Apple

Frontrunning: July 27

  • Healthcare showdown (Reuters)
  • Tax Overhaul in Doubt With House Stuck on Budget Disagreements (BBG)
  • Dollar steadies after Fed skid, shares hit new highs (Reuters)
  • Samsung Is Closing In on Apple as World’s Most Profitable Tech Firm (WSJ)
  • Sweden's PM Refuses to Resign After Cyber-Security Scandal (BBG)

Howard Marks Sounds The Alarm On ETFs And Passive Investing, Again

"If funds ever flow out of equities and thus ETFs, what has been disproportionately bought will have to be disproportionately sold.  It’s not clear where index funds and ETFs will find buyers for their over-weighted, highly appreciated holdings if they have to sell in a crunch."

Frontrunning: July 26

  • Oil bounce, results keep stocks on high (Reuters)
  • Healthcare brawl returns to Senate floor (Reuters); Senate Sets Up Health Votes for Chaotic Obamacare Debate (BBG); Health Debate Rolls On After First Option Fails (WSJ)
  • Who Will Blink First in the Sessions Standoff? (BBG)
  • Iran Says ‘Hostile’ U.S. Sanctions Vote Undermines Nuclear Deal (BBG)
  • Russia Warns of ‘Painful’ Response If Trump Backs U.S. Sanctions (BBG)

The Death Of Equity Research Hasn't Been Greatly Exaggerated

"I wish I could say the future looks bright for equity research, but few professionals appear to be addressing the miserable under-performance plaguing our industry and so there’s no reason to expect the drain of actively-managed assets to stop..."