Stanley Druckenmiller: Macroeconomic Analysis of the Market, Trade and Investing
Interview and Q&A on June 3, 2019, at the Economic Club of New York, with billionaire investor Stanley Druckenmiller, Chairman & CEO, Duquesne Family Office LLC. Topics covered include current macroeconomic factors and the impact of changes in interest rates, the US-China trade war, and more. Transcript (auto-generated, unedited)(pdf).
We’re getting ready for tonight’s evening program with iconic investor Stanley Druckenmiller, who some have called the greatest hedge fund manager of his time. Join the conversation using #ECNYDruck or tune in to Facebook for the live broadcast at 6pm EDT. pic.twitter.com/w10adNVz0Y
“It’s very clear to me that you need a hurdle rate for investment and that if you don’t have a hurdle rate for investment, bad things happen.” #ECNYDruck
On his economic ideology: “When I got in the business it became clear to me that macroeconomic statistics of precocity the economy, they’re really great at telling where you are and where you’ve been. The best economic predictor is the inside of the stock market.” #ECNYDruck
Juncker warns UK parliament to reach Brexit deal by April 12
"My Way or The Highway"--Financial Times (ft.com) video above published 3 Apr 2019--The European Union will not grant the UK another short delay to Brexit if UK lawmakers fail to ratify the stalled divorce agreement by April 12. UPDATE Apr 5:Theresa May asks for Brexit extension to June 30; EU could offer a year.
What is Europe? The answer depends on the "agenda" and "narrative" of the one providing the "definition." A better question may be"What Is The EU?"
What is the EU? | CNBC.com Explains
The origins of the EU go all the way back to the 1950s, but many Europeans are still unaware of what it does. CNBC’s Silvia Amaro explains how the political and economic arrangement works. CNBC International video above published 28 Mar 2019.
What's the EU? That depends on what you are referring to: the institutions of the European Union are the seven principal decision making bodies of the European Union (EU), as listed in Article 13 of the Treaty on European Union:
What Scares EU Politicians: they know UK Voters Still Want to Leave The European Union
A no-deal Brexit is now the most popular option if the EU does not agree a UK extension next week. MPs should listen. Leading article in the new Spectator: https://t.co/kIP01NBzDL
— EU Parliament Photo (@Europarl_Photo) April 3, 2019
Editor's note: all of this angst and drama could have been avoided had the EU and UK simply negotiated a "trade and withdrawal deal" instead of just a "withdrawal deal" in the period following the Brexit referendum of June 23, 2016, but the EU refused, and unfortunately, UK Prime Minister Theresa May, unwisely, conceded the point, which is the BIG PROBLEM today.
March 21: May dashes to salvage Brexit deal in Brussels (video); Arriving in Brussels on Thursday for an EU summit, Mrs. May did not rule out leaving the European Union without a deal reports news.sky.com which also reports EU leaders agreed to extend the March 29th deadline to Apil 12. The deadline would be extended to May 22 only if UK MPs pass the prime minister's Brexit deal by the end of next week.
See also "... The faltering and badly drafted [UK Prime Minister's] letter to Mr Tusk is unacceptable, asking as it does for a delay of three months in our exit from the EU ... I agree some MPs have been delaying Brexit as the PM says. These MPs clearly include the Prime Minister herself who has wasted far too much time on a negotiation and Agreement which the public rejects massively. The latest poll shows just 14% support for Mrs May’s Agreement."--johnredwoodsdiary.com.
March 20: EU ultimatum to May: you can only delay Brexit if deal is passed--Channel 4 News video published March 20, 2019: UK Prime Minister Theresa May has ruled out a long extension to Brexit while she is Prime Minister. See also the Prime Minister's statement (video) later in the day on Wednesday, March 20, 2010. See also: May's Letter Asking for Only Short Extension Came as Shock to EU--"EU officials say they see the risk of a looming catastrophe and the mood in Brussels is bleak as they realize that May has backed them into a corner too."--bloomberg.com.
March 20, 2019: UK Prime Minister Theresa May requests three-month Brexit extension--"I am therefore writing to inform the European Council that the UK is seeking an extension to the Article 50 period under Article 50(3) of the Treaty on European Union, including as applied by Article 106a of the Euratom Treaty, until 30 June 2019." --Letter in full here. See also Newspaper headlines: May's 'blame game' Brexit speech to nation | bbc.com.
But European Council President Donald Tusk said an extension would only be granted if MPs back the Prime Minister's Withdrawal Agreement next week. Three things could happen now: 1) no-deal Brexit, 2) May's 'deal' is somehow voted on yet again and passes, or 3) UK revokes Article 50. After Donald Tusk spoke, the UK pound sterling (GBP) fell, an indication that markets think there is now a greater chance of no-deal Brexit, but the London Stock Exchange benchmarks FTSE100 and FTSE250 have been resilient:
March 19, 2019: EU's chief Brexit negotiator Michel Barnier: "Everyone should now finalise all preparations for a no-deal scenario" ... UK MPs "voting against no-deal does not prevent it happening." See alsoFrance ready to veto any meaningless Brexit delay: Elysee official--reuters.com: "French officials say in private that they are not alone in their stance but that they are more willing than other countries to stick their necks out because Britain will always blame the French for their misfortunes."
France’s EU minister Nathalie Loiseaunamed her cat ‘Brexit’ because ‘he meows loudly to be let out each morning, but then refuses to go outside when she opens the door.’
March 18, 2019: House of Commons Speaker John Bercow told MPs he would not allow PM Theresa May to ask the Commons to vote a third time if the motion hadn't changed. The announcement took the government by surprise--Channel 4 News video. March 18, 2019: A 'Hard" a/k/a 'No Deal' Brexit will benefit UK and emerging markets, says Mark Mobius, founding partner of Mobius Capital Partners. He also says he fears a soft Brexit will prohibit the U.K.'s economic potential, video below:
Theresa May has been warned by her party's biggest donors that delaying Brexit would be more damaging to British companies than ‘no deal’, which has already been factored in.
The uncertainty caused by a long extension would be ‘debilitating for companies’https://t.co/PIW1eUPNfN
Ignore the nay-sayers – here’s why we’re still on course for a clean Brexit on 29th March: "MPs are not fearful of a weak unimaginative Government desperate to push through a failed deal. Parliament does not want to re-join the EU, it does not want a referendum. It cannot ask for an extension to implement the deal if MPs don’t want the deal. And nobody could stomach another drawn-out negotiation going on for potentially years and the imminent prospect of European Elections, manifestos, campaigns and all that comes with them. Once you have eliminated all the alternatives, the conclusion is staring you in the face – the UK will leave on 29th March and take back control"--Christopher Howarth | BrexitCentral.com.
If we agree this deal – we face an even greater humiliation in the second phase. We must now discover some willingness to resist or the diet of capitulation is set to continuehttps://t.co/kXOpRhOdzH
The UK Government and UK Politicians Have Made A Shambolic Mess of Brexit (and the UK civil service is complicit)
Analysis and Opinion by the Editor:
The House of Commons ended its voting on a flurry of Brexit-related motions this week with one more humiliation and embarrassment for the hapless government formed by Prime Minister Theresa May--going back to Brussels and pleading for the EU (via its 27 other members) to agree to an extension of the Brexit date of March 29, 2019, a date May and her UK government chose following the Brexit referendum results of June 23, 2016.
Wherever you live, and whatever you may think of your own national government or its politicians, pity the poor British--Brexit outside the bubble: How do the British think Brexit is going?--UK Channel 4 News video published Mar 14, 2019, indicates how all this latest Brexit chaos is being seen by people who are not obsessives confined to the Westminster bubble.
Unless the British get lucky and get a quick exit from the EU by default on March 29, 2019, their economy will likely soon "tank" due to the continual uncertainty, the UK government having chosen a no-man's land of "neither in nor out" of the dysfunctionalEuropean Union (EU) which is already entering its own economic recession--Italy is already there, Germany and France are not far behind despite renewed "easing" by the European Central Bank (ECB)--see Euro falls as Eurozone growth forecasts slashed | cityam.com: "European Central Bank (ECB) president Mario Draghi today announced a significant downgrade in Eurozone growth predictions as he renewed a stimulus programme of cheap loans to bolster the struggling economy." (March 7, 2019)
It appears a majority in the House of Commons prefer to drown with bureaucrats in Brussels and EU member states trapped in the Eurozone, rather than swim to safety and a world full of opportunities. This is Dunkirk all over again, but the boats aren't coming this time. Don't expect even the Almighty to help those who refuse to help themselves.
Regarding Brexit, the single biggest issue gripping the U.K. is indecision, Citadel (citadel.com) billionaire founder Ken Griffin said. “Until they pick a path, it deters capital investment. Politicians don’t appreciate when they create uncertainty it kills the willingness to invest.”
President Trump Meets with the Prime Minister of Ireland
U.S. President Donald Trump and Irish Taoiseach Leo Varadkar discuss Brexit at a press conference at the White House, March 14, 2019. Trump: "The European Union treats us very unfairly."
UK Channel 4 News recap videoof March 14, 2019, in the House of Commons: "May wins vote to seek Brexit delay"-- "In a narrow Commons victory this evening the government fought off an attempt by MPs to take control of Brexit in Parliament. Instead, Theresa May has presented a stark choice to MPs: back her deal in another vote next week - or risk a long delay to Brexit - and even the possibility of having to hold European elections in May. MPs are now expected to have a third meaningful vote on Brexit next week. That's just before Theresa May heads off to Brussels for what is currently set to be the last European summit with a British Prime Minister at the table."
All Con & Lab MPs were elected on manifestos to get Brexit through. The public can't believe that so many are now saying, “We didn't really mean it; we want to stop it; we want to delay it; we want to redefine it in a way that means it is no longer Brexit.” pic.twitter.com/un5yMDEoDQ
Cisco$CSCO CEO on 5G technology: The reality is going to match the hype. Cisco CEO Chuck Robbins discusses the concerns surrounding Huawei, cyber security and his outlook on 5G technology. Video above published by Fox Business Feb 22, 2019.
Profile: Chinese Tech Giant Huawei
Huawei has been rocked by political and legal turmoil at a time when it also happens to be poised to build the worldwide 5G revolution. Is the timing a coincidence, or a coordinated attempt to knock China's biggest company down a peg? This is the story of how Huawei went from a small-time parts reseller to the homegrown tech giant China always hoped for, and the west always feared. Bloomberg.com video above published Feb 21, 2019.
Expect tech to face a 'tough time' in 2019: Mark Mobius
Mark Mobius of Mobius Capital Partners (domain: mobiuscapitalpartners.com) also says good news will likely emerge on the U.S.-China trade front, though it's "going to take time." CNBC International TV video above published Jan 8, 2019.
India is one of @MarkMobiusReal top investment picks for 2019, but he’s “very much” concerned that Prime Minister Narendra Modi’s economic reform may take a back seat ahead of the general election. @CNBChttps://t.co/kVKoYkyZPm
Tech Review (TR 2018-12-08)--Domain Mondo's weekly review of tech investing news with commentary, analysis and opinion: Features • 1)Huawei CFO Arrested, 2) U.S. Oilfield Technology, 3)Investing: The Week, Notes,4) ICYMI Tech News: Microsoft, Facebook, Alibaba, Tencent, Tumblr, Ninebot, Google. 1) Huawei CFO Arrested
Fortune.com video above published Dec 6, 2018. Meng Wanzhou, CFO of Chinese telecom giant Huawei (and the daughter of the company's founder) was arrested earlier this week in Canada, is facing a series of fraud charges that could set the stage for her extradition to the U.S., a Canadian prosecutor has revealed.
Huawei arrest heightens US-China trade tensions
Financial Times (ft.com) video above published Dec 6, 2018: Canada has arrested Huawei’s CFO following a US extradition request, reigniting investor concerns over heightened tensions between Washington and Beijing days after Donald Trump and Xi Jinping tried to resolve their trade conflict at the G20 summit.
Arrest shakes Huawei--Global Skepticism of Huawei's Business Grows--nytimes.com: "all around the globe, the walls are going up for Huawei ... a wider patch of the world appears to be siding with Washington against Chinese technology."
Large rivals in the race to grow U.S. shale production and profits, include BP ($BP), Exxon Mobil Corp ($XOM), Chevron, Royal Dutch Shell, and Norway’s Equinor. All are expanding drilling and acquisitions, particularly in the Permian Basin of West Texas and New Mexico, the largest U.S. oil field and the center of the shale revolution--How BP found shale profits with 'crystal ball' oilfield technology | reuters.com.
Biggest Worry for Traders? They Don't Know Why Stocks Are Moving--bloomberg.com.
Investing Notes:
"History shows that once the Treasury yield curveinverts (10s yield less than 2s) a US recession is likely."--datatrekresearch.com
Editor's note: the above quote is about as helpful as saying, "History shows that when a person is born, they will die." The data shows there is a considerable lag time from the time of the first 10/2 inversion to the point where a recession manifests itself, sometimes years (look at the chart above or here or here (e.g., 2006 inversion to 2008 recession).
Apple$AAPL: if you had a 5 percent weighting of Apple in 1998 and invested the rest in SPY, $AAPL would have grown to close to 90 percent of your portfolio. If you owned a portfolio of individual stocks, Apple would be closer to 100 percent, as you'd inevitably have losers (two-thirds of individual stocks underperform the market).--SeekingAlpha.com.
Next week the Brexit vote is scheduled for December 11, 2018:Editor's note:if you always wanted to invest in the UK or London-listed companies, or own some London real estate, there may be some real opportunities emerging.
"Be fearful when others are greedy and greedy when others are fearful."--Warren Buffett.
4) ICYMI Tech News:
Microsoft$MSFT is building a Chromium-powered web browser that will replace Edge on Windows 10--windowscentral.com.
Facebook $FB CEO Mark Zuckerberg, more ruthless than clueless?--bloomberg.com.
Alibaba $BABA, Tencent, and more caught up in China's anti-graft crackdown--reuters.com.
NSFWTumblr (tumblr.com owned by Verizon$VZ) will permanently ban adult content from its blogging platform beginning December 17, 2018.
China'sNinebot (ninebot.cn) makes almost all the world's scooters--bloomberg.com.
Personal Tech: another failed Google$GOOG$GOOGL chat app experiment, this time Allo which will stop working March 2019.
One View: "Wall Street Is Probably Too Optimistic on Stocks, Sell Now"
"Investing Strategies - Morning Jolt" video above published by TheStreet.com Sep 18, 2018: Sell now, ask questions later?
"The Reality" according to TheStreet.com's Brian Sozzi, who is bearish, in the video above: "Within a week, two industrial powerhouses have let investors down with their profits. Investors have to start paying attention. 3M warned last week on profits amid higher commodities costs. FedEx missed earnings forecasts on Monday by a whopping 34 cents thanks to investments in higher worker wages."
Fund Managers Say: A net 24% of investors surveyed by BofA expect global growth to slow in the next year, up from net 7% in August. It marked the worst outlook on the global economy since December 2011. Editor's note: this may, in fact, be a bullish sign for buying more U.S. stocks as the large U.S. domestic market is not as dependent on exports as say, China or Germany. In that case, Wall Street's bull market may be "where the action is" among global equity markets for the foreseeable future, and may have a lot more life left in it. U.S. stock exchanges are still getting plenty of domestic, as well as many, if not most, of the best non-domestic tech listings and IPOs, including from Europe (e.g.,Spotify $SPOT) and China.
Market tops usually come when greed has fully displaced fear (which is not the case today), one reason why almost everyone, including the Federal Reserve, didn't see the 2008 crisis coming.
Around The Street: Over on Real Money, TheStreet.com's Jim Cramer tackled why nobody cares about high valuations on stocks. "What's so frustrating, what's so maddening about this market right now, though, is that valuation makes no difference whatsoever in anyone's thinking. Anyone. You get these downgrades by analysts on valuation and you just roll your eyes because, you see -- and this is really the rub -- the buyers do not care.They aren't going to stop here. They get new money in, they look at their stocks, they think their stocks are cheap and they buy more of them. It's an insanely non-rigorous virtuous circle. You want to boil down the current investment thesis? It goes like this: I buy them because they go higher and they go higher because I buy them. Could there be a more stupid or a more profitable investment strategy at this moment -- and perhaps until the end of the year? I don't know. I can't think of one," Cramer said. Editor's note: end of the year? It could run a lot longer than that--Trump wants a trillion-dollar infrastructure program--and may get the OK from Congress next year, with help from Democrats. Remember,Trump is a real estate developer who was always very comfortable using leverage (debt).
Trade Wars and Tariffs? "Tariffs on another $200 billion will mean about 12% of U.S. imports have seen a tariff hike. That means an average tariff increase of only 1.6% across all imports, so tiny compared to the 1930s, when they were 20%," says Shane Oliver, chief economist at AMP Capital Investors (ampcapital.com)--Markets Shrug Off Fresh Trade Salvo | SeekingAlpha.com Sep 18, 2018.
Looking further into 2019, is Brexit: Friday, 29 March 2019. The UK economy is the fifth-largest national economy in the world measured by nominal gross domestic product (GDP), ninth-largest measured by purchasing power parity (PPP). The EU seems to be forcing UK into a "hard Brexit" which will only strengthen Trump's hand for a quick "Free and Fair" trade deal between the US and UK, which both Donald Trump and Theresa May say they want. The UK is a net importer from the EU, so the EU stands to be hurt more by a "hard Brexit" than the UK, and opening the UK's $3.028 trillion economy (GDP PPP) to U.S. goods and services will open to the U.S. a developed market 1½ times the size of Canada's (GDP PPP), and for the UK, opening the U.S. economy ($20.4 trillion) to UK goods and services, will more than replace the EU (minus UK), as a trading partner. In such a scenario, don't be surprised if Trump, ever the showman, gloats over the stupidity of Brussels and Merkel, with what one might describe as a "shock and awe" US-UK trade deal meant to embarrass and humiliate the EU overlords in Brussels. Unlike Mexico, the UK, as a US trading partner, does not present competitive problems of low wages, lax environmental rules, crime and corruption. There is no language barrier, and the financial systems of both countries are already closely linked.
Michael Lewis: Nobody Understands the Stock Market
Bloomberg.com video above published Apr 2, 2014: "Flash Boys: A Wall Street Revolt" Author Michael Lewis discusses his book, trading and the stock market on Bloomberg Television's "Market Makers."
Editor's note: unless you are a professional trader, hedge fund manager, etc., the above is a good reason why individual investors should stick with index funds, starting with VFIAX, VFINX, or the like.
On the other hand, cryptocurrencies? Hope you got out:
This is a totally misleading and false statement. I DO NOT believe that the next crisis would lead investors to move to crypto-currencies as an alternative asset class. Crypto is in meltdown and is dead on arrival well before the next crisis. https://t.co/tCq7zLDV1s
Tech Review (TR 2018-09-01)--Domain Mondo's weekly review of tech investing news with commentary, analysis and opinion: Features • 1)Tesla $TSLA And Elon Musk's Wild August Ride (video), 2) Twitter CEO Jack Dorsey in DC Sep 5, 3)Investing: The Week, Investing Notes: Stocks, Brexit, Trade, China, News: Signal or Noise?4)ICYMI Tech News: Google, Amazon, Facebook, AI, Paypal.
Tesla$TSLA: "After considering all of these factors, I met with Tesla’s Board of Directors yesterday and let them know that I believe the better path is for Tesla to remain public. The Board indicated that they agree."--Elon Musk writing ontesla.com (Aug 24, 2018). Look on the brightside--"According to ARK Invest’s research, Tesla should be valued somewhere between $700 and $4,000 per share in five years. Taking Tesla private today at $420 per share would undervalue it greatly, depriving many investors of the opportunity to participate in its success. In our view, given the right investment time horizon, TSLA is a deep value stock today"--ark-invest.com. On the other hand: "The corporate-governance disaster that is Tesla continues--Jim Chanos.
Tesla And Elon Musk's Wild August Recapped
Tesla and its headline-stealing CEO Elon Musk had a wild August. Here's how the drama played out on CNBC: the month began with the electric car company reporting second-quarter earnings and Musk apologizing for some recent ill-advised outbursts. But a week later, the Tesla and SpaceX founder took to the social media platform to announce that he wanted to take the company private. It set off a media firestorm that consumed the business news cycle for weeks. But near the end of August, Musk had reversed his position on going private. CNBC.com video above published Aug 30, 2018.
2) Twitter CEO Jack Dorsey: House Energy & Commerce Committee Hearing Sept 5
House Energy and Commerce Committee Chairman Greg Walden (R-OR) announced that Twitter CEO Jack Dorsey will testify before the committee the afternoon of Wednesday, September 5, 2018, regarding Twitter’s algorithms and content monitoring--energycommerce.house.gov. 3) Investing
The Week:NASDAQ Composite+2.26% | S&P 500 Index+0.93% | DJIA+0.68% The month of August was positive: S&P 500 posted a +3% monthly rise, the Dow advanced +2.2% and the NASDAQ +5.7%.
The biggest winners in the stock market’s hottest sector in August--Technology has led the way, with AMD, Autodesk and Nvidia among the high-fliers--Marketwatch.com.
Wall Street's Charging Bull
Investing Notes:
'U.S. Consumer Confidence Surged in August to Near 18-Year High; Conference Board index climbed to 133.4 this month from 127.9 in July.' From WSJ: https://t.co/RjsexlqHlT
Reality Check--No-Deal Brexit a/k/a Hard Brexit--UK Prime Minister Theresa May agrees that a no-deal Brexit'wouldn't be the end of the world' ...the UK would continue trading--sky.com.
Malaysia PM confirms cancellation of $20 billion Chinese infrastructure projects--chinaeconomicreview.com.
News: Signal or Noise? You're On Your Own:"today forty percent of the public believe the “[New York] Times” is biased and evil. And forty percent believe the same about “The Wall Street Journal.” There is no paper of record in the public’s mind. And only a few million people are paying attention to either of these outlets. Youngsters don’t read the newspaper, whether it be physical or virtual, they get their news on the fly, from multiple sources, where it originated does not matter ... Same deal for TV news. Most people don’t see it, check the ratings, they’re miniscule."--Lefsetz.com.
If You Want to Survive this Electionwith Your Mental Health Intact, Turn Off the "News" and Social Media Now--charleshughsmith.blogspot.com.
“To be completely cured of newspapers, spend a year reading the previous week’s newspapers.”--Nassim Taleb
Apple $AAPL: Banking on iPhone X: Apple's new phones are the razors, services are the blades--zdnet.com.
Alphabet$GOOGL$GOOG: Google is facing obstacles in its efforts to establish a presence in China in search, smartphones, autonomous cars, and more--NYTimes.com. Editor's note: anyone surprised?
Emma Dunkley, the FT.com's Asia markets correspondent, blames the threat of a trade war, economic uncertainty and debt levels for the steep fall in Chinese equities this year. Financial Times (ft.com) video above published Aug 8, 2018.
In early July the Shenzhen Component Index, dominated by technology stocks fell to its lowest point since 2014. However, focus has shifted past the trade war, as a number of big Chinese tech companies see their share prices plummet for other reasons.https://t.co/cXUWJzCjMv
Gundlach: "Bitcoin is the Dot Com of our world today." CNBC.com video above published Apr 4, 2018: Jeffrey Gundlach, CEO of Doubleline Capital (Domain: doubleline.com), talks bonds, tariffs and bitcoin in an exclusive interview on CNBC's "Fast Money." See also Doubleline Funds webcast-schedule and bitcoin price.
The Chicago Board Options Exchange (CBOE) Volatility Index, known by its ticker symbol VIX, is a popular measure of the stock market's expectation of volatility implied by S&P 500 index options.
U.S. Commerce Secretary Wilbur Ross Reacts To China's New Tariffs
CNBC.com video above published Apr 4, 2018: In an interview with CNBC, U.S. Commerce Secretary Wilbur Ross says China's new tariffs do not represent a threat to the United States.
The NASDAQ Composite (ticker symbol IXIC) is a stock market index of the common stocks and similar securities (e.g. ADRs, tracking stocks, limited partnership interests) listed on the NASDAQ stock market. Along with the Dow Jones Industrial Average (a/k/a Dow or DJIA) and S&P 500 Index, it is one of the three most-followed US stock markets' indices. The composition of the NASDAQ Composite is heavily weighted towards information technology companies.
The Dow’s (DJIA 30 stocks) decline for the year-to-date primarily comes down to 5 stocks which give a better narrative than the media of how tariff issues are affecting US equity prices: 3M; Caterpillar; Home Depot; Proctor & Gamble; Walmart.
Tech Review (TR 2018-03-31)--Domain Mondo's weekly review of tech news with commentary, analysis and opinion: Features • 1)Why Alibaba and Tencent Dominate Mobile Payments, 2) AI & Deep Learning Conference | GTC 2018 | NVIDIA, 3)Investing: The Week, Investing Notes, 4) ICYMI Tech News.
1) How Alibaba and Tencent Became Dominant in Mobile Payments
Chinese tech companies Alibaba (NYSE: BABA) and Tencent have emerged as global leaders in mobile-payment technology. This animated video charts the key steps along their rise to the top. Wall Street Journal (wsj.com) video above published Mar 23, 2018.
Nvidia & AI: Parallel processing units will likely power advanced artificial intelligence which is key to self-driving cars and significant research products in healthcare, climate, and next-generation transportation. “We’ve been pioneering this computing approach called GPU computing for over the last decade,”Nvidia CEO Jensen Huang said. “Over the last seven or eight years, it really went into turbo charge because the model is perfect for artificial intelligence.”
3) Investing
The Week and end of Q1 2018--U.S. financial markets were closed March 30 for Good Friday--the Dow and S&P 500 ended the first quarter of 2018 DOWN 2.3% and 1.2% respectively, while the NASDAQ Composite ended Q1 2018 UP 2.3%:
Games represented nearly 80 percent of total worldwide consumer spending for the combined iOS and Google Play app stores in 2017, even though games were only 35 percent of total worldwide downloads--Why Apple cares about mobile game developers | VentureBeat.com.
Twitter says it will ban cryptocurrency advertising on its platform, including ads for ICOs, token sales, and crypto-wallet services--Reuters.com.
Tesla Bonds Are in Free Fall | Bloomberg.com: “It’s getting worse and worse every single day ... That’s the nature of being in this negative feedback loop. Everyone is worried.”--Bill Zox, chief investment officer of fixed income at Diamond Hill Investment Group.
FCC approves SpaceX plan for broadband satellite services:using a new generation of low-Earth orbit satellite technologies--Reuters.com.
How to make money off America’s love affair with fake news | TheOutline.com: #Resist #Resister "Maria #TheResistance. Elena #Resist. These are just a few of the names listed on the hundreds of Twitter accounts causing drama in the past few months. Each account’s feed has identical tweets promoting liberal news articles from VegasHill, LuxuryPolitics, HillPress, Epolitico, ShareDoom, and dozens of other politics blogs you've never heard of .... The majority of the content posted to the blogs come from a site called WashingtonPress.com, which is run by Occupy Democrats ...." See also: Fake news 2.0: personalized, optimized, and even harder to stop | MIT TechnologyReview.com: "Artificial intelligence will automate and optimize fake news, warns a technology supplier to the CIA."
