Deep-Value ETF Report: Biggest Discounts In Commodities, Energy

The evolution of Mr. Market’s discounting machine unfolds at a glacial pace these days. If you surveyed the ETF landscape a year ago, for instance (as The Capital Spectator did here), and compared it with the latest review (as presented below), you’ll find that a familiar cast of characters populate the lowest realms of discounted pricing: commodities and various slices of energy shares. Plus ça change, plus c’est la même chose!

Continue reading

Macro Briefing | 22 August 2019

The stakes are high if a US-Eurozone trade war starts: CNBC
What tools are left for policy makers to juice US growth? WSJ
German manufacturers fear country’s slipping into recession: Bloomberg
Japan’s economic growth picked up to 8-month high in Aug: IHS Markit
Group of Seven summit set to end without joint communique: CNBC
Fed minutes show debate over cutting rates more aggressively: Reuters
US existing home sales rose more than expected in July: CNBC
Eurozone PMI: economic growth remains weak in August: IHS Markit

Macro Briefing | 21 August 2019

A payroll tax cut is on Trump’s mind: CNBC
Trump cancels trip to Denmark, which says Greenland isn’t for sale: CNN
Trump tells NRA no plans for background checks on guns: WaPo
No sign of Brexit breakthrough between UK and European Union: BBC
China confirms it’s detained a British consulate worker based in Hong Kong: CNN
Russia says it doesn’t have to share data on nuclear accident: ABC
UK budget deficit soars in preparation for Oct 31 Brexit: Bloomberg
US companies repurchase shares at slowest pace in 18 months: WSJ
US commercial & industrial loans: 1yr growth slowed to 9-mo low in July:

Macro Briefing | 20 August 2019

Trump administration considering new policies to support economy: NY Times
WH spokesman says payroll tax cut not under consideration: CNBC
Group of states ready to start antitrust probe of big tech: WSJ
Hong Kong consulate worker reportedly detained in China: Bloomberg
Pimco warns: breakthrough on US-China trade could sharply raise yields: FT
Eurozone inflation slowed to +1.0% annual rate in July, lowest in two years: MW
10yr/2yr yield curve holds at mildly positive spread for 2nd day after inversion:

Macro Briefing | 19 August 2019

Hong Kong protests persist, defying HK police and Beijing: Vox
Trump tells supporters he doesn’t see a recession coming: CNBC
Trump isn’t quite ready to cut a trade deal with China: Bloomberg
Ten grey-swan risks that are stalking the global economy: MW
Has the post-war economic miracle run its course? NY Times
Fed caught between the rock (economy) and the hard place (Trump): WSJ
Warren Buffett’s latest contrarian play: buying bank stocks: NY Times
US consumer sentiment fell more than expected in August: CNBC
US housing starts fell for a third month in July: HousingWire

Book Bits | 17 August 2019

Kochland: The Secret History of Koch Industries and Corporate Power in America
By Christopher Leonard
Review via The New Yorker
If there is any lingering uncertainty that the Koch brothers are the primary sponsors of climate-change doubt in the United States, it ought to be put to rest by the publication of “Kochland: The Secret History of Koch Industries and Corporate Power in America,” by the business reporter Christopher Leonard. This seven-hundred-and-four-page tome doesn’t break much new political ground, but it shows the extraordinary behind-the-scenes influence that Charles and David Koch have exerted to cripple government action on climate change.
Continue reading