Linkfest: Confusion as Argentina nears zero hour; High stocks augur low returns; Did Ackman jump the shark?

Categories: Linkfest

Today’s most shared:

  • US judge in Argentina case creates a gigantic muddle. Apparently it will be a lot harder to negotiate future sovereign debt restructurings in good faith. Wherever there’s a loophole, a bank or hedge fund will find a way to squeeze through it for a buck.
  • With a nod to Buffett, if you are a buyer of hamburgers, would you rather they be cheap or expensive? The same goes for stocks, and today’s valuations are great for those selling securities and spending, but not for younger workers hoping to build a nest egg.
  • Greenspan: Hard to pop a bubble without a crunch.
  • After Icahn called Ackman a crybaby, he responds with a public show of…tears.
  • Wall Street shows signs of starting to lose patience with Amazon. Growing the top line will only go so far, and however brilliant Bezos is, it’s hard to invest at an infinite P/E with limited visibility into normalized profitability when it decides to settle into stable growth.
  • Obama calls for action against tax “inversions.”

The Muddled Case of Argentine Bonds
New York Times
Because of rulings meant to force Argentina to pay its creditors, Citibank may either have to violate a court order or risk prosecution in Argentina.
shared by @Alea_, @jsphctrl, @petercoy, @tracyalloway, @MattGoldstein26
 
The Gringo’s Guide to the Argentine Holdout Crisis
semancha.com
A look at how the world ended up Todos Contra Argentina.
shared by @jsphctrl, reddit/Economics
 
Wall Street’s revenge of the nerds means fooling all the people all the time
theguardian.com
Chris Arnade: As a former trader, I know that rules are seen as an obstacle to be overcome on Wall Street. And things are unlikely to get better.
shared by Abnormal Returns, @JoeSaluzzi, @ThemisSal, Reformed Broker, @eisingerj
 
Why a Soaring Stock Market Is Wasted on the Young
New York Times
For most people, it matters a great deal when a rise in the stock market occurs.
shared by @ReformedBroker, reddit/Economics, Reformed Broker, @tomkeene
 
How Much Do Earnings Need to Grow For Multiples to Contract? –
Avondale Asset Management
So far Corporate America has surprised me this earnings season and appears to be generating profit growth that is stronger than I expected. A look at how much earnings need to grow to catch up to historical P/E benchmarks.
shared by @JacobWolinsky, @ReformedBroker, @iheartWallSt
 
Greenspan says bubbles can’t be stopped without ‘crunch’
MarketWatch
Former Fed Chairman Alan Greenspan says in an interview with MarketWatch it’s not clear yet whether the economy has staying power or can survive the Fed exit, while also talking about the difficulty of popping bubbles.
shared by @DougKass, @fiatcurrency, @WSJ, @pdacosta
 
Ned Phelps: Corporatism not capitalism is to blame for inequality
Financial Times
Lethargic growth, depressed employment, widespread job dissatisfaction and staggering debt – such is life in a western world that seems to have lost the habit of innovation that energised it for more than a century.
shared by @YanniKouts, @MarkThoma, @Noahpinion, @EmanuelDerman, Reformed Broker
 
Amazon’s Ambitious Bets Pile Up, and Its Losses Swell
New York Times
The company continues to reinvest aggressively in its business, to the chagrin of investors hoping to see signs of profit.
shared by @ryanchittum, Crossing Wall Street
 
Goldman bankers to Babble on their own chatroom
Financial Times
Goldman Sachs is spearheading an effort among Wall Street’s leading banks to develop a chat tool called “Babble” that could replace the instant messaging service on Bloomberg LP’s ubiquitous terminals.
shared by @LaurenLaCapra, @HamzeiAnalytics, Business Insider, @davidenrich
 
What The Heck Happened To Bill Ackman?
Business Insider
Why aren’t people more excited about the legendary short-seller’s Herbalife campaign?
shared by @JacobWolinsky, @ReformedBroker, @lizzieohreally, Reformed Broker
 
CNBC Transcript: Senior Economics Reporter Steve Liesman Interviews President Barack Obama
CNBC
Obama calls for action against tax ‘inversions.’ “There are a lot of things that may be legal that — probably — aren’t the right thing to do by the country.”
shared by @kaylatausche, Business Insider
 
$2.4B – Massive Cash Outflow From High Yield Bond Funds, Largest In 13 Months
Forbes
Retail-cash outflows from high-yield funds totaled $2.4 billion in the week ended July 23, with an outflow of $1.3 billion from mutual funds expanded upon by an outflow of $1.1 billion from exchange-traded funds, according to Lipper.
shared by @M_C_Klein, @BarbarianCap, @munilass
 
Proposed EU sanctions threaten to shut Russia out of the world financial system
The Telegraph
Here is the EU sanctions document under furious debate today, courtesy of our Brussels correspondent, Bruno Waterfield. It is leaked, not authorised. This is a menu of options.
shared by @DougKass, @mhewson_CMC, @EconBrothers, @M_C_Klein
 
Michael Woodford: Connecting Policy with Frontier Research
stlouisfed.org
How are QE purchases of longer-dated and more risky assets qualitatively different from setting base rates like Fed Funds?
shared by reddit/Economics, @Noahpinion, Marginal Revolution, @M_C_Klein
 

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