People want to believe the present is different than the past. Markets are now computerized, high-frequency and block traders dominate, the individual investor is gone and, in his place, sit a plethora of huge mutual and hedge funds to which he has given his money. Many have simply given up trying to earn alpha in the market and have given their money to index funds. Some people think these masters of money make decisions differently and believe that looking at how a strategy performed in the 1950′s or 1960′s offers little insight into how it will perform in the future. […]
Happy 420 day! Here are your Friday reads:
- Palantir Knows Everything About You (Bloomberg Businessweek)
- Getting Smart On ETFs (ETF.com)
- How North Korea’s Hackers Became Dangerously Good: The nation’s fingerprints have appeared recently in surprisingly sophisticated attacks (Wall Street Journal)
- What If Tesla’s Time Is Running Out? (Bloomberg Businessweek) see alsoTesla May Be the Most Hated (and Loved) Stock in America (Bloomberg)
- How the ‘Caddyshack’ Revolution Upended Hollywood: A Cinderella story about the moment when improvisational comedy took on the staid, stuffy moviemaking business (Wall Street Journal)
- Will Booming Earnings Save the Bull Market? (Barron’s)
- U.S. stock valuations are at multiyear highs — and multiyear lows (Marketwatch)
- Sorry, But Amazon Isn’t Actually Annihilating Retail Jobs (Wired)
- Politico’s analysis suggests that Trump did, indeed, do worse overall in places where independent media could check his claims (Politico)
- Some Things I’m Pretty Sure About (Collaborative Fund)
- Fallen Idols: Hedge Funds No Longer Need the Star System. (Bloomberg Gadfly)
- A Sidelined Wall Street Legend Bets on Bitcoin Michael Novogratz is searching for redemption in cryptocurrencies. (NewYorker)
- How an Asset Manager Pressured a Grocery Chain on Gun Sales — and Won (Institutional Investor)
- This Is What It Was Like Learning To Report Before Fake News Was The Biggest Problem In The World (Buzzfeed)
Regardless of how you play it, the legal cannabis sector is coming out of the dark – and it will be interesting to see how the industry takes shape.
The weekend is here! Pour yourself a mug of Portola coffee and get ready for some longer form weekend reads:
- Everything We Know (And No One Has Said So Far) About The First Waves Of Air Strikes On Syria. (Aviationist)
- The Free-Trade Malaise Vindication—and a change of heart—for a veteran contrarian who saw it coming (Literary Review of Canada)
- John Casey, the Billionaires’ Consigliere (Institutional Investor)
- A Saudi Prince’s Quest to Remake the Middle East: In his work with the White House, is Mohammed bin Salman driving out extremism, or merely seizing power for himself? (New Yorker)
- The Problem with Mindfulness (Nautilus)
- How a Defense of Christianity Revolutionized Brain Science (Nautilus)
- In the Battle for the American West, the Cowboys Are Losing Federal lands west of the Rockies are now also home to more hikers and campers, and the competition is fierce (Wall Street Journal)
- The fall of Milo Yiannopoulos (Spectator USA)
- Ticks Rising: In a warming world, ticks thrive in more places than ever before, making Lyme disease the first epidemic of climate change (Aeon)
- The Oral History of […]
Succinct Summations for the week ending April 13th, 2018
- Stocks had their best week in a month, gaining 2%
- Same store sales rose 2.9% y/o/y.
- Jobless claims fell by 9k w/o/w, down from 242k to 233k.
- Core CPI rose .2% m/o/m, meeting expectations.
- Wholesale inventories rose 1% in February, up from prior revised .9% in January.
- Import prices remained unchanged while export prices rose .3% for March.
- News flow has been insane, making most of us want to hide in a cave.
- Mortgage applications fell 1.9%, down a second straight week.
- NFIB Small Business Optimism Index fell by 2.9 points in March, down from 107.6 to 104.7.
- Consumer sentiment fell from 101.4 to 97.8, below the 101 expected.
- Comey book, Libby Pardon, Rosenstein firing only going to ratchet up the noise level.
My end of the week reads:
- Since 2013, 80 percent of S&P 500 gains come during earnings seasons (Bloomberg) see also Don’t Use the 200-Day
- Moving Average as a Sell Signal (Bloomberg View)
- Why most financial media hinders, rather than helps, investors (Evidence-Based Investor)
- What Are Senior Citizens’ Biggest Financial Regrets From Their Twenties? (Priceonomics)
- Washington DC vs Silicon Valley: America’s Athens and Sparta (UnHerd)
- James Harden Isn’t Playing Around (GQ)
Some people say that making the first million is the hardest.
Others, like oil tycoon T. Boone Pickens have quipped that the first billion is a “helluva lot harder”.
Regardless of which is true, it’s interesting to examine how long it took the world’s wealthiest to reach the million and billion dollar benchmarks, as well as how many years were in between.