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.”
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
A look at how the world ended up Todos Contra Argentina.
shared by @jsphctrl, reddit/Economics
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
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
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
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
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
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 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
Why aren’t people more excited about the legendary short-seller’s Herbalife campaign?
shared by @JacobWolinsky, @ReformedBroker, @lizzieohreally, Reformed Broker
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
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
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
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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