DilemmaView / BB

Active vs. passive: try harder or do something easier?Abnormal Returns

My Time on the Sell SideA Wealth of Common Sense

Money Rotates Into Late Cycle NamesAll Star Charts

The Good ETF, Part 2 (sort of)The Aleph Blog

The Global Multi-Asset Market Portfolio 1959-2012SSRN

How Much Trading Should There Be?View / BB

Too Big to JailNewsweek

Michael Lewis: 'Wall Street has gone insane'The Guardian
Flash Boys, an exposé of the murky world of 'rigged' high-frequency trading, has sold 130,000 copies in its first week and is already being turned into a film. Its author, Michael Lewis, explains why the story is so compelling – and why our brightest minds make the most dangerous bankers

What did QE ever do for us?FT
A new Bank of England paper from external MPC member Martin Weale released today tries to put a figure to how much QE boosted national output and inflation in the UK and the US.

IMF: Fed Bond-Buying Delivered ‘Significant’ Boost to U.S. EconomyWSJ

Out of Ammo? The Eroding Power of Central BanksSpiegel
Since the financial crisis, central banks have slashed interest rates, purchased vast quantities of sovereign bonds and bailed out banks. Now, though, their influence appears to be on the wane with measures producing paltry results. Do they still have control?

Does inflation make you poorer?Noahpinion
I'll just give you a hint: Whenever you buy something, the money you spend is someone else's income...

GDP is flawed – just not the way most people thinkJohn Kay

Thomas Piketty is economics’ biggest sensation. He’s also the field’s fiercest critic.

The Economist Was a Rock StarNew Republic
Thomas Piketty isn’t just a brilliant economist; he’s a fantastic storyteller