Useful Readings. Trying categories this time.
- In Defense of Monetary Policy (ECB Speech) – by Vítor Constâncio, Vice-President of the ECB, 11 March 2016 – To normalise inflation in the euro area we urgently need higher growth that can reduce negative output and unemployment gaps, using all really available policies. If not monetary policy, then what? // FISCAL STIMULUS.
- Related: ECB VP mentioned this book: The Rise and Fall of American Growth (Amazon) by Robert Gordon
- Related: Lael Brainard’s remarks: An Update on the Outlook, Liquidity, and Resilience (pdf, FED)
- Related: Olivier Blanchard’s research paper on The US Phillips Curve (pdf, PIIE)
- The Fed Takes Confusing Path to the Right Place (PIIE)
- ECB Doing Whatever It Takes Can’t Make Euro-Area Banks Lend (Bloomberg) – Deposits at the ECB by euro-area banks in excess of required reserves have jumped sixfold since the introduction of negative interest rates, while lending within the currency bloc has barely budged. // WHEN MARKET LACKS DEMAND FOR LOANS, THE GOVT SHOULD STEP IN TO BORROW AND SPEND ON PUBLIC GOODS.
- Andy Grove and the iPhone SE (Stratechery)
- Books by Andy Grove: Only The Paranoid Survive (Amazon) and High Output Management (Amazon)
- Streaming Overtakes Downloads, CDs as Top Music Revenue Driver (Variety) – Streaming accounted for 34.3% of all U.S. music industry revenue in 2015, while digital downloads made up for 34%. Physical disc sales still contributed 28.8% of a total retail revenue of $7 billion for the full-year 2015.
- Microsoft Open Sources Visual Studio’s Productivity Power Tools (GitHub)
OIL & GAS
- Drilling Rig Suppliers Say Oil Recovery Will Be Slower Than Expected (Bloomberg) // TRANSOCEAN CEO SAYS WON’T RAISE DAY RATES UNTIL LATE 2018. STRONG BALANCE SHEETS SHALL BE FAVORED.
- New Market for US Shale Gas Opens in Europe (WSJ) // REDUCING EU’S RELIANCE ON RUSSIAN GAS
TRADING & INVESTING
- Art of Trading: Things I’ve Learned After 15 Years of Trading // SOME GOOD AXIOMS
- Over 753 Funds Own Valeant’s Billions of Debt ($VRX, Fortune) // MOST DEBT OWNED THROUGH CLOs BY 103 MANAGERS, A LOT OF SIGNING PAGES IF NEGOTIATIONS ARE NEEDED
- Michael Platt Hedge Fund Market Wizard – How to Pick a Trader – “I don’t want an analyst who’s never traded” // DON’T FIGHT THE MARKET
LIFE & ENTREPRENEURSHIP
- Derek Sivers: The Zen Master of Entrepreneurship (J.Altucher)
- How People Learn to Become Resilient (NYer)