The Big Picture

Macro Perspective on the Capital Markets, Economy, Geopolitics, Technology, and Digital Media

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June 2020 Stock Buybacks Down 98%

Source: Birinyi Associates   I really enjoy the regular updates the crew at Birinyi do on stock buybacks. In the most recent note, Chris Costelloe observes that “There were 25 new authorizations announced during June for a total of $2.51 billion, 98% lower than June 2019 and the lowest total value of authorizations since May 2009.” That is quite...

10 Wednesday AM Reads

My mid-week morning train WFH reads: • The Pandemic Is the World’s Long Overdue Reality Check: Populists came to power peddling political fantasies—but the coronavirus has broken the fever. (Foreign Policy) • Retired and want to try day trading? Read this first: the overwhelming pattern is for them to eventually lose much of their winnings. (Marketwatch)...

Covid-19 Risk Level by State/County

COVID Risk Level Map and COVID Suppression Guidance Source: Pandemics Explained     How severe is the pandemic where you live? Browse the COVID Risk Levels Dashboard It was created by a stellar group of medical professionals: Harvard Global Health Institute, Harvard’s Edmond J. Safra Center for Ethics, Rockefeller Foundation, CovidActNow, Covid-Local,...

RWM Site Redesign

    A little inside baseball on something that has been a long time coming: We launched a newly redesigned  RWM corporate site. In a firm anniversary post last year, I discussed why it was important to “Recognize your weaknesses;” our corporate website was the weakest link among all of our online properties. This was long overdue. You can use off...

10 Tuesday AM Reads

My Two-for-Tuesday morning train WFH reads: • Unemployment Expected to Reach Highest Level Since Great Depression (Wall Street Journal) see also Europe Sees Deeper Slump in New Warning on Uneven Virus Hit (Bloomberg) • Growth’s Edge Over Value May Finally Be Nearing Its End: In investing, being correct is not enough. Being correct—yet too early—can...

MiB: When America’s Warriors Need Help

Robin King did not expect to be involved with the Naval Special Warfare program. When her photographer husband decided to follow his older brother’s entry into the Navy SEAL program, the California State University at Long Beach graduate put her Bachelor of Science degree in Business Administration and Finance to good use. (her previous employers were...

Torsten Sløk to Apollo from Deutsche Bank

Negative interest rates not the right tool for this shock Source: Torsten Sløk, Deutsche Bank Research   Torsten Sløk, chief economist at Deutsche Bank, is one of my favorite economics analysts. I have featured him in these pages over the years and had a fascinating discussion with him two years ago (MiB here). Alas, I was saddened to learn he...

Transcript: Robin King

  The transcript from this week’s, MiB: Robin King, Navy SEAL Foundation, is below. You can stream and download our full conversation, including the podcast extras on iTunes, Spotify, Overcast, Google, Bloomberg, and Stitcher. All of our earlier podcasts on your favorite pod hosts can be found here.   ~~~   RITHOLTZ: This week on the podcast...

10 Monday AM Reads

My back to work morning train WFH reads: • Driving Over Air Travel, Takeout Over Cafes: Pandemic Shapes Consumption: Spending data reflect recent reopenings, with consumers cutting back on some online grocery purchases and flocking to hair salons and furniture stores. But they also spent on takeout and food delivery, and continued to splurge on home...

Jim Simons on Mathematics, Investing & Philanthropy

  Jim Simons: Life Lessons from the ‘World’s Smartest Billionaire’   Mathematician, code breaker, Professor, hedge fund pioneer, & philanthropist Jim Simons makes his first-ever podcast appearance with UC San Diego Professor Brian Keating. Learn about Chern-Simons theory, leadership lessons, hedge funds, and a dedication to serve the world...

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