Slowing growth at Facebook and the EU and the US vs China
Economic news yesterday was dominated by the Facebook revenue warning and an EU-US trade summit in Washington.
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Yearly Archives
2018
The missing profits of nations
Between 1985 and 2018, the global average statutory corporate tax rate fell by more than half. This column uses new macroeconomic data to argue that profit shifting is a key driver of this decline. Close to 40% of multinational profits were…
Earnings season, TMT consolidation and the threat of FAANG
The threat of technology is most acute in the TMT spaces because these are pure information industries where the Internet upends incumbent business models. So it is interesting to see how well the sector is doing during earnings season. In…
China’s pullback from and trade war with the US, Germany’s rebound and the EM currency…
Lots of positives. The earnings data looks good. This Goldilocks period for the US looks set to continue. Even Germany has shown some signs of economic strength recently.
Cable companies now under competitive threat, beginning to hemorrhage customers
A new study just released by eMarketer projects that US cable companies will 33 million customers this year, up from a loss of 24.9 million a year ago.
The deflationary impact of the Internet on incumbent business models
The Internet is a destroyer of margins for incumbent business models based on an analogue world. Here's why.
Trump scores the highest approval rating in his presidency
The "Trump Unchained" policy tack is gathering steam as Trump lays the groundwork for a post-globalist world.
Tesla: focus on the cash burn
The Amazon analogy I made last month really makes sense when talking about Tesla because we are nearing the end of this cycle. Now is the time to worry about cash flow because the potential for a sudden funding halt is increasing.
Amazon's…
1 Big Idea: Signs of a 2018 top are everywhere
The big idea in today's daily newsletter is that 2018 is as good as it gets. There is also commentary on the manufacturing sector, yield curve flattening, and bond market liquidity
The week ahead — plus Tesla needs help, Trump picked too many Fed hawks and M&A is at a…
My first weekly post at Creit Writedowns Pro includes some thoughts on Tesla, Trump's Fed choices, the US trade war with China, M&A and corporate earnings.