Succinct Summation of Week’s Events 1.13.17

Succinct Summations for the week ending January 13th, 2017. Positives: NASDAQ 100 hit an all-time high. MBA mortgage application index rose 5.8% w/o/w. Import prices rose 0.4% m/o/m and 1.8% y/o/y. Inflation is starting to show signs of life. Initial jobless claims remains low, coming in at 247k and the 4-week moving average at 256.50k.…

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Howard Marks: The Problems with Expert Opinions

Howard Marks, co-founder of Oaktree Capital Group, is one of the smartest guys I know. Each quarter, he sends out a letter to investors filled with sharp insights and observations. I find all of his letters to be worthwhile, but this quarter he played right to my confirmation bias in his discussion about experts. Here…

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2016 in headlines

  “First, no one really knows what events are going to transpire. And second, no one knows what the market’s reaction to those events will be.” – Oaktree Capital’s Howard Marks   These after the act headline reviews are always fascinating, especially or the reasons Marks describes:   click for bigger graphic Via Deutsche Bank…

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Climate Change is Costly; Serious Climate Policy is a Bargain

Climate Change is Costly; Serious Climate Policy is a Bargain Brian Deese, Jason Furman White House Blog, January 12, 2017     As the climate changes, global economic output will fall, but most of those economic damages can be avoided with smart policy. As the President wrote this week in the journal Science, the last…

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10 Friday AM Reads

Happy Friday the 13th! Stay lucky with our morning train reads: • Davos Wonders If It’s Part of the Problem: Did the global elite’s devotion to borderless capitalism sow the seeds of a populist backlash? (Bloomberg) • Great to See You Active Management – Are You Still Alive? (Wealth of Common Sense) • Advisors Should Aim For Simplicity and Avoid…

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The Seven Year Glitch

@TBPInvictus here Though my political leanings should be apparent to anyone who’s read some of the pieces I’ve written over the years, it’s rare for me to write solely on politics sans some inclusion of markets/economics. That’s partially because I’m not much interested in writing solely on politics, and partially because BR pretty much forbids it. That said:…

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