Exchange Invest Weekend Edition 2704: Disasters From Electric Cars to the NHS
NHS@75, EU right wing women rising, the electric car flop & how $3 trillion Apple is skewing key indexes.
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 L Young. Monday through Friday our daily paid subscriber email discusses the business of bourses of all kinds across the world.
This weekly edition is a magazine of broader macro topics as well as including our free weekly podcast which reviews the highlights of the week in the world’s market structure.
On this day in 2013, Greece’s international debt inspectors reached a tentative agreement with the cash-strapped country on reforms needed to keep releasing vital bailout loans, although they warned it still faced an “uncertain” economic outlook and needed to sack thousands of state sector workers. Municipal workers went on strike to protest government plans to reduce the number of civil servants.
IN BIGWORLD
From Exchange Invest 2700: Tuesday, July 04th:
News that Joe Biden has given limited support to geoengineering (aka blocking the sun) to limit global warming (Politico) leads to the interesting notion that perhaps Joe Brezhnev has more than a hint of Montgomery Burns in his make up. Listed as “between 81 and 104 years old” the owner of the nuclear power plant in the Simpsons, Monty famously blocked the sun in season 6 episode 25…
IPO-VID LIVESTREAM
NEXT WEEK TUESDAY
Season 19: Episode 05: IPO-VID Livestream 113
Tuesday, July 11th: 1800 UK, 1900 CET, 1400 EST
“Scott Shellady: Chewing The Market Cud With The Cow Guy”
Scott Shellady is an experienced Managing Director with a demonstrated history of working in the capital markets industry. Who is best known as “The Cow Guy.” A financial TV regular for decades, often in his remarkable trading jacket, Scott is Markets Anchor on RFD TV in Nashville Tennessee where he is Host of The Cow Guy Close show.
Watch the stream on:
IPO-VID LIVESTREAM PODCAST
In IPO-VID Episode 105: Patrick L Young was joined by University of St Andrews Reader in Management, Philip Roscoe.
Listen to Philip as expected roamed over all manner of diverse issues while discussing how to build a stock exchange.
Now available from multiple different podcast sources including:
EI Website Spotify Google Podcasts Apple Podcast
EI WEEKLY PODCAST
New DB1 CEO is scheduled for 2024
63 Moons has another Bagatelle deal
Brian Winterflood Dies
And we have GIFT Lift-Off
The Exchange Invest Weekly Podcast 201
VICTORY OR DEATH
20 years on from the first fintech bestseller “Capital Market Revolution!”… “Victory Or Death” is a must read book for anyone interested in the intersection of Blockchain, Cryptocurrency and FinTech as part of the whole future of finance.
FINANCE BOOK OF THE WEEK
In response to reader’s queries, we have added a book of the week column to the EI weekend edition — You can sign up for EI Weekend for free at ExchangeInvest.com incidentally.
We’re choosing interesting books pertaining to exchanges and markets, investment et al.
“Candlestick Charts: An Introduction To Using Candlestick” aims to enable the simple viewing of a candlestick chart to answer the perennial question: “Who’s controlling the market; the Bulls or the Bears?”
This book is a no-nonsense guide to the methodology and practical usage of this ancient Japanese charting technique and essential reading for anybody involved in markets, regardless of their level of experience across any traded market.
Get the book here.
Suggestions welcome if you would like to nominate a book for us to cover!
Our next Book of the week will be unveiled Saturday in the EI Weekend Edition.
& don’t forget if you want all the news on the bourse business sent daily to your Inbox subscribe to Exchange Invest — via Exchange Invest.com — it’s only $349 per annum to join “The Exchange of Information.”
BITCARNAGE
After a Scooby Doo fashion “And I would have gotten away with it too, if it weren’t for you meddling kids” crypto ought to have a similar meme but with ‘pesky regulators” in the stead of Daphne, Velma, Fred, Shaggy and Scooby himself.
Reality bites in the great City state where Singapore Tells Crypto Platforms To Keep Client Money In A Trust After FTX Sag (Bloomberg). While Bloomberg also reports Crypto’s Dream Of An Embrace By China Gets A Reality Check. Shades of MICA one might also suggest.
Over in the world of SEC regulation of ETFs #Itscomplicated seems like an understatement…but for every worry of the Winkelvii crypto Karma has delivered an equal and opposite reaction from former SEC staffer John Reed Stark….
If you enjoyed this excerpt you may be interested to know that you can read Bitcarnage every day in Exchange Invest.
Alternatively, if you want to follow Bitcarnage — the daily update on happenings in the world of crypto and digital assets, then you can find Bitcarnage as a standalone on Substack.
MACRO THOUGHTS
It’s tough to really feel optimistic about the longevity of President Macron, perhaps even the 5th Republic given that rioting only concluded this week when the inner city drugs dealers essentially enforced a ceasefire as the number of police deployed downtown was throttling their ability to distribute and sell drugs.
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!
How the NHS Conquered Britain
UnHerd
The NHS Isn’t Underfunded
The Spectator
As A GP My Diagnosis Is Clear: The NHS Is Dying
Telegraph UK
“Nothing about the National Health Service makes sense. As an institution, it provokes intense appreciation, and just as intense irritation and criticism.”
“Failure has been normalised. People are now choosing to stay at home rather than risk perishing, alone, in a hospital corridor.”
PLY: Happy 75th Birthday to a failed concept, the British National Health Service. Along with the European Union, the NHS constitutes one of the UK’s 2 major religions. For my insolence I will now presumably be subjected to the ducking stool after a brief witch trial.
Deep Distrust Of EU Leaves Italy’s Meloni In A Corner Over Bailout Fund
Nasdaq
The March Of Europe’s Right-Wing Women
The Spectator
The Electric Car ‘Revolution’ Is A Disaster Before It’s Begun
Telegraph
What Are The Disadvantages Of Electric Vehicles?
TechRound
“Even Elon Musk has been forced to repeatedly cut the price of Teslas in a desperate effort to prop up demand and protect market share.”
Analysis: Apple’s Growing Stock Market Heft Poses Dilemma For Fund Managers
Reuters
“The company’s weighting in the S&P 500 has swelled to 7.6%, the biggest of any one stock in the history of the benchmark index.”
PLY: Quite a skew for the US equity market albeit nothing like some of the major skews of smaller markets the world over. The dotcom boom brought some real howlers, particularly when there was frenzy over telcos. As I recall Telefonica was the biggest of them all with something like 50% weighting in the then BME benchmark Index in Spain.
LAST WORD
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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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Catch up on Monday for Exchange Invest 2705…
The future continues in the water cooler of the bourse business…
- Patrick
