Markets are flattish on no real news. Bonds and MBS are up.
Amazon.com reported good numbers last night and is now the biggest retailer in the US, by market cap, surpassing Wal Mart. Last year, Walmart made $16 billion on $485 billion in revenue. Amazon. com lost $130 million on $89 billion in revenue.
New Home sales unexpectedly fell to 482k in June from a downward-revised 517k in May. Strange number given what we are seeing in housing starts / building permits, and numbers from the homebuilders. The median new home price fell 1.8% to $281,800.
Hillary Clinton is bemoaning the “tyranny of short-termism” in Corporate America. She wants to hike capital gains taxes, play with the tax code regarding executive compensation, and rein in activist investors. I hope someone in her staff whispers in her ear to google the term “agency costs” and has her read up on Armand Hammer. I am guessing this is just red meat for the base.
Sustainable Finance MBAs are having a rough go of it finding a job. Not surprising. Who wants a Social Justice Warrior managing their money? Maybe a union or a church. Not anyone who is concerned with, you know, actually making money. The business schools should be upfront about the job prospects for majors like these before students take on six figures worth of student loans.
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