The finance industry, long plagued by public distrust, has reached a tipping point, says Stephen Davis. The public’s anger, fueled by a belief that investors have been unjustly “separated from their money,” has helped to usher in a new “discipline of ownership.”
The dog days of summer continue to see sluggish economic growth, with the longed-for rebound slow to materialize. It is difficult to imagine any acceleration in growth rates without inflation, says Scott Krisiloff, CFA, in his latest roundup from the C-suite.
There were signs that inventories have been sufficiently depleted, and that industry is cautiously beginning to restock again. However, Scott Krisiloff, CFA, cautions, if inventories are restocked and demand doesn't concurrently rebound, companies will shortly find themselves in a precarious position once again.
Department stores don't provide the same read on the economy as they did in the past, but, overall, activity is still depressed, says Scott Krisiloff, CFA. Yet there are signs of a possible upturn. And while the presidential election has been a source of uncertainty, the polls may be starting to give an indication of who is likely to win without having to wait until Election Day.
Matthew Borin explores the Microsoft-LinkedIn acquisition through the prism of Ronald Coase's "The Nature of the Firm." His conclusion? Neither classical reasoning nor market dominance can explain the deal. If market synergy is the motivation, the odds of success do not look promising.
US Federal Reserve chair Janet Yellen set the tone for this week with a speech perceived as dovish by the market, Scott Krisiloff, CFA, observes in his latest roundup of news from the C-suite. Yellen said that policy should stay accommodative, while acknowledging that any accommodation should be removed before fully meeting policy goals. This week's post also contains a number of quotes from the recent LD Micro Invitational conference.
In the leading Enterprising Investor posts from May, Mark Harrison, CFA, imagines a world without the insight of the late Jack L. Treynor; Sameer S. Somal, CFA, considers the intangibles of having your own firm; and Scott Krisiloff, CFA, plows through the recent avalanche of earnings reports for a sense of the consensus C-suite view on the economy.
Imagine for a moment an investment world without the accomplishments of Jack L. Treynor. In this imaginary Treynor-less world, mass casino psychology and fund manager guru-worship might rule, unchallenged by any metrics other than crude popularity and marketing spend.
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