NASDAQ

Is Public Equity A Broken Concept?

At its core, the social compact between public equity markets and society is simple: over time, any investor should have access to the equity of important enterprises created by that society.  If that isn’t happening by virtue of some misalignment of incentives, then those need to be fixed.  The alternative – that the winners stay private but the losers are public – is untenable.  Investors will choose to hoard cash and capital will slowly stop circulating to its best possible use.

Frontrunning: March 30

  • Trump’s Border Wall: A Tall Order (WSJ)
  • Trump’s Hope for Rapid Reset With Russia Fades (WSJ)
  • China's Xi to meet Trump in Florida next week (Reuters)
  • U.S. Softens Call for Shift on Nafta (WSJ)
  • ESPN Has Seen the Future of TV and They’re Not Really Into It (BBG)
  • Inside the Leadership Shakeup at Merrill Lynch (BBG)

RBC: "We Are Seeing A Complete Breakdown In The Model"

"...the current (ongoing) breakdown in the USD is representative / driving some short-term and nascent deleveraging of legacy ‘reflation’ trades as per the sudden-death of the central bank "policy divergence" story last week - which had been the primary Dollar bull-case driver over the past year..."