China & Other Futures: EI Festive Weekend Edition 3152
During 2024 EI Weekend brought a panoply of articles from the macro to what currency SBF would be trading in jail (as told by pharma bro Martin Shkreli) and pretty much everything you can imagine in between.
For the next couple of weekends we have a very brief selection of thought provoking reading from the past year in our Saturday Macro Issue EI Weekend which remains free to all — by all means invite your friends to our weekend edition in 2025.
Exchange Invest is a unique information resource combining the day’s stories in a newsletter for investors in exchanges/financial markets infrastructure.
Exchange Invest was founded by former exchange CEO and author of the first bestselling book of fintech (“Capital Market Revolution!” FT 1999) Patrick Young. Monday through Friday our daily paid subscriber email discusses the business of bourses of all kinds across the world.
On this day in 1937, Walt Disney’s “Snow White and the Seven Dwarfs” premiered as the 1st feature-length color & sound cartoon.
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MACRO THOUGHTS
From January 2024:
China’s Economic Plan Is Bankrupt
UnHerd
PLY: A recent UNCTAD “report noted that 30% of global debt is owed by emerging markets (and has risen sharply), that figure is misleading. Nearly half that debt it is owed by one country: China.
China’s total debt stock is approx 3X GDP, in line with western nations whereas only 3% of its government bonds are owned by foreign investors according to this Allianz report. QV The US has foreign investors accounting for about 25% of the Treasury market, UK Gilts are 33% owned by overseas investors.
Is it the end for China? Nope, just a major turning point. The notion of Sino-domination is diminishing — China Isn’t As Strong As You Think (UnHerd) — but its economy still has vast potential albeit with a more populous India now coming closer to centre stage…
PLY: And indeed as I edit this at year’s end we can see China battling back with a massive bazooka of stimulus as well as other reforms. Improved markets & economy but the trajectory may not be quite what some Chinese leaders hope — let’s see how this develops in 2025.
IPO-VID Livestream
2024 saw no fewer than 37 IPO-VID livestreams for the year, you can watch them all here.
EXCHANGE INVEST WEEKLY PODCAST
Kill the PCAOB?
Death to Banking Regulators?
Trump World Gets Ambitious,
As Trump, Man of the Year, Rings the NYSE Bell,
European Union in focus Over CCP Rules Again as India Ponders the SEBI Stock Options Restrictions.
The Exchange Invest Weekly Podcast 276
OF INTEREST
As always, a review of interesting reading to provoke thoughts and consideration… Not sure we agree with much of it….but it’s thought-provoking!
Why The World Loves Margaret Thatcher
The Spectator
The ANC Has Betrayed Nelson Mandela
UnHerd
Visualizing The Top Countries By Wealth Per Person
Visual Capitalist
Why Britain Is Poorer Than Any US State, Other Than Mississippi
The Spectator
Is Mississippi Really As Poor As Britain?
The Atlantic
PLY: A former UK MP, Douglas Carswell took up the cudgels for his adopted home state of Mississippi in this illuminating debate….
Book worth reading:
CAPITAL MARKET REVOLUTION
First published in 1999, “Capital Market Revolution!” offered a clear, concise roadmap for navigating the financial revolution fueled by technology. And 25 years later, as the world of fintech continues to evolve, the core principles laid out in the book remain surprisingly sharp
This new edition was produced to celebrate PLY ringing the NYSE Closing Bell July 5th, 2024. There are several new sections of PLY pith to add 10,000 more words of context and the original book which is remarkably prescient and elegantly dated all at once! It’s only $9.99 on Kindle, a fraction of the original price in 1999 to encourage revolutionaries with any budget!
Get the book here.
*Paid link, as an Amazon Associate, Exchange Invest earns from qualifying purchases.
IPO-VID LIVESTREAM PODCAST
During 2024, we produced 41 IPO-VID livestream podcasts.
You can listen to them all in different podcast sources:
EI Website | Spotify | Apple Podcast | Anchor
LAST WORD
Thank you for reading and compliments of the season, a Very Happy Christmas from all of us at Exchange Invest!
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You can also check out the “Reflections From Young’s Pyramid”, it illustrates the relative value of exchanges around the world.
Or the “ICE Cost of Borrowing 2020–2022” An Interest Rate Comparison, which illustrates the end of the funny money era of QE and how interest rates have already had a major lurch up from their previous region of zero to, even negative, levels.
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