goldman sachs

goldman sachs

Frontrunning: October 4

  • Spanish tensions bar Europe from global stocks party (Reuters)
  • Catalonia to move to declare independence from Spain on Monday (Reuters)
  • Catalan Police Chief Investigated For Sedition (TSR)
  • Trump Suggests Puerto Rico’s Debt May Need to Be ‘Wiped Out’ (BBG)
  • Trump Heads to Las Vegas After Shooting Reignites Gun Debate (BBG)

SocGen: "Global Earnings Are Back To 2014 Levels; Stocks Are 15% Higher"

"QE sustained equities levels in anticipation of a profit recovery, but rather than de-rating as those earnings came through, markets are simply being propelled to ever higher levels. The equity valuation problem was created during the 2011-15 era when global profits went nowhere, yet equities rose 30%."

"I Thought I Was Middle-Class?"

"When I saw Gary Cohn, bloviating about Trump’s tax plan and how it was going to do wonders for the middle class, I knew I was probably going to get screwed again. And after perusing the outline of their plan, it is certain I will be getting it up the ass once again from my beloved government."

Real Estate Company Is Replacing Agents With Robots

Get ready for the rise of the real estate robots: at one company that recently began using real estate robots, an Alexa-like tabletop box can answer nearly any question a prospective buyer lobs in its direction.

Weekend Reading: Tax Cut Wish List

"It is a simple function of math. But the following chart shows why this has likely come to the inevitable conclusion, and why tax cuts and reforms are unlikely to spur higher rates of economic growth..."

Mike Krieger Warns "Don't Become A Right-Wing Snowflake"

"Our culture is one of extreme superficiality. This is exactly why so many people lose their minds over NFL players taking a knee, but could never be driven to such burning outrage over a war launched based on falsehoods that killed hundreds of thousands of Iraqis...Politicians and oligarchs encourage such superficiality..."

Why Doesn't Janet Yellen Resign?

"You would think, certainly if you were as naive and innocent as I am, that when you get offered the job of Chair of the Federal Reserve, you must be sure, before accepting, that you have the credentials and the knowledge required. If you don’t, it looks as if you don’t take the job seriously. Janet Yellen, who’s been Chair since January 2014, doesn’t seem to agree."