The Woke Street Journal
I am traveling Tuesday and Wednesday, be back Thursday
Election
Harris taking some heat for her economic plan (not from who you might think): Opinion When your opponent calls you ‘communist,’ maybe don’t propose price controls? It’s hard to exaggerate how bad Kamala Harris’s price-gouging proposal is.-Washington Post
Great breakdown of what price controls would lead to.
One advantage to attending the DNC is there will be a mobile abortion and vasectomy van there.
ESG
Fidelity has most 'dog funds' while ESG struggles-FT Adviser
ESG and ethical funds also featured widely in the latest Bestinvest Spot the Dog report.
Parnassus Investments, one of America's oldest and most respected ESG boutiques, is adding once off-limits market segments such as oil and gas to its investment opportunity set, even as executives there warn that the hurdle for including such companies in its portfolios remains high.
Amid the politicization of ESG investing in recent years, the $47 billion San Francisco-based money management firm has stopped using hard-and-fast exclusionary screens in building client investment portfolios, in favor of more flexible guardrails.
US Has Narrow Route to Block State Anti-'Woke’ Banking Laws-Bloomberg Law
Banks and federal policy makers in Washington want to limit the reach of laws in Florida and Tennessee requiring lenders to provide “fair access” to customers, but they face a narrow path thanks to the US Supreme Court.
'Woke Politics' Rule Struck Down by Judge-Newsweek
On Wednesday, U.S. District Judge Stephen R. Bough ruled against an investment regulation in Missouri led by Republican Secretary of State Jay Ashcroft, who sought to reveal financial companies and institutions that "put woke politics ahead of investment returns."
The judge ruled that the regulations put in place by Ashcroft violated the financial institution's free speech
Woke Companies
A reader pointed out the recent move of FOX, the only publicly traded non liberal main street media company.
That’s not going to help: Harley-Davidson CEO compares himself to ‘Taliban’ in resurfaced speech as brand is accused of going woke-NY Post
Censorship
Woke
Supreme Court Blocks Biden’s Title IX Rules That Allowed Men In Women’s Sports-Daily Wire
Border
Apparently armed Venezuelan gangs are taking over apartment complexes in CO.
Market
What a week. Better than expected jobless claims and retail sales put aside all the recession fears and generated at rally that’s now lasted 7 days and almost completely erased the drop in July. Other than Jackson Hole on Friday and Fed minutes on Wednesday, not a lot of market moving data this week. The only real speculation at this point is whether we get 50bps or 25bps in September. Honestly, not sure what would be better for the market. You could make an argument that if they cut 50 that means something is broken, or near broken.
We have seen a shift in the economic numbers, at least for now. It used to be good news was bad news, that’s changed with recent recession fears. Don’t let the stock market’s best week of 2024 fool you — there’s a new game in town A ‘bad news is bad news’ environment means there’s less room for error when it comes to economic growth-MarketWatch
Solid progress on inflation is good news in that it clears the way for the Federal Reserve to begin cutting interest rates. But the focus on slowing growth means investors are now much more attuned to fears that a widely hoped economic soft landing could instead turn into a recession.
Goldman Cuts US Recession Risk Following Retail Sales, Jobs Data-Bloomberg
Goldman Sachs Group Inc. economists lowered the probability of a US recession in the next year to 20% from 25%, citing this week’s retail sales and jobless claims data.
If the August jobs report set for release on Sept. 6 “looks reasonably good, we would probably cut our recession probability back to 15%, where it stood for almost a year” before a revision on Aug. 2, the Goldman economists led by Jan Hatzius said in a report to clients on Saturday.
Real interesting take on the market gyrations from Jefferies….
Data last week has reduced the probability of a hard landing. In our view, the recession fears were more a reaction to the market moves in early August rather than driven by fundamentals. Unfortunately, the street rushes to justify a market reaction rather than acknowledge that it could have been driven by positioning and technicals. As we have argued a number of times, at least half the flows in fixed income and equity markets are driven by Algo accounts who trade on models and do not care whether there is a thing called inflation or growth or there is something called the Fed or ECB. These Algos tend of exaggerate market moves and the street tries to justify these market moves by trying to fit a macro narrative.
Futures are slightly red, but VIX is up almost 7%. Perhaps something to keep an eye on.
Anyone who thinks AI is overhyped….
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