The Leyendecker View: Goldman Launches Robo Advisor«Back


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The Leyendecker View: February 19, 2021


They may be changing the world, but that doesn't mean they run it.
Scott Morrison, Australian PM, on tech companies

 
THE ECONOMIC VIEW

Yellen makes push for tsunami stimulus
It’s only Monopoly money, right?
 
Retail sales rose measurably in January
And we have more stimulus coming.
 
Housing starts decline, multifamily slumps
Welcome to the lag effect.
 
Business asks Biden to subsidize new US chip factories
Now here’s a worthy idea.
 
THE LABOR VIEW
 
Jobless claims remain stubbornly high
Gonna be fixed by more stimulus?
 
Kroger closing more stores
That can’t afford higher wages.
 
How automation affects labor
Brookings Institute projects the future.
 
Long-term unemployment rises
Will it be permanent as more technology replaces labor?
 
MEANWHILE IN EUROPE
 
Europe replaces US
As China’s largest trading partner.
 
About 2.6 million people in UK expect to be fired soon
If business support programs aren’t enough.
 
UK suffers worst economic slump since 1709
Come on people, just borrow and print more money.
 
THE GLOBE
 
Global debt hits 356% of GDP
Does debt even matter?
 
Europe wants US back in WTO
They need America’s help with the China challenge.
 
Japan’s economy comes roaring back
12.7% growth in Q4 of 2020.
 
Trust in government around the world
So squashing and criminalizing dissent builds trust, it seems?
 
THE FINANCE WORLD
 
Goldman launches its own robo advisor
All you need is $1,000 to get started.
 
The stock market is not a casino
GameStop clean-up on aisle one, this time from NYSE president.
 
JPM sees ESG bond boom
Might as well throw another new bubble into the mix.
 
While only 11% of US investors list ESG
As a top three investment consideration.
 
CORONANEWS
 
Deloitte in the hot seat
A $44MM vaccine appointment software fiasco.
 
Fauci pushes general public vaccine availability out
Should this surprise us?
 
Herd immunity by April
John’s Hopkins professor thinks so.
 
UK variant may be more infectious and more deadly
But research still not certain.
 
TECHNOLOGY
 
WWW inventor warns against “pay for clicks”
The beginning of the end of free access?
 
Uber loses out in the UK
Higher wages coming for drivers.
 
Which countries have the most data centers?
Why isn’t China on this list?
 
On again, off again, on again
The Apple car briefly explained.
 
THE WAR ON CARBON
 
Texas was “seconds and minutes” away
From months of uncontrolled blackouts.
 
The corporate climate pledge
That may result in Texas’ recent nightmare.
 
Scott Tinker’s climate change Senate testimony
A common-sense approach.
 
Bill Gates says rich countries shouldn’t eat meat
The Emperor speaks!
 
THE CHINA SYNDROME
 
Boycotting the 2022 Beijing Olympics
Is picking up momentum.
 
China trying to block vaccines to Taiwan
Does ESG square up with China?
 
US considers more export tech trade restrictions
Getting tired of letting them steal our stuff.
 
THE NEXT NORMAL
 
Online thrift store market sizzles
Enough to take Poshmark public.
 
Biden extends mortgage relief program
Is a debt jubilee coming?
 
Lufthansa CEO says business travel permanently changed
Moving fleet to smaller commuter jets.
 
Auto industry recruits video-game designers
To usher in next wave of innovations.
 
MAKING A BETTER YOU
 
Two hours outdoors
The new 10,000 steps.
 
Do not disturb
How to ditch your phone.
 
A new technology for thinking
Talking out loud to yourself.
                       
HOW ABOUT A BREAK
 
She survived two years alone in the Arctic
Goodness gracious, who’s making this movie?
 
Why natural beauty drops the jaw
And lifts the spirits.
 
Twenty charts that explain 2020
Some good perspectives here.
 
MINDCATION VIDEOS OF THE WEEK
 
The insane engineering
Of the Perseverance Rover.
 
Blessings
The Irish hills, folk music and poetry.
 
Toy of the year goes to…
He’s finally here!!!  
 
FROM THE HEADHUNTER’S KITCHEN
 
7 Cajun Mardi Gras recipes
Have a vaccination party at your house.
 
Short rib ragu
This baby’s a must have staple.
 
Dark chocolate pecan toffee bark
Easy peasy. Yammy stuff.
 
THOUGHTS FROM DOUG
 
Here’s what we should be learning in Texas from this past week’s weather: the larger and more complex any system gets, the more systemic risk builds. All it takes is a small outlier event to bring the whole system to its knees.
 
And then of course: throw desire in the room with trial and error and out will come progress. Texas’ recent “error” experience should lead to some worthwhile progress.
 
And another thing: solar and wind may be renewable energy, but they are not sustainable. You know what’s the most sustainable power generation source? It’s coal.
 
From a neighbor: “I will never take running water for granted again.”
 
Goldman Sachs thinks Biden’s $1.9T stimulus is going to lead to more rapid economic growth.  It surely will, but is this just another exercise of giving heroin to the heroin addict? Without meaningful behavior change…read: productive change in our economic policy…it seems likely we’ll need yet more heroin sooner or later.
 
If I had to pick our primary economic driver today, it would be the wealth effect. Driver two would be fiscal and monetary stimulus. Oh yeah…that’s what created the wealth effect.
 
What if this virus and its variants are here to stay?
 
When will we realize the pace of labor and wage destruction brought on by technology may be leading us to economic destruction?
 
IN CASE YOU MISSED IT
 
The Leyendecker View: World’s Highest-Earning Hedge Fund Managers
February 12, 2021
 
The Leyendecker View: Commodities Prices Set to Boom
February 5, 2021
 
 


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