Financial Markets and Economy
Worlds Top Fortunes Fall $196.2 Billion Since Brexit Bombshell (Bloomberg)
Global markets erased another $69.2 billion from the combined net worth of the worlds 400 richest people Monday, bringing the total since the U.K. shocked investors with a vote to leave the European Union to $196.2 billion in the last two trading days.
Global stocks extend losses, sterling near 30-year lows in Brexit aftermath (Business Insider)
Global equities took another step down in Asia on Tuesday, with regional markets sliding and sterling wallowing near three-decade lows as Britain's shock vote to exit the European Union continued to roil financial markets.
World's Largest Emerging Markets Plan a Different Kind of Ratings Agency (Bloomberg)
The BRICS nations are looking to set up a new credit-rating company in an effort to break the dominance of the big three developed-nation firms.
The Left and Right Stumble on Globalization (Bloomberg View)
In a recent article, I presented solid evidence that the global economy has been doing very well for the world’s poor during the past 25 to 35 years. China’s growth has been stellar, India’s has been solid and many smaller poor countries got a boost from demand for natural resources. Now developing-world growth has dipped, thanks to the China slowdown and the resulting slump in commodity prices. But the gains the poor countries made are unlikely to be reversed. And those decades of stellar growth should teach us some big, important lessons about economic policy and ideology.
The Missing Men (The Atlantic)
Something is rotten in the U.S. economy. Poor men without a college degree are disappearing from the labor force. The share of prime-age men (ages 25-54) who are neither working nor looking for work has doubled since the 1970s.
China's reaction to Brexit has already put the entire world at risk (Business Insider)
The entire world is hysterical about the Brexit – the UK's decision last week to leave the European Union. Markets around the world are puking, people within the country are shocked, and people outside the country are wondering whether there's a way to take it back.
Quant Hedge Fund Wins on Pounds Plunge by Looking Past Brexit (Bloomberg)
For one of the years most successful currency managers, the U.K.s vote last week to leave the European Union was one more vindication of its investment strategy.
Gold Daily and Silver Weekly Charts – Wizard of Finance (Jesse's Cafe Americain)
The Brexit continues playing out.
Brexit’s Big Loser? Japan (Dollar Collapse)
One of the first results of Britain’s voting to leave the European Union was a sharply lower pound. Which means the UK is now winning the currency war.
10 ways to leave EU lover; scenarios for Brexit (Reuters)
Stalemate between Britain and the European Union over what happens next following Britons' referendum vote to leave has opened up a host of possible scenarios.
The Market Value Fluctuations of the 10 Largest Companies (Value Walk)
I thought I’d put up a quick post with an interesting chart that might provide some food for thought. Considering the volatility in the past few days that was created by the surprising results of the “Brexit” referendum where the U.K. voted to leave the European Union, I thought this might be a timely topic to think about. In the past I’ve discussed how sometimes even the largest cap stocks can get mispriced from time to time.
Is Your Portfolio Getting Enough Sleep? (BPS and Pieces)
We could all use more sleep. The older we get, the busier we are. And the busier we are, the more challenging it is to get the requisite 7-9 hours a night that doctors recommend.
Why the Tesla and electric car boom could be good news for the grid (LA Times)
Earlier this year, breathtaking numbers of pre-orders for the Tesla Model 3 not only shocked the auto industry, but also suggested that a transition of the U.S. and world auto fleet toward electric vehicles could happen faster than expected.
"This Is A Recession" – Dallas Fed Workweek Hits 7-Year Low (Zero Hedge)
The Dallas Fed Business Outlook has now been in contraction for 18 straight months. The underlying components are mixed but the average workweek has collapsed back to its lowest since Nov 2009. As one respondent noted, "This is a recession… Fed policy has us locked into a lethargic and tenuous position… We cannot have millions of people out of the workforce and be healthy economically – they are a burden not a benefit."
Politics
Brexit May Well Never Happen (Slate)
The “Leave” campaign won an unexpectedly decisive majority in Thursday’s referendum on Britain’s EU membership. So why do Brexit’s biggest backers already seem so discombobulated?
Commenters described “Leave” icon and possible next prime minister Boris Johnson as “rather pale” and “uncharacteristically subdued” the morning after.
Donald Trump appears to shift on banning Muslims from U.S. (Market Watch)
Donald Trump appears to be backing away from one of his signature and most controversial proposals—banning Muslims from entering the U.S.—as polls show him falling slightly behind Hillary Clinton.
Technology
Anki just built Wall-E and Eve’s lovechild into a robot named Cozmo, and it’s incredible (The Next Web)
Most people recognize Anki best for its line of toy race cars, but the latest product from the company will excite anyone who’s remotely interested in artificial intelligence, robotics, Pixar movies, or all of the above.
A.I. Downs Expert Human Fighter Pilot In Dogfights (Popular Science)
In the military world, fighter pilots have long been described as the best of the best. As Tom Wolfe famously wrote, only those with the "right stuff" can handle the job. Now, it seems, the right stuff may no longer be the sole purview of human pilots.
Health and LIfe Sciences
Best fix for middle-of-the-night insomnia isn’t what you think (Market Watch)
It is a frustratingly common scenario: You fall asleep easily at bedtime but are wide awake at 2 or 3 in the morning. Only after a half-hour or more of staring at the ceiling can you finally fall back to sleep. This middle-of-the-night insomnia happens to everyone every once in awhile. It is an appropriate, normal response to stress, doctors say.
After 190 Tries, Are We Any Closer to a Cure for Alzheimer’s? (Bloomberg)
Eli Lilly has spent almost three decades working on drugs for Alzheimer’s disease with not much to show for it yet. This year the company began human tests using a totally new approach. Its latest drug targets an aberrant protein called tau that spreads through the brain as Alzheimer’s progresses, accumulating in telltale tangles that strangle brain cells.
Marijuana-Based Drug Helps Kids With Rare Forms Of Epilepsy In Studies (Forbes)
An oil derived from marijuana plants proved effective in a rare form of epilepsy that afflicts 30,000 Americans, its maker said this morning.
GW Pharmaceuticals, a London-based company, is developing a drug called Epidiolex, a pharmaceutical-grade form of cannabidiol (CBD), an oil found in the marijuana plant.
Life on the Home Planet
Ancient Waters Are Keeping the Southern Ocean Cool (Popular Science)
It’s one of the most befuddling questions in climate science. As carbon pollution cranks up the global thermostat, the Southern Ocean has is getting cooler, not warmer. While Arctic sea ice has dwindled, Antarctic sea ice has persisted and even grown.
Humans are greater threat to sharks, not the other way around (Phys)
Fans of Shark Week are sinking their teeth into a whole new slate of programming focused on one of the world's most fascinating predators. While Shark Week often delves into the sensational aspects of sharks, Florida International University (FIU) biologists are quick to remind people that sharks aren't exactly the voracious predators we often fear. In fact, shark attacks on humans are rare.
