Linkfest: Fed to keep big balance sheet; Yellen’s dashboard; Mendillo exits Harvard, stakes summa claim
Categories: Linkfest
Today’s most shared:
- The Fed signals its intention to limit bond sales to avoid spooking markets. Instead, it plans to borrow against its bonds to drain cash liquidity, raise the rate it pays banks on excess reserves to keep them tied up.
- Harvard, a leading hedge fund with a modest educational sideline, to change top managers. Did Mendillo earn a gentle-woman’s C? Despite failing to surpass previous manager’s high water mark, she demonstrates outperformance by judicious choice of benchmark, time period, and competitive universe. One has yet to meet the fund manager who wasn’t in the top quartile of his or her own virtual reality.
- Janet Yellen’s economic dashboard.
- Are market tops even harder to call than bottoms?
- BoA said to tell US DoJ, “We’ll see you in court.”
- Pretty people rush to start (and join) new ventures, which is probably great news for trailing VC returns, not so great news for future returns.
- European day of rage against mobile phone taxi-hailing button Uber, the rare tech startup that might fail to destroy jobs, by increasing the convenience, value and demand for a product. Anything that makes this many people this mad must be doing something right.
Fed Prepares to Keep Record Balance Sheet for Years to Come
Bloomberg
Federal Reserve officials, concerned that selling bonds from their $4.3 trillion portfolio could crush the U.S. recovery, are preparing to keep their balance sheet close to record levels for years.
shared by @LemaSabachthani, @edwardnh, reddit/Economics, @pdacosta
Bloomberg
Federal Reserve officials, concerned that selling bonds from their $4.3 trillion portfolio could crush the U.S. recovery, are preparing to keep their balance sheet close to record levels for years.
shared by @LemaSabachthani, @edwardnh, reddit/Economics, @pdacosta
The Harvard average
Financial Times
Cheerio then, Jane Mendillo, who is to step down from overseeing the £33bn Harvard Endowment after six years in charge, leaving what the FT calls "one of the most powerful jobs in the world of investing" open for aspiring money managers.
shared by @volatilitysmile, @EpicureanDeal
Financial Times
Cheerio then, Jane Mendillo, who is to step down from overseeing the £33bn Harvard Endowment after six years in charge, leaving what the FT calls "one of the most powerful jobs in the world of investing" open for aspiring money managers.
shared by @volatilitysmile, @EpicureanDeal
Why Is Calling a Market Top So Hard?
Bloomberg View
Figuring out when a market has hit bottom is easy compared with knowing when it hits a top.
shared by @derekhernquist, @cullenroche, @ReformedBroker, @RPSeawright
Bloomberg View
Figuring out when a market has hit bottom is easy compared with knowing when it hits a top.
shared by @derekhernquist, @cullenroche, @ReformedBroker, @RPSeawright
Bank of America Mortgage Settlement Is Said to Be Deadlocked
New York Times
The bank made its final multibillion-dollar settlement offer Monday, but it was said to be short of what the Justice Department wants it to pay for its role in the mortgage crisis.
shared by @ritholtz, Here Is The City
New York Times
The bank made its final multibillion-dollar settlement offer Monday, but it was said to be short of what the Justice Department wants it to pay for its role in the mortgage crisis.
shared by @ritholtz, Here Is The City
A curious twist in the Beveridge Curve: Job openings are high, but so is the jobless rate
Wall Street Journal
The latest data on job openings underscores an ongoing trend five years after the recession ended: even with job vacancies rising, the unemployment rate is staying stubbornly high. Economists differ as to why.
shared by @DougKass, @tylercowen, @MarkThoma
Wall Street Journal
The latest data on job openings underscores an ongoing trend five years after the recession ended: even with job vacancies rising, the unemployment rate is staying stubbornly high. Economists differ as to why.
shared by @DougKass, @tylercowen, @MarkThoma
SEC Official Points to Disclosure Failings by Private Equity Firms
Wall Street Journal
A Securities and Exchange Commission official said the private equity industry has more work to do concerning disclosure to investors, building on comments a month earlier from one of the regulatory body’s directors.
shared by @LaurenLaCapra, @JohnLothian, @nasiripour, @AlephBlog
Wall Street Journal
A Securities and Exchange Commission official said the private equity industry has more work to do concerning disclosure to investors, building on comments a month earlier from one of the regulatory body’s directors.
shared by @LaurenLaCapra, @JohnLothian, @nasiripour, @AlephBlog
Janet Yellen’s Dashboard
brookings.edu
shared by @nancefinance, reddit/Economics, @JustinWolfers, @michaelsderby
brookings.edu
shared by @nancefinance, reddit/Economics, @JustinWolfers, @michaelsderby
Slow Your Judgments on Fast Trading
Bloomberg View
High-frequency trading may be problematic, but it’s best not to draw any hasty conclusions.
shared by @Noahpinion, @ThemisSal, @JohnLothian
Bloomberg View
High-frequency trading may be problematic, but it’s best not to draw any hasty conclusions.
shared by @Noahpinion, @ThemisSal, @JohnLothian
An entrepreneurship bubble?
Washington Post
Higher shares of elite MBAs are deciding to become entrepreneurs rather than work for The Man.
shared by @crampell, @BarbarianCap, @Neil_Irwin
Washington Post
Higher shares of elite MBAs are deciding to become entrepreneurs rather than work for The Man.
shared by @crampell, @BarbarianCap, @Neil_Irwin
Taxi drivers plan large-scale protests against Uber
Wall Street Journal
Taxi drivers planned to turn a handful of European city centers into giant parking lots Wednesday, protesting the mobile car-hailing services of Uber Technologies and others.
shared by @MParekh, @newsycombinator, @Techmeme
Wall Street Journal
Taxi drivers planned to turn a handful of European city centers into giant parking lots Wednesday, protesting the mobile car-hailing services of Uber Technologies and others.
shared by @MParekh, @newsycombinator, @Techmeme
Uber Protests Spread Across Europe as Taxi-App Backlash Grows
Bloomberg
Uber Technologies Inc., the car- sharing service that’s rankling cabbies across the U.S., is fighting its biggest protest yet from European drivers who say the smartphone application threatens their livelihoods.
shared by @pkedrosky, @volatilitysmile, @FGoria, @KidDynamiteBlog
Bloomberg
Uber Technologies Inc., the car- sharing service that’s rankling cabbies across the U.S., is fighting its biggest protest yet from European drivers who say the smartphone application threatens their livelihoods.
shared by @pkedrosky, @volatilitysmile, @FGoria, @KidDynamiteBlog
Eric Cantor loses GOP primary to tea party challenger
Washington Post
The House Republican leader succumbs to David Brat, a little-known conservative activist.
shared by @MParekh, Naked Capitalism, @delong, @edwardnh, @jbarro
Washington Post
The House Republican leader succumbs to David Brat, a little-known conservative activist.
shared by @MParekh, Naked Capitalism, @delong, @edwardnh, @jbarro
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