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fullissue
04 19 19 WOWS FULL ISSUE
An Alternative Way To View Or Print The Entire Current Issue As A Single Document
4/19/19
Attention Paid-Up Subscribers: To read or print the entire current issue as a single document, use the "easyprint" feature in the "Nav bar" to the right to open it, or any of WOWS' individual features, as an Adobe PDF file, and then print it. Alternatively, you can click "more" at the bottom of this paragraph and then click the red Adobe icon that appears. Your second click will download the full issue .pdf file of WOWS' latest issue to your computer, a process that -- depending on the file size and your connection speed -- might take more than the blink of an eye. Then, depending on preferences you've set on your device, it will either open automatically or show up in your downloads folder, waiting to be opened. [More]
 
listeningin
Uncomfortable? Good!
MacroMaven's Conceptual Strategist Sees Vigilantes In Your Future
4/19/19
Stephanie Pomboy, the founder and economist at MacroMavens, has been confounding, challenging, unsettling, jousting with and just generally intriguing the clients of her iconoclastic institutional research service ever since she struck out on her own, way way back in 2002. 

Not your typical Wall Street approach to clients, to be sure. But it works for Stephanie. Perhaps because of the nearly dozen years of battlefield experience she had dealing with Ed Hyman and Nancy Lazar’s clients before hanging out her own shingle. [More]
 
guestperspectives
Be A Designated Driver
It’s Time For Investors To Sober Up For Their Portfolios’ Sakes
4/19/19 7:00 AM
By Richard Bernstein
There are times when investors should be more aggressive and times to be more conservative. History clearly shows that most investors mistime their aggression. [More]

 
The Skinny On Profits
Whole Economy Earnings Likely Already In Recession
4/19/19 6:00 AM
By Dave Rosenberg
They are skinny, all right.

For all the talk of how there will be “no profits recession,” the problem with that narrative is that it already likely has arrived. [More]

 
Avoid Over-Exposure
Record Labor Margins Likely To Shrink...
4/19/19 5:00 AM
By James Paulsen
US profit margins have widened significantly in the last couple decades. Total US corporate profits as a percent of GDP averaged only about 8% in the 20 years leading up to 2000, but has since risen by almost 30%, averaging 10.5%. [More]

 
chartsightings
Labor Strikes Back
Kondratieff Spring Comes To Brooklyn As Grocery Staff Walks Out
4/19/19 8:20 AM
By Blaze Tankersley
Looks like Kondratieff Spring has come to Brooklyn. Our local supermarket workers have staged a walkout and set up a picket line. [More]

 
Opposite Messages
Signals From Consumer Sentiment & Jobless Claims Are At Odds
4/19/19 8:01 AM
By Andrew Addison
University of Michigan’s Consumer Sentiment Index triggered a Sell signal. A 5-year uptrend was broken decisively. [More]

 
Ice Age Cometh
Bond Rally And Curve Inversion Seen As Supporting Bear Case
4/19/19 7:01 AM
By Albert Edwards
The inversion of the U.S. yield curve heralds a US recession. [More]

 
talkback
Merger Masters
WOWS Subscribers Rave About Kate’s Book; Amazon Not So Much
4/19/19 3:30 AM
ILLUMINATING AND FASCINATING
Nobody does better — more vigorous, revealing and timely — interviews with Wall Street’s top money managers than Kate Welling, publisher and editor of the subscription service Welling on Wall St. [More]

 
deepdive
Indexes & Consequences
What Indexing Does To Market Equilibrium
4/19/19 8:00 AM
By Philip Bond and Diego Garcia
We develop a benchmark model to study the equilibrium consequences of indexing in a standard rational expectations setting (Grossman and Stiglitz (1980); Hellwig (1980); Diamond and Verrecchia (1981)). [More]

 
Sand In The Wheels
Why Tobin Taxes Can Increase Economic Efficiency
4/19/19 7:00 AM
By Thomas I Palley and CME Group
The current paper develops the microeconomic case for a Tobin Tax. [More]

 
Migrant Flow Study
Central American Refugees Unlikely To Divert To Mexico — Duh
4/19/19 6:00 AM
By Bryan Roberts et al
Asylum seekers from the Northern Triangle countries of El Salvador, Guatemala, and Honduras represent a significant part of migrants entering the United States. [More]

 
Reform Capitalism
A Two-Part Argument For Why And How To Change Economy
4/19/19 5:00 AM
By Ray Dalio
I was fortunate enough to be raised in a middle-class family by parents who took good care of me, to go to good public schools, and to come into a job market that offered me equal opportunity. [More]

 
Optimization/Discrimination
How Facebook’s Ad System Can Lead To Skewed Outcomes
4/19/19 4:00 AM
By Muhammad Ali et al
The enormous nancial success of online advertising platforms is partially due to the precise targeting features they offer. [More]

 
Peak Profit Margins?
Bridgewater’s Analysis Of Prospects For U.S., Global Margins
4/19/19 3:00 AM
By Greg Jensen et al
Over the last two decades, US corporate profit margins have surged and have contributed more than half of the excess return of equities relative to cash. [More]

 
JPMorgan Chase
Chairman’s Letter To Shareholders, 2019
4/19/19 2:00 AM
By Jamie Dimon
Once again, I begin this annual letter to shareholders with a sense of pride about our company and our hundreds of thousands of employees around the world. [More]

 
acuteobservations
Acute Observations, April 19, 2019
Perceptive Commentary from April 1-19, 2019
4/19/19 8:00 AM
Matt Apuzzo and Adam Goldman
Imagine reading this report cold.

Prosecutors describe a president who was preoccupied with ending a federal investigation, a White House that repeatedly told misleading and changing stories, and a presidential campaign that was in repeated contact with Russian officials for reasons that are not always clear.

Even though prosecutors concluded that didn’t amount to provably criminal conduct, the report is astounding in its sweep. [More]

 
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