Succinct Summations for the slow Summer week ending July 24th
1. Weekly jobless claims came in at 255k, the lowest reading since 1973!
2. Existing home sales rose 3.2% in June to an annualized rate of 5.49mm, the fastest pace in more than eight years.
3. Mortgage applications rose 1% w/o/w.
4. Amazon turns a profit! Shares were up double-digits.
1.Refinance applications fell 0.5% w/o/w.
2. Pending home sales came in at 482k, below the 548k expected.
3. Apple, despite growing revenue at 33% and earnings up 45%, did not meet shareholders’ expectations, finishing down nearly 4% on the week.
We seem to really enjoy contemplating the money and lifestyles of thetop 0.01 percent. The wealthiest Americans garner immense mind-share in the imaginations of the rest of the populace. We incessantly track the incomes of hedge-fund managers and other finance stars, the heirs to the Wal-Mart fortune and other $100 billion families. Don’t forget the Bloomberg Billionaires Index and the Forbes 400 and the wealthiest New Yorkers….Read More
My U2 delayed, but still in time for the morning train, Friday reads: • An open letter to investors who are bullish on gold (Marketwatch) see also Gold Looks Like a ‘Textbook’ Short, even from here (Bloomberg) • Should you still own bonds? (Fidelity) • Amazon is now bigger than Walmart by Market Cap (Quartz) see also Amazon’s Cloud Business Rose 81…Read More
Category: Financial Press
Commissioned by an Indian Prince for Less Than $200,000, a lovely 1933 Rolls-Royce: Source: Bloomberg
Assessing the Recent Behavior of Inflation Kevin J. Lansing Inflation has remained below the FOMC’s long-run target of 2% for more than three years. But this sustained undershooting does not yet signal a statistically significant departure from the target once the volatility of monthly inflation rates is taken into account. Furthermore, the empirical Phillips curve…Read More
Let’s say this right up front: The SPDR Gold Shares Trust exchange-traded fund has killed the shares of the gold miners. For a few years now, I have been very skeptical about gold’s value as an investment (this may seem excessive, but see this, this, this, this,this, this, this, this, this, this and of course this). The primary reason for this is straightforward: Gold is bought…Read More