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MARKETS
EM tail-risks are
rising
– Humble
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 Premium – SSRN
Bonds for the long
run –
FT
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 Dilemma – View
/ BB
Active vs. passive:
try harder or do something easier? – Abnormal
Returns
My Time on the Sell
Side
– A Wealth of Common
Sense
Money Rotates Into
Late Cycle Names – All
Star Charts
The Good ETF, Part 2
(sort of) – The
Aleph Blog
The Global
Multi-Asset Market Portfolio 1959-2012 – SSRN
How Much Trading
Should There Be? – View
/ BB
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
ECONOMICS
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. Economy – WSJ
Out of Ammo? The
Eroding Power of Central Banks – Spiegel
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 think – John
Kay
Capital Man – The Chronicle of Higher
Education
Thomas Piketty is economics’ biggest sensation. He’s also the field’s
fiercest critic.
The Economist Was a
Rock Star – New
Republic
Thomas Piketty isn’t just a brilliant economist; he’s a fantastic
storyteller