Monetary Policy Surprises and Monetary Policy Uncertainty

Michiel De Pooter, Giovanni Favara, Michele Modugno, and Jason Wu1 Executive Summary The current level of monetary policy uncertainty is low by historical standards. One important question is whether this low uncertainty–perhaps reflecting confidence among market participants–manifests in pronounced movements of medium- and long-term interest rates when a monetary policy surprise is delivered. This note provides empirical evidence… Read More The post Monetary Policy Surprises and Monetary Policy Uncertainty appeared first on The Big Picture.

Algos all go?

Algos all go? Francis Breedon, Louisa Chen, Angelo Ranaldo and Nicholas Vause Bank Underground, 02 May 2018       Most academic studies find that algorithmic trading improves the quality of financial markets in normal times by boosting market liquidity (so larger trades can be executed more quickly at lower cost) and enhancing price efficiency (so market prices better reflect all value-relevant information). But what about… Read More The post Algos all go? appeared first on The Big Picture.

Advice for Pension Funds and Endowments

How Public Pensions Can Start Healing Themselves A series of questions and answers can help. Bloomberg, May 21, 2018     Our discussion last week about representatives of the League of California Cities urging the CalPERS, the state’s huge pension fund for public employees, to juice up investment returns generated a lot of interesting feedback.… Read More The post Advice for Pension Funds and Endowments appeared first on The Big Picture.

Who’s A Firearms Industry Employee?

@TBPInvictus here: Conservative commentator S.E. Cupp recently made what I thought was a fairly bold claim on Twitter: The firearms industry has created 91,000 jobs over the past 5 years. That’s people, not profits. https://t.co/zUMd6wWY0r — S.E. Cupp (@secupp) May 12, 2018 Aside from getting “ratioed” on the tweet, the vast majority of replies noted… Read More The post Who’s A Firearms Industry Employee? appeared first on The Big Picture.

10 Monday AM Reads

My morning train reads: • Actually, the 1 Percent Are Still The Problem (Slate) • Fake Facebook accounts and online lies multiply in hours after Santa Fe school shooting (Washington Post) • New Amazon Channels Data Shows Why Apple Wants to Copy It (Variety) • Humans Are Dumb At Figuring Out How Smart Animals Are (fivethirtyeight) • How the Enlightenment Ends: Philosophically, intellectually—in… Read More The post 10 Monday AM Reads appeared first on The Big Picture.

The Rise of Shale Oil

The Rise of Shale Oil Michael T. Owyang and Hannah G. Shell St Louis Fed, Tuesday, May 15, 2018.         Technological advances that allow oil producers to extract crude oil from shale rock formations have reshaped the landscape of U.S. oil production over the last 10 years. Since 2008, shale oil production… Read More The post The Rise of Shale Oil appeared first on The Big Picture.

The Rise of Shale Oil

The Rise of Shale Oil Michael T. Owyang and Hannah G. Shell St Louis Fed, Tuesday, May 15, 2018.         Technological advances that allow oil producers to extract crude oil from shale rock formations have reshaped the landscape of U.S. oil production over the last 10 years. Since 2008, shale oil production… Read More The post The Rise of Shale Oil appeared first on The Big Picture.

Transcript: Steve Murray, Revolution Growth

  The transcript from this week’s MIB: Steve Murray, Revolution Growth is below. You can stream/download the full conversation, including the podcast extras on iTunes, Bloomberg, Overcast, and Soundcloud. Our earlier podcasts can all be found on iTunes, Soundcloud, Overcast and Bloomberg. ~~~ ANNOUNCER: Masters in Business is sponsored by Harvard Business School Executive Education offering four comprehensive leadership programs that transform rising executives into… Read More The post Transcript: Steve Murray, Revolution Growth appeared first on The Big Picture.

10 Sunday Reads

My easy like Sunday morning reads: • How Much Money Do You Need to Be Wealthy in America? (Bloomberg) • What Exactly Happened to David Einhorn? (Institutional Investor) • 22 Rules for Creating Work That Stands the Test of Time (Thought Catalog) • 14 Secrets of Costco Employees (Mental Floss) • How The ACORN Scandal Seeded Today’s Nightmare Politics (Huffington Post) • China… Read More The post 10 Sunday Reads appeared first on The Big Picture.

Ronno: The Mick Ronson Story

Beside Bowie: The Mick Ronson Story, currently streaming on Hulu.   Beside Bowie: The Mick Ronson Story Trailer #1 (2017) Source: Rolling Stone       See also: Stardust ‘The Rise and Fall of Ziggy Stardust and the Spiders from Mars’ is arguably the most influential albums in the mind-blowing career of David Bowie. Released… Read More The post Ronno: The Mick Ronson Story appeared first on The Big Picture.

MIB, Steve Murray, Revolution Growth

This week we sit down with Steve Murray, a managing partner at Revolution Growth, founded by Steve Case (AOL), Ted Leonsis (Washington Capitals, Washington Wizards), and Donn Davis (Exclusive Resorts). Murray boasts more than 25 years of experience in the technology start up space, including in Fin Tech (not to be confused with infant tech). He joined… Read More The post MIB, Steve Murray, Revolution Growth appeared first on The Big Picture.

10 Weekend Reads

The weekend is here! Pour yourself a mug of Danish Blend coffee, grab a seat by the window, and get ready for our longer form weekend reads: • Jack Bogle’s Battle (Barron’s) • The Last Days of the Blue-Blood Harvest (The Atlantic) • Dimensional Fund Advisors Grapples With Its Future (Institutional Investor) • Rocketmen: The Space Barons: Elon Musk, Jeff Bezos, and the Quest to… Read More The post 10 Weekend Reads appeared first on The Big Picture.

Exile In Guyville, 25th Anniversary

Girly-Sound To Guyville: The 25th Anniversary Edition Box Set Released earlier this month from Matador Records.     Filled with candid, clever songs about sex and scenesters, Liz Phair’s 1993 masterpiece Exile In Guyville was an audacious national debut. Explore Liz Phair’s Exile In Guyville (in 5 Minutes)   Liz Phair – “Never Said” Via… Read More The post Exile In Guyville, 25th Anniversary appeared first on The Big Picture.

Succinct Summations of Week’s Events 5.18.18

Succinct Summations for the week ending May 18th, 2018 Positives: 1. Same store sales growth rose 4.9% y/o/y, up 0.7% from previous 4.2% increase. 2. Jobless claims came in at 222k, sending 4-week average down 2,750 to 213,250. 3. Crude oil inventories fell 1.4 million barrels w/o/w to 432.4 million, 4. E-commerce retail sales rose 3.9% in… Read More The post Succinct Summations of Week’s Events 5.18.18 appeared first on The Big Picture.

10 Friday AM Reads

My end of week morning train reads: • The Store Is Not Dead (at Least for Now): Shops that would rather not shut down are adapting, resulting in a somewhat surprising retail renaissance (The Cut) • How Baby Boomers Broke America (Time) • Bitcoin’s energy use got studied, and you libertarian nerds look even worse than usual (Grist) • U.S.… Read More The post 10 Friday AM Reads appeared first on The Big Picture.

1956 Porsche 356

As part of my “Spring has finally arrived, time for open air driving” series, allow me to present another lovely Speedster: from Porsche, the 356. I was never a Porsche guy, but I have to admit the charms of this little 911 predecessor have grown on me. Its a simple, rear engine, rear-wheel drive. The lightweight… Read More The post 1956 Porsche 356 appeared first on The Big Picture.