“Moreover, voter irrationality, like voter ignorance, is intractable because, paradoxically, it is in one important respect quite rational. Individual votes matter infinitesimally and becoming informed is expensive, and so it makes sense to treat voting as a way to express one’s emotional state, declare one’s group identity, or indulge one’s prejudices.”
Listen, there are people asking if growth stocks are in a bubble. And the thing is, the answer is “yes.” Unless of course you define “bubble” in dot-com/tulip mania terms.
“If CEOs are more likely to be Republican, then partisanship could explain the weirdly high CEO confidence numbers.”
TIME: “That’s not real.”
“Disclaimers by Quincy Jones: Quincy Jones is not the issuer or a sponsor or promoter of the Fund; has not passed upon the merits of the Fund or the suitability of the Fund Shares as an investment by any person; and does not offer, sell, or recommend any investment in Fund Shares.”
“Across the Middle East, the administration drives the United States ever further into wars without end, increasing the dangers of direct military confrontation with Russia and Iran, with little awareness and no mandate from the American people. This is a recipe for calamity.”
“After engineering (another) epic squeeze in late May/early June, overnight points have dipped into negative territory, 1m points are near five-year lows, the 430pm CNY closing price is back to a discount to the fix.”
“Blind, but peeking”…
“I detest much of the president’s norm-defying behavior and have been critical of it. But I worry at least as much about norms related to our governance that have been breached and diminished as a result of, or in response to, Trumpism.”
“We have been arguing that tapering will come anyway, largely because of technical/ political constraints around QE. The ECB will still have to justify this with a macroeconomic narrative.”
“The top in the Eurostoxx / S&P 500 ratio was hit on the day of the Barrons’ “Buy Europe” cover story. Talk about selling the news.”
Earlier this morning, we said the following about a series of comments from Mario Draghi that sent the euro and bund yields surging: So for one thing, it probably wasn’t a great idea to open with something like “I’m going to sum up what I think in three messages,” because that doesn’t leave a whole…
“We are a top quality POE and Nylon umbrella manufacturer. Our umbrellas have already been well-accepted by clients around the world, especially those from Japan”…
“They may be eager to keep the onshore yuan quarter-close to near 6.8 per dollar. The quarter-end rate may be an important indicator for foreign central bank reserve managers to consider adding the yuan as assets.”
Boy, I’ll tell you what, if you’re a central banker and you’re going to say something in public about monetary policy, you better make sure you choose your words really fucking carefully, because this market is hyper-sensitive. Here’s what we got from Draghi who, speaking at the ECB Forum on Central Banking in Sintra, Portugal, said he…
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“The justices would really like to avoid ruling on the travel ban altogether. They’d like to make the case go away.”
“Journalists (including myself) are writing lots of bearish headlines — is that a sign that oil is about to rally?”
“We have been accused of bias, of catalysing the Arab Spring, of having an agenda, and of favouring one group over another. We reject these allegations and our screens are a testament to our integrity.”
Look, here’s the thing you need to understand about Citi: there’s an epic internal struggle going on between the equity folks and the credit folks. You can read about it here. The equity desk is bullish. Matt King’s credit team thinks that may be insane given the looming QE cliff and what it portends for…
