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The Leyendecker View: June 26, 2020


Life is part what you make out of it and part what it makes out of you. 
Free will and chance don’t often share the same agenda.”
- Doug Leyendecker
 

SOME GOOD NEWS

Tiny forests are growing all around Europe
Inspired by Japan, to help restore biodiversity.
 
A 2,100-acre ranch for teachers
Mysterious funder trying to reshape America’s school system.

Water from nothing
Technology that creates water out of air.
 
OUR FINANCE WORLD
 
Making investments
When there’s blood in the streets.
 
Pershing Square’s Bill Ackman raisings record sized SPAC
$3B ready for one large acquisition.
 
Banks are tightening lending
Like it was 2008 again.
 
Calpers takes a bold and risky investment strategy
What could possibly go wrong?
 
CORONAVIRUS
 
Pandemic daily cases hitting new highs
And winter is coming.

The virus-proof industry explosion
Is it opportunity or a grand experiment?
 
Study suggests reinfection risk exists
Meaning one vaccine may not be for everyone.
 
Coming to a phone near you
Contact tracing apps in development.
 
THE GLOBAL VIEW
         
Globalization has peaked
That’s what Bridgewater’s Ray Dalio thinks.
 
Global debt ratios exceeding 100%
That’s why we have to borrow and print more money.
 
It’s a global crisis, yet Japan’s jobless rate is only 2.6%
Why?
 
THE ECONOMIC VIEW
 
New US tariffs on EU goods is justified
So suggests the WTO.
 
IMF reduces global forecast
Slashing their projection from 10 weeks ago.
 
Saving more won’t save us
Curbing shopping could make US economy worse.
 
REBUILDING AMERICA
 
IRS sends $1.4T to dead people
Would Amex, or any bank, make such a mistake?
 
Turning malls into livable spaces.
Some good early examples.
 
TECHNOLOGY
         
Amazon’s carbon emissions grow 15%
As it announces a $2B green VC fund.
 
Don’t mess with tech companies
Cuz they can really mess with you.
 
The next Google?
Search without advertising or personal tracking. 
 
VCs doesn’t really build the things we need
Because money only flows to where returns are.
 
THE CHINA SYNDROME
 
China re-routing rivers
To expand their borders.
 
Chinese tax software company creates back door
So they can slyly access data.
 
US imposes restrictions on Chinese media
Tit for tat after China kicked out US reporters.
 
China leading cyberattacks on European hospitals
Per the EU Commission President.
 
THE NEXT NORMAL

Auto sales on the rise
Avoiding mass transit at any cost.
 
Harvard law student sues school
$65,875 for a year of online education?
 
Mall owners may buy their tenants
Kicking the can down the road?
 
MAKING A BETTER YOU
 
Achieving big goals
Starts with small habits.
 
Learn from the future
By institutionalizing the imaginative process.
 
Stop preparing for the last disaster
Life is full of surprises, but lightning doesn’t strike twice.
 
VIDEO OF THE WEEK
 
Welcome to the deep sea
Illuminating biodiversity of the Ningaloo Canyons.
 
HOW ABOUT A BREAK
                       
Mathigon—textbook of the future
Great online school is coming.
 
Order or chaos
Which rules our world?
 
Men who like cats
Feline friends not great for love lives.
 
FROM THE HEADHUNTER’S KITCHEN
                    
New Orleans BBQ shrimp
Man oh man, get me a dipping baguette and a cold beer!
 
THOUGHTS FROM DOUG
 
Said it last week, worth saying every week—if you are unemployed and/or with too much time on your hands, consider volunteering at your local food bank. Create a little goodwill, and maybe some good will come your way.
 
How many people have thought about the difference between “needs” and “wants when it comes to economy?
 
Throwing money at the economy helps in the short run, but what we really need is more sustainable industries and more sustainable jobs. Are hospitality, restaurant, gaming, entertainment and personal services going to provide us a wonderful economic future?
 
Might it be important to understand the multiplier effect of different industries in order to best position our economic policy?
 
Social distancing, face masks, manic cleanliness, contact tracing, constant testing, more pain to travel by air or train—is this really how we want to live? 
 
Today I see people driving cars on the freeway wearing facemasks while looking at texts on their “smart” phones. Are we feeling good about that?
 
Peeking out the curtains suggests the stock market may be wrong about the economic recovery.
 
Since the Fed is backing many high-yield bonds, then why would investors by low-yield Treasuries backed by Uncle Sam when they can buy high-yield debt backed by Uncle Sam?
 
IN CASE YOU MISSED IT
 
The Leyendecker View: Is ESG a Marketing Ploy?
June 19, 2020
 
The Leyendecker View: Are PE Investors “Free Market”?
June 12, 2020
 

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