• Traders Bet This Bull Market Is Just Getting Started: There has been a flurry of deals tied to continued progress in everything from AI stocks to economically sensitive small businesses and regional banks. Euphoria is sweeping the stock option market. (the wall street journal) see also Where the stock market is heading after a wild first half: five charts: Nasdaq 100 index on track for best first half year to date Solid gains through June historically bode well for the year. (Bloomberg)
• The curious incident of high profit margins: Why have US profit margins remained high over the past 10 years or so relative to history? Expectations of a return to normal profit margins did not materialize. I blame budget deficits as the culprit. (GMO)
• Jerome Powell and the Grateful Dead: The band’s songs can guide the chairman of the Federal Reserve. (the wall street journal) see also Jagger & Richards Wealth Management: For more than half a century, the Stones have written and performed songs that provide their fans with sound investment advice. It’s no surprise that so many of the songs Jagger wrote with Keith Richard are filled with sophisticated, cunning and, in many cases, prophetic financial advice. (The big picture)
• Superforecasting with AI promises the best of all future worlds: Technology is the answer; now what was the question? (FT Alphaville)
• Are the private placements part of a diversified portfolio? Unlike most securities, which are generally traded on exchanges and valued according to rules established by the SEC, private investments involve lending money to a company for a dedicated period of time with the expectation (but without collateral ) to attract future cash. flows. (the morning star) see also Yes, there are alternatives to stocks: At present, money market funds and many bonds are not only less risky, but at current interest rates, they are attractive. (New York Times)
• Tribute to the father of modern finance: The legacy of Harry Markowitz shines brightly. (FI)
• Beware of the Ultimate Golden Handcuffs: Cheaper Housing: Employers are stepping in to help as owning and renting homes becomes more and more expensive. Are these benefits too good to refuse? (Bloomberg) see also Home listings plummet as high mortgage rates hold back homeowners: In-progress listings fell 7% in May, according to brokerage Redfin Homeowners are choosing to stay put to hold on to cheaper mortgages. (Bloomberg)
• Dobbs turned abortion into a huge liability for Republicans: Support for abortion rights is higher than it has been in decades. (FiveThirtyEight)
• When My Kids Are My Age: The Wonderful World of the 2050s:For context, when my mom came back from maternity leave, there were about 30,000 hosts on the internet, and the only reason she knew that was a thing was because she worked for a big hosting company. telecommunications. Most people had no idea what was about to happen at the time, and even those who knew it was happening had no idea how it would translate into all aspects of our lives. (not boring) see also Why Top People Work In Their 80s: They joke that retirement is boring, but some recognize a deeper fear of becoming useless if they quit. (the wall street journal)
• Our definitive ranking of modern cinema’s Batmans, from Michael Keaton to Robert Pattinson: ‘The Flash’ helped cement the legacy of Keaton and Ben Affleck. Here’s how they compare to others. (Washington Post)
Be sure to check out our Masters in Business this week with Peter Borish, founding partner of Tudor Investments, where he was director of research for 10 years, working directly with Paul Tudor Jones. He was also President and CEO of Computer Trading Corp and Chief Strategist for Quad Group Quant Funds. Borish is also a founding director of the Robin Hood Foundationformed with Paul Tudor Jones in 1988.
