Pathlight Investors’ Top Recommended Reads - July 2013

  • Posted on: 9 December 2015
  • By: admin

Pathlight Investors’ Top Recommended Reads - July 2013.  Looking for something interesting and informative?  Here's some of the best we've found around the web during the last month.  Enjoy! 

Housing update from Fannie Mae – “housing was largely positive entering the spring/summer season, with various indicators such as home prices, home sales, and homebuilding activity showing signs of long-term improvement toward normal levels. Despite rising mortgage rates during the past month, which have affected refinance originations, affordability conditions remain high and should not present a significant obstacle to potential homebuyers” -   


“The great shrinkage” has been a bigger theme than the “great rotation” – shares outstanding are shrinking as a result of aggressive stock buybacks and this has been a much bigger factor than a bond-into-equity rotation behind the market’s advance.  Business Insider       


Europe works on logistics of bank failures; officials are sorting out which creditors would see the biggest losses in the event of a failure.   


Greece – the current government is in “disarray” after the Democratic Left Party threatened to walk out of the current coalition.  The Democratic Left could make a formal decision later Friday.  PM Samaras’ New Democracy and its PASOK partner have 153 MPs (out of 300), so would maintain a slim majority even w/o the Democratic Left (and it sounds like a coupe independent MPs would back the Samaras regime, raising the 153 number to possibly around 160).  No one is calling for snap elections (an encouraging sign).  Reuters    


Immigration – the House passed comprehensive immigration reform Thurs by a 68-32 vote.  The strong support puts added pressure on the House to take up the measure (House GOP leaders have been resistant to the Senate legislation) – Politico    


Investors views finally aligned w/Fed thinking on QE according to Lacker – “Markets got a little bit ahead of us in terms of what they were expecting, by way of how long these purchases would continue, and I think they've gotten into better alignment now with the committee's expectation” – Reuters  


Environment – Obama to outline ambitious plan to cut greenhouse gases.  None of what the president plans to propose will require action by Congress.  Some of what the president hopes to accomplish will likely face legal and political challenges.  Obama would propose the first limits on carbon pollution from existing power plants and would promise to complete pending rules for new plants.  NYT   


ECB/Draghi – Draghi delivered remarks Wed that echoed in large part the ones made Tues morning.  Draghi said it would be a while before accommodative policy was withdrawn and praised the OMT but urged politicians to take further measures to bolster financial stability.  Draghi said the ECB stood ready to act again when needed but also warned of the limits of monetary policy.  "The ECB has done as much as it can to stabilize markets and support the economy," he said. "Now governments and parliaments need to do all they can to raise growth potential….monetary policy cannot create real economic growth….if growth is stalling because the economy is not producing enough or because firms have lost competitiveness, this is beyond the power of the central bank to fix” – Reuters  


And On A Lighter Note…


Chinese farmer gets 5 days in jail for his story on alien invasion: