Can Jay Powell Make It Through The Weekend?

Authored by Larry Kudlow via RealClearPolitics.com,

Is the Fed chairman, Jay Powell, going to make it through the weekend? There is talk that he is being forced to resign....

President Trump, of course, is on his case daily for not dropping interest rates in line with low inflation.

Late yesterday, the head of the Federal Housing Finance Agency that regulates Fannie Mae and Freddie Mac and oversees the 11 federal home loan banks, William Pulte, issued a statement, saying: “I’m encouraged by reports that Jerome Powell is considering resigning. I think this will be the right decision for America, and the economy will boom.”

Yesterday, the Office of Management and Budget’s director, Russ Vought, condemned Mr. Powell for his gross mismanagement of what Mr. Vought calls the palace of Versailles. 

Mr. Vought said: “We saw Chairman Powell. He was too late to recognize inflation, and now he’s too late to lower rates. And the Fed has just mismanaged the institution. And we see that the extent to which they’ve been operating at losses for a number of years now is for the first time in their history.” 

He added: “And then you just see a very practical example when you go to the nation’s mall. You see the construction of this palace, in the words of one former official, upwards of $2.5 billion, massive cost overrun.”

And this $2.5 billion monstrosity of Mr. Powell’s is already over budget by $700 million.

Mr. Vought second-guessed Mr. Powell’s Senate testimony that there’s no VIP dining room, no new marble, no special elevators, no new water features, no bee hives, and no roof terrace garden in the Fed’s renovated office complex.

Mr. Vought noted that the Fed’s Taj Mahal is way out of compliance with the National Capital Planning Act.

Mr. Powell has long argued that he can’t be replaced except “for cause.”

Yet this kind of blatant financial mismanagement over the Fed’s new building and the renovations of the old building — mismanagement that Mr. Powell denied under oath — could well represent sufficient “cause” to force his resignation, or even be fired by Mr. Trump.

Meanwhile, economists are pointing out that the Fed is hemorrhaging cash as its interest expenses exceed interest taken in.

And their $6 trillion-plus bond portfolio is underwater by $1.1 trillion.

This has all the earmarks of the bankruptcy of the Silicon Valley Bank, that went under in March of 2023 — and almost pulled the financial system down with it.

So, now the question is: Can Mr. Powell even make it through the weekend?

Tyler Durden Sat, 07/12/2025 - 14:00

Can Jay Powell Make It Through The Weekend?

Authored by Larry Kudlow via RealClearPolitics.com,

Is the Fed chairman, Jay Powell, going to make it through the weekend? There is talk that he is being forced to resign....

President Trump, of course, is on his case daily for not dropping interest rates in line with low inflation.

Late yesterday, the head of the Federal Housing Finance Agency that regulates Fannie Mae and Freddie Mac and oversees the 11 federal home loan banks, William Pulte, issued a statement, saying: “I’m encouraged by reports that Jerome Powell is considering resigning. I think this will be the right decision for America, and the economy will boom.”

Yesterday, the Office of Management and Budget’s director, Russ Vought, condemned Mr. Powell for his gross mismanagement of what Mr. Vought calls the palace of Versailles. 

Mr. Vought said: “We saw Chairman Powell. He was too late to recognize inflation, and now he’s too late to lower rates. And the Fed has just mismanaged the institution. And we see that the extent to which they’ve been operating at losses for a number of years now is for the first time in their history.” 

He added: “And then you just see a very practical example when you go to the nation’s mall. You see the construction of this palace, in the words of one former official, upwards of $2.5 billion, massive cost overrun.”

And this $2.5 billion monstrosity of Mr. Powell’s is already over budget by $700 million.

Mr. Vought second-guessed Mr. Powell’s Senate testimony that there’s no VIP dining room, no new marble, no special elevators, no new water features, no bee hives, and no roof terrace garden in the Fed’s renovated office complex.

Mr. Vought noted that the Fed’s Taj Mahal is way out of compliance with the National Capital Planning Act.

Mr. Powell has long argued that he can’t be replaced except “for cause.”

Yet this kind of blatant financial mismanagement over the Fed’s new building and the renovations of the old building — mismanagement that Mr. Powell denied under oath — could well represent sufficient “cause” to force his resignation, or even be fired by Mr. Trump.

Meanwhile, economists are pointing out that the Fed is hemorrhaging cash as its interest expenses exceed interest taken in.

And their $6 trillion-plus bond portfolio is underwater by $1.1 trillion.

This has all the earmarks of the bankruptcy of the Silicon Valley Bank, that went under in March of 2023 — and almost pulled the financial system down with it.

So, now the question is: Can Mr. Powell even make it through the weekend?

Tyler Durden Sat, 07/12/2025 - 14:00

Q2-2025 Earnings Season Preview

Authored by Lance Roberts via RealInvestmentAdvice.com,

Next week, the Q2-2025 earnings season will begin in earnest as a barrage of S&P 500 companies report, starting with the Wall Street money center banks on Tuesday and Wednesday. Since earnings drive the market by supporting investor expectations, what should investors expect? Let’s dig into the details.

Over the last few months, according to data from S&P Global, the Q2-2025 earnings estimates have declined from $234/share in the original March 2024 estimate to $220/share as of June 15th. That $14 drop in estimates is partially due to the impact of tariff concerns on corporate outlooks.

According to FactSet:

“Heading into the end of the quarter, analysts have reduced earnings estimates for S&P 500 companies for the second quarter more than average. However, the percentage of S&P 500 companies issuing negative earnings guidance for the second quarter is less than average. As a result, estimated earnings for the S&P 500 for the second quarter are lower today compared to expectations at the start of the quarter. In addition, the index is expected to report its lowest year-over-year earnings growth rate since Q4 2023 (4.0%).

In terms of estimate revisions for companies in the S&P 500, analysts have lowered earnings estimates for Q2 2025 by a larger margin than average. On a per-share basis, estimated earnings for the second quarter have decreased by 4.1% to date. This decline is larger than the 5-year average (-3.0%) and the 10-year average (-3.1%) for a quarter.”

Again, many of those negative revisions are tied to concerns over tariffs under the current Administration, and the lack of finalized “trade deals” keeps forward estimates in flux. However, as we move into Q3 and Q4 of this year, there should be sufficient resolutions to stabilize forecasts.

The macro-tailwinds of easing trade tensions, falling energy prices, and optimism over Fed rate cuts have helped equity markets return to new highs in June. However, some of those advances will be tested in the coming weeks, as there is a risk of earnings disappointment, particularly as we see continued weakness in the economic data. The Economic Composite Index (roughly 100 data points) has decreased sharply in the last two months. Historically, earnings track real economic activity, suggesting a risk of disappointment exists.

Why Estimates Are Being Cut More Sharply

There are three core drivers to explain the steeper-than-normal downward revisions in Q2-2025 earnings.

Rising trade risks: Trump’s tariff actions renewed mid‑year jitters. Industry groups and strategists at Goldman, Bank of America, and Citi warn tariffs may shave off ~1–2% EPS growth per 5pp increase in effective duty rates. While tariffs are on pause, that “pause” expires July 7th. We fully expect that pause to be extended into Q3, given the Administration has deals currently in progress. However, investors should potentially hedge against unforeseen problems later in the summer.

Weaker consumer spending: Our most significant concern for Q2-2025 earnings and the rest of the year is slowing economic growth, which will spill over into consumer spending. As discussed in “Consumer Spending Drives Earnings,” there is a high correlation between Personal Consumption Expenditures (PCE) and earnings. To wit:

“One of the better measures for developing a framework for future earnings growth is personal consumption expenditures (PCE), since they comprise nearly 70% of the economic equation. The annual percentage change in forward earnings tracks the yearly percentage change in PCE fairly closely.”

Given the recent softness in the employment data and the downturn in PCE, the risk to earnings is rising.

Lastly, the downturn in energy and materials earnings directly reflects economic weakness. The Q2-2025 earnings for the energy sector declined by ~19%, while materials fell by ~12% year‑over‑year. The decline in those two sectors is essential given their reflection of economic activity.

However, on the optimistic side, the Technology and Communications companies (particularly given their weight in the index) are buoying corporate earnings. Ongoing strong investment in AI and capex, particularly within the “Magnificent 7,” is expected to report strong earnings and revenue growth. As such, their Q2 guidance and commentary will likely offset some of the risk of spillover from trade and consumer dynamics.

Positioning For Earnings Season

At RIA Advisors, here is how we are positioning ahead of Q2 earnings reports.

After the strong run in asset markets from the April lows, markets are technically back to more overbought levels, with sentiment returning to “extreme greed.” Those levels open the door to a higher level of “disappointment” in earnings announcements than would otherwise be the case.

As such, we are looking to rebalance portfolio risk by reducing risk in areas with the highest degree of “disappointment potential” and somewhat raising cash levels. This gives us a hedge against downside risk, and cash to buy earnings “over reactions” in structurally advantaged sectors.

Our primary focus will be to:

(The following is not a recommendation or solicitation to buy or sell any securities. This is strictly for educations and informational purposes only and a disclosure of RIA’s positioning.)

• Focus on structurally advantaged sectors: Stick with AI heavyweights like Microsoft, Nvidia, and Alphabet. They carry forward earnings momentum, and guidance around AI spending could prompt positive sentiment . Conversely, avoid high-beta cyclical stocks, which may underperform if tariffs spark volatility.

• Tilt toward defensive, dividend‑paying stocks: As equity valuations remain elevated, despite slowing economic forecasts, adding exposure to low‑volatility and dividend‑generating segments, like consumer staples or utilities, can add ballast. Our primary portfolio includes companies like PG, BRK.B, RTX, and V.

• Watch guidance tone, not just numbers: Companies may retract or express uncertainty. Last quarter, ~4% of S&P 500 firms withdrew forward EPS commentary due to tariff uncertainty. In Q2 calls, examine the economic forecast from cyclical, discretionary, and staple companies for warnings or downward momentum beyond base estimates.

• Expect upside surprises, but remain realistic: Historically, 75–77% of S&P 500 firms top EPS expectations, due to the deep cuts of estimates going into earnings season. However, with consensus estimates already cut deeply, there is a high potential for a higher-than-normal “beat rate,” especially in tech (MSFT, NVDA), healthcare (ABBV, LLY), and communications (META, GOOG).

• Retain domestic vs. international exposure: The powerhouse of earnings growth remains the U.S. versus the rest of the world. With Central Banks cutting rates globally to offset sluggish economic growth, the backdrop of U.S. earnings will remain attractive to investors globally. This is why the U.S. has massively outperformed international markets over the last 15 years, and it is unlikely to change soon, given the dominance of AI by U.S. companies.

Conclusion

Q2-2025 earnings season reflects a more cautious narrative: earnings growth is decelerating, estimates have been cut more sharply, and company guidance is likely to follow suit. Yet underlying fundamentals remain solid, especially in the technology, communication, and defensive segments. Historically, positive surprises tend to outpace negativity, offering upside potential if macro headwinds remain stable.

However, our primary concern remains the slowing growth trend in the economic data. That trend, combined with rising delinquency rates, rising defaults, and declining consumption, all suggest that monetary policy is too restrictive and the Federal Reserve is likely behind on cutting rates. As discussed recently:

“This raises the danger of a policy mismatch: If the Fed waits for inflation that doesn’t arrive, it may keep real interest rates excessively high for too long, just as it kept them too low following the pandemic. The consequences could be severe.”

Next week, as earnings season kicks into high gear, investors should emphasize quality, weigh defensive income options, remain alert to guidance tone, and consider hedged exposure in reports. A well‑balanced approach, with a tilt toward AI‑led growth balanced with conservative positioning, will align risk/reward ahead of potentially market-moving announcements.

Trade accordingly.

Tyler Durden Sat, 07/12/2025 - 10:30

Trump To Impose 30% Tariffs On Mexico, European Union

President Trump on Saturday morning fired off two trade warning letters via Truth Social, threatening to impose 30% tariffs on all Mexican and European imports starting August 1. The warning to Mexico hinges on action to curb the flow of fentanyl and dismantle drug cartels, while the threat to Europe demands an end to long-standing trade imbalances driven by EU tariffs and non-tariff barriers. This caps off a week of letters sent to America's top trade partners, with tariff threats used as a negotiation tool by the Trump administration to seal deals.

"Despite our strong relationship, you will recall, the United States imposed Tariffs on Mexico to deal with our Nation's Fentanyl crisis, which is caused, in part, by Mexico's failure to stop the Cartels, who are made up of the most despicable people who ever walked the Earth, from pouring these drugs into our country," Trump said in the letter addressed to Mexican President Claudia Sheinbaum Pardo. 

He continued, "Mexico has been helping me secure the border, BUT, what Mexico has done, is not enough. Mexico still has not stopped the Cartels who are trying to turn all of North America into a Narco-Trafficking Playground." 

Here are the key points in the letter:

• 30% tariff will apply to all Mexican imports unless action is taken.

• Tariff waivers will be granted for companies that build or manufacture in the U.S.

• If Mexico raises tariffs in retaliation, the U.S. will match them on top of the 30%.

• Adjust tariffs if Mexico successfully confronts the cartels and halts fentanyl trafficking

Copy of the letter that was posted on Trump's Truth Social:

The second letter Trump was addressed to Ursula von der Leyen, President of the European Commission, in which he informed Brussels that he would impose a 30% tariff on all EU products starting August 1, unless long-standing trade imbalances—driven by EU tariffs and non-tariff barriers—are addressed.

"The European Union, despite having one of our largest Trade Deficits with you. Nevertheless, we have decided to move forward, but only with more balanced and fair TRADE," the president said. 

He emphasized:

• The U.S. market is open and fair, but EU practices have created an unsustainable trade deficit.

• The 30% tariff applies separately from any sectoral tariffs and will be higher for goods transshipped to avoid it.

• No tariffs will be applied if EU companies manufacture within the U.S.

• The EU must allow full market access to the U.S. or face higher tariffs.

• Retaliatory EU tariffs will be met with additional levies.

Trump warned that this trade deficit with the EU is a "major threat to our Economy and, indeed, our National Security!" 

Copy of the letter that was posted on Trump's Truth Social:

This past week, the Trump administration sent out two dozen trade warning letters to countries.

Let's recap the week with the most important trade headlines:

• Trade Crackdown: 14 Countries Receive Tariff Letters Including Japan, South Korea And Thailand

• Tariff Time Again: Trump Sends Trade Letters Ahead Of Deadline, Threatens 10% Tariff On BRICS-Aligned Nations

• Trump Says BRICS Members Will Get Additional 10% Tariffs Over De-Dollarization Attempt

• Trump To Impose 35% Canadian Tariff, But USMCA Goods To Stay Exempt

• Copper Soars To Record High As Trump Unleashes 50% Tariff

In markets, crypto was the only asset class trading, with Bitcoin edging lower following the trade warning posts around 8:30 a.m. ET. Some selling pressure in BTC/USD had already emerged earlier, starting around 6:00 a.m. ET.

If no deals are reached by August 1, renewed trade tensions could roil global markets.

Tyler Durden Sat, 07/12/2025 - 09:55

Ford Recalling 850,000 Vehicles For Fuel Pump Failure

Ford is recalling over 850,000 vehicles in the U.S. due to a faulty low-pressure fuel pump that could fail and cause engine stalls, increasing crash risk, according to AP.

The recall includes various recent Ford and Lincoln models, such as the Bronco, Explorer, F-150, Aviator, and Navigator, according to the National Highway Traffic Safety Administration.

AP writes that starting July 14, Ford will notify affected owners about the issue, though a fix is still in development. A second notice will be sent once the repair is available, which will be free of charge.

Ford just launched its new “Zero-Zero-Zero” summer sales event to ease upfront vehicle costs amid rising interest rates and growing tariff pressures.

The campaign—starting July 8—offers zero down payment, 0% interest for 48 months, and no payments for 90 days on most Ford and Lincoln models.

This initiative follows the “From America, For America” employee pricing strategy, which helped boost Q2 sales (Ford up 14.2%, Lincoln up 31%).

The move comes as tariffs have begun to impact Ford’s pricing. Vehicles like the Maverick, Mustang Mach-E, and Bronco Sport—built in Mexico—are now subject to a 25% import tariff, prompting Ford to raise prices on those models. Additionally, tariff-related increases in parts costs could affect other vehicles across Ford’s lineup.

Recall we wrote weeks ago that tariffs would cost auto consumers an extra $2000 per vehicle. 

General Motors and Ford have projected tariff-related hits of $5 billion and $2.5 billion, respectively, and plan to offset some of it through price hikes. This could result in around 1 million fewer cars sold in the U.S. over the next three years. AlixPartners sees a rebound, projecting U.S. auto sales to hit 17 million by 2030.

Tyler Durden Sat, 07/12/2025 - 08:45

The key reports this week are June CPI, Retail Sales and Housing Starts.

For manufacturing, the June Industrial Production report and the July New York and Philly Fed manufacturing surveys will be released.

----- Monday, July 14th -----
No major economic releases scheduled.

----- Tuesday, July 15th -----
8:30 AM: The Consumer Price Index for June from the BLS. The consensus is for a 0.3% increase in CPI, and a 0.3% increase in core CPI.  The consensus is for CPI to be up 2.6% year-over-year and core CPI to be up 2.9% YoY.

8:30 AM: The New York Fed Empire State manufacturing survey for July. The consensus is for a reading of -10.1, up from -16.0.

----- Wednesday, July 16th -----
7:00 AM ET: The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.

8:30 AM: The Producer Price Index for June from the BLS. The consensus is for a 0.2% increase in PPI, and a 0.2% increase in core PPI.

9:15 AM: The Fed will release Industrial Production and Capacity Utilization for June.

This graph shows industrial production since 1967.

The consensus is for a 0.1% increase in Industrial Production, and for Capacity Utilization to be unchanged at 77.4%.

2:00 PM: the Federal Reserve Beige Book, an informal review by the Federal Reserve Banks of current economic conditions in their Districts.

----- Thursday, July 17th -----
8:30 AM: The initial weekly unemployment claims report will be released. The consensus is for initial claims to decrease to 225 thousand from 227 thousand last week.

8:30 AM: Retail sales for June is scheduled to be released.  The consensus is for a 0.2% increase in retail sales.

This graph shows retail sales since 1992. This is monthly retail sales and food service, seasonally adjusted (total and ex-gasoline).

8:30 AM: the Philly Fed manufacturing survey for July. The consensus is for a reading of -0.5, up from -4.0.

10:00 AM: The July NAHB homebuilder survey. The consensus is for a reading of 33, up from 32. Any number below 50 indicates that more builders view sales conditions as poor than good.

10:00 AM: Speech, Fed Governor Adriana Kugler, A View of the Housing Market and U.S. Economic Outlook, At the Housing Partnership Network Symposium, Washington, D.C.

----- Friday, July 18th -----
8:30 AM ET: Housing Starts for June.

This graph shows single and multi-family housing starts since 2000.

The consensus is for 1.300 million SAAR, up from 1.256 million SAAR in May.

10:00 AM: University of Michigan's Consumer sentiment index (Preliminary for July).

10:00 AM: State Employment and Unemployment (Monthly) for June 2025

Turkey's Outlawed PKK Begins 'Symbolic' Disarmament By Burning Weapons

Via The Cradle

A group of fighters from the Kurdistan Workers Party (PKK) laid down their arms on Friday during a disarmament ceremony in Iraq’s northern Kurdistan region, coinciding with continued Turkish attacks on the organization despite months of a ceasefire between the historic rivals. 

Just 30 minutes into the ceremony, the Turkish army launched air attacks on villages in the Amediya district of Dohuk province in north Iraq. The small ceremony was held on Friday near the province of Sulaimaniya. Twenty to 30 PKK fighters destroyed their weapons in a symbolic gesture, rather than surrender them to authorities. 

Via X

Images on social media showed the militants placing their guns in a fire pit, ready to be lit. 

The group “comprised around 30 fighters who laid down weapons including AK-47s, PKM machine guns, and sniper rifles,” informed sources told Kurdish news outlet Rudaw.  

The fighters affirmed during the ceremony their commitment to democratic political engagement aimed at securing Kurdish rights in Turkey.

In a statement, the group of PKK fighters – identifying themselves as the Group for Peace and Democratic Society – said they disarmed to “ensure the practical success of ‘Peace and Democratic Society’ process, to wage our freedom, democracy and socialist struggle with methods of legal and democratic politics on the basis of enacting laws for democratic integration.”

They said their destruction of the arms was “a step of goodwill and determination.” Ankara welcomed the step, with Turkish President Recep Tayyip Erdogan describing it as “totally ripping off and throwing away the bloody shackles that were put on our country’s legs.” He added that the move would benefit the region. 

In the weeks leading up to the ceremony, Turkish attacks continued to target Kurdish areas of northern Iraq, according to a war monitor.

The US-based Community Peacemaker Teams (CPT) said on Thursday that “Turkish military strikes and operations have remained steady – though increasingly concentrated in specific areas – even as a disarmament ceremony approaches this Friday.”

These pictures show PKK beginning its disarmament today, starting with 30 armed members laying down their weapons. In the region’s history of conflict, such scenes—if not unique—are certainly rare. Lasting peace will require continued effort, especially from the Turkish state. pic.twitter.com/4L3S46zSGd

— Kamaran Palani (@KamaranMPalani) July 11, 2025

“Turkish military strikes have remained steady and concentrated – though notably, no civilian casualties have been reported – since their surge in May. In June, bombardments and attacks increased by just eight percent compared to the previous month but continue to exceed levels observed prior to the ceasefire,” CPT said. 

“Notably, 98 percent of strikes and shelling occurred within the Duhok governorate, specifically in the Amedi district, a stark contrast to previous years when Turkish offensives were more geographically dispersed,” it added. 

Between June 1 and June 30, at least 550 bombings and strikes were documented in the Iraqi Kurdistan region, the monitor went on to say.

The PKK has been engaged in a guerrilla campaign against Turkiye for decades. Its leader, Abdullah Ocalan, is currently serving a life sentence in prison on the Turkish island of Imrali. In February, Ocalan issued a call for the PKK to lay down its arms. 

The group has been holding talks on the matter with the pro-Kurdish Peoples' Equality and Democracy Party (DEM) in Turkiye. It has demanded legal and political guarantees in exchange for disarming, including constitutional reforms and equal rights for Kurds in Turkiye. It is also hoping for an eventual release of its leader from Turkish prison.

Thirty #PKK fighters burned their weapons in a ceremony in Sulaymaniyah as part of their #disarmament process.

Photo: Hama Sur / Channel8 pic.twitter.com/XIHsa25iE2

— Channel 8 English (@Channel8English) July 11, 2025

Ocalan reiterated his call in a video message released on 9 July, declaring that the Kurdish militant group’s decades-long armed struggle against Turkiye has come to an end. On March 1, the PKK declared an immediate ceasefire in its insurgency against the Turkish state, in line with Ocalan’s call in February. 

The PKK is very closely linked to the US-backed Syrian Democratic Forces (SDF) in Syria, which earlier this year signed a deal with Damascus to integrate into the new Syrian military. The integration has yet to take place. Ankara has urged the SDF to quit “stalling” and integrate with Damascus’s forces immediately.

Tyler Durden Sat, 07/12/2025 - 08:10

The weekend is here! Pour yourself a mug of Colombia Tolima Los Brasiles Peaberry Organic coffee, grab a seat outside, and get ready for our longer-form weekend reads:

• Free-market economics is working surprisingly well: Which economic approach works depends a lot on where you start from. (Noahpinion)

• ETFs Are Eating the World. The Right—and Wrong—Ways to Invest.  More than 700 ETFs launched last year, including ones that hold crypto or make leveraged bets on individual stocks like Nvidia. How to make sense of it all. (Barron’s) see also How Index-Fund Investing Turned Into an Extreme Sport: Exchange-traded funds are becoming far more concentrated, amplifying risks. (Wall Street Journal)

• How Far Will AI Video Go? Mapping Out the Scenarios: The last 10-15 years in video1 have been defined by the disruption of content distribution and the next 10 years are poised to be defined by the disruption of content creation. (The Mediator)

• Meet the Army of Staffers Who Manage the Mansions of the Ultrarich: It takes a village—and sometimes millions of dollars—to keep luxury properties running smoothly. (Wall Street Journal)

• The Ruthless Ambition of Stephen Miller: Mr. Miller, 39, is both a committed ideologue and a ruthless bureaucratic operator — and he has cast himself as the only person capable of fully carrying out Mr. Trump’s radical policy vision. (New York Times)

• The Geological Sublime: Butterflies, deep time, and climate change. (Harper’s Magazine)

• Our Privacy Expert Tried, and Failed, to Disappear From the Internet: As a privacy journalist, I have given all manner of advice for how to secure and obscure an online life, but I’d never undertaken a project that extends the idea of privacy to its logical conclusion: by disappearing completely. So I set out to erase my online life. I failed (New York Times) see also How to Disappear: Inside the world of extreme-privacy consultants, who, for the right fee, will make you and your personal information very hard to find (The Atlantic)

• The French Seaside Factory Trying to Break China’s Chokehold on Rare Earths: The continent wants to reduce the risks of depending so heavily on China for the valuable minerals. The question is how. (New York Times)

• From the Glass King to QAnon: A long time ago, a French king believed he was made out of glass. Here’s his story, why it matters—and how it can help us understand modern delusions such as QAnon or insane anti-vax theories. (The Garden of the Forking Paths) see also The French liar: René Descartes, the founder of modern philosophy, was furiously condemned by his contemporaries. Why did they fear him? (Aeon)

• Is Gary Shteyngart One of the Last Novelists to Make Real Money From the Craft? Mr. Shteyngart was once told he might be. With his sixth novel, “Vera, or Faith,” out now, he’s spent the last few years spending it well. (New York Times)

Be sure to check out our Masters in Business rhis week with Richard Bernstein, founder of RBA. The firm focuses on Macro trends, and manages (or advises on) $15.7B AUM. Previously, he was Chief Investment Strategist at Merrill Lynch from 1988-2009. Bernstein was named to Institutional Investor’s “All-America Research Team” 18X, and inducted into the Institutional Investor “Hall of Fame.”

 

The bond market is pricing in slowing growth; the stock market is pricing in growth is about to accelerate…

Source: Apollo

 

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To learn how these reads are assembled each day, please see this.

 

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