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MiB: Gretchen Morgenson on Private Equity

The Big Picture

economy, but American society as a whole. Morgenson explains how PE was originally an institutional type of product aimed at Pensions, Foundations, Endowments and other perpetual investment capital, but has recently moved into high-net-worth retail customers. (KKR) — have grown to have an outsized impact on not just the U.S.

Taxes 322
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Sunday links: frictions and costs

Abnormal Returns

(ft.com) How Schwab ($SCHW) plans to profit from integrating TD Ameritrade retail customers. npr.org) Social Security Raise Social Security taxes now before it becomes too painful. anneapplebaum.com) Economy Why haven't higher interest rates wrecked the economy already? wired.com) Why Egyptian men are fleeing to Europe.

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Is the U.S. Economy in a Recession

James Hendries

economy was in a recession, up from 53% in June and 48% in May.1 The NBER defines a recession as “a significant decline in economic activity that is spread across the economy and lasts more than a few months.” 6 Retail sales were strong in June, but manufacturing output dropped for a second month.7

Economy 52
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Friday links: bubbled up anger

Abnormal Returns

nytimes.com) Goldman Sachs' ($GS) retail banking push is getting derailed. on.ft.com) ETFs The Vanguard Short-Term Tax-Exempt Bond ETF ($VTES) is the firm's first ETF launch in 20 months. thinkadvisor.com) Economy The labor market is the only segment of the economy that isn't rolling over. domiciled ETFs.

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Thursday links: the cause of bubbles

Abnormal Returns

theatlantic.com) Finding a good retail CEO is tough these days. axios.com) Funds Tax efficiency is the secret sauce of ETFs. bloomberg.com) Economy What does a 'no landing' economic scenario look like? Everything else it built in-house has crashed and burned." nytimes.com) AI requires a lot of semiconductors.

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Market Drama

Zoe Financial

Economic Updates: The economy is slowing: we see this on the advanced estimate of Q1 GDP, purchasing managers index, the PMI index, April’s job numbers, and last week’s jobless claims all indicate that the economic growth is slowing down. Retail sales data: a good indication of how the consumer is faring. YoY to 3.4%.

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Market Drama

Zoe Financial

Economic Updates: The economy is slowing: we see this on the advanced estimate of Q1 GDP, purchasing managers index, the PMI index, April’s job numbers, and last week’s jobless claims all indicate that the economic growth is slowing down. Retail sales data: a good indication of how the consumer is faring. YoY to 3.4%.