《The worldwide wobble》
- Necessary correction of market
- More like a wobble than a tumble
- No reason to expect a sudden spending slump
- Slowing rather than slumping china
- More easing on Europe and Japan
《Goldilocks and the bears》
- Increase in short rates far from imminent
- The worst-hits have been those with specific problems
- As money flows back to US, let exchange rate slide and risk inflation, or increase interest rates and risk a recession?
- No sign of problems in corporate results yet
- Equities look expensive, positive for government bonds
《My country is right or righter》
- NHK seek to follow the government’s line
- For Abe and LDP, rebooting the media is a strategic priority
- Pacifism still remains popular at home
《Search over》
- How link works: Google Shopping scored 36.7% of clicks, against 5% for rivals;
- Now it will show links to rivals alongside;
《News you can lose》
- CNN: no glory in the role of unbiased “referee” between partisan networks (left-leaning MSNBC, and conservative Fox News); “Nobody goes to the game to see the ref.”
- More people turning to the internet: “there is a ‘ceiling’ to how many people are getting their news from television today.”
- what works today is entertainment;
- CNN’s costs are also high: it has more bureaus than MSNBC and Fox News; “in produce business,” “News comes and goes so quickly.”
《Countervailing motion》
- Fed’s shift to less expansionary monetary policy is only half the story: Central bank in Euro area and Japan are still moving in the opposite direction – “not conducting synchronized tightening”;
- “If Japan is confronting the ghost of deflation past, the euro zone is spooked by deflation yet to come.”
- BOJ started asset purchase $70bn a month, far greater relative to Japan’s economy – pushed up headline inflation to 1.6%, with core inflation (energy and food) entering into positive territory and rising at fastest pace since 1998;
- Abe’s resuscitation plan – encourage hiring and raise wages;
- Turmoil from EM: as global investors seek refuge in financial havens, the yen has started to appreciate again – make Abe nervous about raising the consumption tax;
- Euro zone: core inflation only 0.8%, one notch up from the record low 0.7% at the end of 2013;
《Down to 1.4 and 17》
- 20% of performance fees and 2% of management fees down to 17% and 1.4%;
- Hedge funds as a whole undershot just about any benchmark in recent years;
- Another factor: rush of new investors (pension funds, endowments, sovereign funds), greater negotiating power
gz64 