Markets

• Active investors are depressed, but not depressed enough – FT

Over his long and illustrious career, Mr Buffett has beaten the market handily, but over the past 10 years, the return of Berkshire Hathaway shares is 274 per cent. Which looks impressive until you consider the S&P 500 has returned 273 per cent.  – FT

• Liquidity is the scary absentee in stocks’ rebound – FT

The Flowless Stock Recovery

Economics

• You Never Know When A Recession Will Sneak Up On You – NY Times
• Manufacturing Pullback Flashes Signs of Economic Slowdown – WSJ

• Ballooning US debt piles put investors on guard – FT
• Tail Risk: Global debt – when is the day of reckoning? – FT
• Trump’s Twin Deficits Are Exploding – Forbes

• Is modern monetary theory nutty or essential? – Economist
• US Trade Policy Flux Hurting Farmers – Ohio Country Journal

Companies

• Superstar companies lose their lustre – FT
• How Sears Lost the American Shopper – WSJ

EM

• Emerging Markets Aren’t Out of the Woods Yet  – Foreign Affairs

Perhaps the most remarkable change since the crises of the 1990s has come in the way emerging-market countries finance their debt. Governments now borrow much more in their own currencies than in foreign ones, making them less vulnerable to runs and currency crises. But risks remain.  – Agustin Carstens, FA

Geopolitics

• Is America Becoming Trump’s Banana Republic? – New Yorker
• “If Beto Is The Nominee, Texas Would Be In Play”:  Why Donald Trump Is Obsessed With O’Rourke –  Vanity Fair
• How Trump’s Brand of Grievance Politics Roiled a Pennsylvania Campaign – NY Times
• Can the wisdom of the crowd predict a second EU referendum? – LSE
• Four possible outcomes of the UK’s request for a Brexit delay – FT
• North Korea threatens to end US talks and restart nuclear tests – FT

Tech

• The ironies of automation – FT Alphaville
• How to learn Python when you have a full-time job in finance – efinancialcareers
• Machine learning for quantitative finance: fast derivative pricing, hedging, and fitting – Quantitative Finance

Most Clueless Article Of The Week 

• The Fed Is a Threat to Growth, Stephen Moore – WSJ

Bonus

• The Hedge Fund Manager Who Bucked The Trend And Became A Billionaire – Forbes
• A Rare Find In Silicon Valley: A New Woman Billionaire In Tech – Forbes
• ‘Billions,’ ‘Succession’ and the Making of Wealth Porn – NY Times
• Mercury Is in Retrograde. Don’t Be Alarmed – NY Times
• Resilience: How Women Use Obstacles to Fuel Their Success – WSJ
• How cities can heal themselves – FT
• Admissions scandal hits ‘university of spoiled children (USC)’ – FT
• The Big Data Behind the NBA’s Next Big Thing – WSJ
• Santa Anita bans race day drugs after another horse dies – LA Times

What neuroscience has to do with nationalism, Fareed Zakaria

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