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This man built a rail cart and rides it along abandoned railroad tracks in Southern California
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Chart of the day. Long-term interest rates are heading higher. Why? Higher commodity prices (from too much money printing).
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Commodities booms tend to be short-lived. Here is every major spike in commodities going back to 1784. Each reflects a 200% gain off a five year low. When they go, wow, but they reverse relatively quickly (unlike financial assets, which can trend for a long time).
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By 2050, 1 in 4 of world’s population will be African. One-third of the world’s working age population, defined as 15- to 64-year-olds, will be African. Nigeria will have pop >400 m -> 3rd most populous country in world. H/t @davidpilling
ft.com/content/819e5d76-7652…
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Authers: China’s political risks look to have been well priced. The risk that isn’t yet priced, and looks harder to avoid, is that slowing Chinese growth will have negative effects in the West.
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Fund managers' allocation to bonds fell to the lowest level ever in the latest BofA fund manager survey as inflation woes drove expectations for higher rates, via @theterminal
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*The % of non-financial firms w/ dangerous levels of debt-to-EBITDA (ie earnings before taxes, interest, depreciation, etc) sits near all time highs
These ‘zombie’ firms are further side effects from the post-70’s hyper financialization (ie very cheap + easy debt)
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'Bidding up the prices of money-losing enterprises is a classic bubble sign. Today, 60% of the Growth stocks in the Russell 3000 Index make no money and this was true even before the COVID-induced recession.' gmo.com/americas/research-li…
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🇨🇳 #China | #Evergrande Moment of Truth Arrives With Bond Payment Deadlines - Bloomberg
*Link: bloom.bg/3kjP2po
