Summertime Miscellany: EI Weekend 3033
Murder in outer space? Game ads, too big to fail, Libyan kleptocracy, rideshare mafia USA & making the case for driverless cars.
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 1984, NYSE traded 200 million shares for the first time. 236,570,000 shares traded, eclipsing the previous record of 172,830,000 shares set the previous day.
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MACRO THOUGHTS
In Exchange Invest, our must read of the week was from Jeff Kutler at GARP: Is The ‘Too Big To Fail’ Designation Too Constricting?
PLY: My concern with this topic is the big question the blob doesn’t want anybody to ask. ‘Are regulators too systemic to be trusted or just too big to fail?’
The EU is busy adding its own rules on tech which amount to yet another horrific waste of time, adding moats to moats which will only harm markets and leave us all poorer. This is the kind of stuff which marks out the chasm between Kamala Vs Donald 2024. She is instinctively left-wing and thus pro-ever crazier regulation while Donald is protectionist, and isolationist but when it comes to regulation overall, somewhat abolitionist.
IN BIGWORLD
In a month which has seen US politics largely in the “you couldn’t make this up if you tried” camp, largely exposing the news media as staggeringly useless and as for the Democratic party — they look so amateur they could rival their UK socialist cousins the Conservatives.
However, it’s a week since LSEG shareholder and Crowdstrike managed the world’s most successful network failure which led to one event somewhat overshadowed by Joe Brezhnev being waterboarded in Nancy Pelosi’s gelato fridge until he abandoned his re-election campaign (our sources tell us it was Hawaiian coconut choc chip which caused Joe to finally relent — and let’s face it how can you accuse us of being less accurate than CNN/MSNBC/NYT et al, no sirree!).
Beyond ridiculing the meeja, it’s worth noting the Microsoft Crowdstrike disaster led to a lot of planes being cancelled including those scheduled out of Milwaukee post-GOP convention.
Apparently, Chicago’s disaster area cum hub carrier, United Airlines (sic) managed to give multiple RNC attendee vouchers to a Chicago-area Holiday Inn “that’s now a migrant shelter and closed to the public. You can’t make it up.”
IPO-VID LIVESTREAM: NOW ONLINE!
Cycles: The Mysterious Forces That Trigger Events
Guest: Dr. Richard Smith
July 30th, 2024
1700 UK, 1800 CET, 1200 EST
Dr. Richard Smith, fintech entrepreneur, Berkeley Mathematician & PhD in System Science — is CEO of The Foundation of the Study of Cycles known as “The Doctor of Uncertainty” amongst his academic peers who has helped government agencies and Fortune 500 companies (including Pfizer and Johnson & Johnson) alike make sense of complex sets of data.
Watch the stream on:
LinkedIn | Youtube | Facebook
EXCHANGE INVEST WEEKLY PODCAST
There’s A Smooth Bravo Nasdaq Sale,
As The ICE Age Opens A $15 billion Gap.
The Exchange Invest Weekly Podcast 256
BITCARNAGE
Paragons of Vice?
No wonder the aim is to just buy the US government and be done with it — the big crypto exchanges have a horrible track record of periodic failure which if it were to happen in the legacy exchange market, there would be immediate management change and vast apologies. Meanwhile in crypto: Coinbase UK Unit Fined $4.5 Million By British Regulator Over ‘High-Risk’ Customer Breaches (CNBC).
Later in the week, the sting in the tail was from Molly White — could it be that COIN had violated campaign finance laws?
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.
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!
Books worth reading:
FINANCE BOOK OF THE WEEK
“The Wealth Elite: A Groundbreaking Study Of The Psychology Of The Super Rich” by Rainer Zitelmann represents one of the most comprehensive modern-day studies of the super rich. This empirical study investigates the link between personality traits and the creation of enormous wealth.
In IPO-VID 116 Rainer discussed “The Wealth Elite.”
(The perma fascinating Rainer Zitelmann was our guest for IPO-VID 104, 116, 135 & 145).
Get the book here.
*Paid link, as an Amazon Associate, Exchange Invest earns from qualifying purchases.
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 $375 per annum to join “The Exchange of Information.
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.
LAST WORD
…If you want to stay abreast of the world of exchanges then please Subscribe to our Daily Newsletter — free 7-day trial.
Or Subscribe to our Weekend Edition — it’s free.
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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