Tag: financial markets

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Economist Allison Schrager joins City Journal editor Brian Anderson to discuss her new book, An Economist Walks Into A Brothel: And Other Unexpected Places to Understand Risk. Risk is a universal fact of life, but some of us manage more of it than others. Schrager examined how a broad cross section of people handle it: horse breeders in Kentucky, members […]

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Chinese stock markets were only open a short time over night and then closed after another 7% move down. U.S. markets are falling in sympathy with index futures for the S&P 400, 500, NDX 100, and Russell 2000 all down more than 2.25%. DJIA Futures are down 387 points. All as of 0525 Central Time. […]

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Contributor Post Created with Sketch. Defending the “Hedge Fund Guys” from Donald Trump

 

shutterstock_85839379Donald Trump has made financial elites one of his latest targets, recently declaring on Face the Nation that, “I have hedge fund guys that are making a lot of money that aren’t paying anything [in taxes]. They’re paying nothing and it’s ridiculous. I want to save the middle class. The hedge fund guys didn’t build this country. These are guys that shift paper around and they get lucky.” As I note in my new column for Defining Ideas, that considerably misstates the case:

The reality is the opposite of what Trump claims. When these hedge fund guys trade, they are not just haphazardly shifting paper around. They are shifting paper as a means to transfer wealth and reallocate risk. Nor do they do it in a self-contained universe. They have paying clients who need accurate information and reliable execution to enter into transactions essential to their business survival.

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Contributor Post Created with Sketch. Bear Week Begins

 

grizzlyIf you’re just waking up, chances are you’re waking up to the news that you’ve lost money.

The Greece crisis is being likened to an economic Sarajevo. The markets are sinking faster than I can type. Asian stocks began tanking hours ago. (Last I checked, the Shanghai Composite Index was down 3.7%; the Nikkei 225 down 2.4%; Hang Seng down 2.7%; Sydney’s S&P ASX-200 down 2.3%; Seoul’s Kospi … well, you get the drift. By the time I hit “publish” these numbers are sure to be down further.) The European markets opened a few hours ago and … wow. Stampede city.

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Contributor Post Created with Sketch. Member Post

 

Important but less-prominent corners of the financial markets experienced some turmoil yesterday. In particular, high-yield (“junk”) bonds experienced a global selloff. Now, when the financial media attribute market performance to one thing or another, you should always take it with a grain of salt. Markets reflect the aggregate behavior of thousands of buyers and sellers, […]

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