Summer musings
As we approach the solstice, one encounters the question posed in Judith Kerr's semi-autobiographical novel, "Do you think we'll ever really belong anywhere? We'll belong a little in lots of places."
Tear up the playbook: 60-40 stock-bond portfolio is dead, because we're living much longer and Bitcoin delivers 90% risk-adjusted return to 60/40 portfolios with 10% allocation, 2x gold’s risk efficiency. #enduring
“The surge in long-term bond yields this month is threatening to upend a classic investment strategy — the 60/40 stock and bond portfolio — just as it makes a comeback from a long stretch of underperformance.
A US gauge of the 60/40 mode returned some 1.6% this year through mid-May, besting the S&P 500 Index’s return in the period, and with lower volatility, according to data compiled by Bloomberg.
A key part of the revival has been the return of the traditional inverse relationship between stocks and bonds. The correlation between US equities and fixed income over the past six months has reached the most negative level since 2021, meaning bonds tend to rise when stocks fall, and vice versa.”
When the going gets tough: Amid Gaokao, Students Turn to a Reclusive Math Genius for Luck and Can you pass the toughest tests in the world? #enervated
“There is no universally accepted set of Ten Commandments, because different religious traditions use different renderings. The Texas legislature evidently attempted to avoid this difficulty by expanding the Ten Commandments to please everyone.
The result is 11 imperatives, plus an ambiguous additional line.
They still ended up with an essentially Protestant version, different from those of most Catholics and Jews, which excludes Texas’s many Hindus, Buddhists and others. Islam’s holy books, in which Moses is revered as a prophet, do not include the Ten Commandments in the texts.”
Top of the heap: The 'triple A' sovereign bond club has shrunk and What US losing its last triple-A credit rating means. #encapsulate
“Germany’s ascent reflects its substantial current account surplus, which reached 248.7 billion euros (S$364 trillion) in 2024 thanks largely to a strong trade performance. Japan’s surplus in turn was 29.4 trillion yen according to the finance ministry, equivalent to around 180 billion euros.
Last year the euro-yen rate rose around 5 per cent, exaggerating the increase in German assets versus Japanese in yen terms.
For Japan, a weaker yen contributed to increases in both foreign assets and liabilities, but assets grew at a faster pace, driven in part by expanded business investment abroad.”
Pile up: Auto Industry Has Little Wiggle Room to Navigate Tariff Hikes as Chinese Dealerships Pass Off New Cars as Used Amid Auto Glut. #enclosure
“Two dealership groups in China representing BYD, the leading car brand, have ceased operations since April.
Xingqi Group in Liaoning province halted vehicle deliveries and customer service, affecting over 60 buyers.
Qiancheng Holdings, which ran about 20 BYD showrooms in Shandong province, also closed its stores, with over 500 customers joining online rights groups to seek action.
The automotive sector faces broader challenges, including direct-to-consumer sales models by EV makers, reduced servicing needs for EVs and hybrids, and slowing consumer spending.
As of April, stock levels reached 3.5 million vehicles, equivalent to 57 days of inventory, the highest since late 2023.”
Go old-school: On Repeat: Songs fit for a summer drive. #enchant
“Driving somewhere scenic and just hanging out, drinking coffee or eating snacks and just enjoying the vibes, soaking in the energies out there — that’s what I’m about,” Pelletier said. “There are some long days and some boring stretches, but I found my nice roads.”
When in doubt, follow the water. Whether it’s a windy road along a river, a forested lakeside byway or a seaside highway with panoramic views, routes with proximity to a body of water will usually delight.
“It just so happens that a lot of great roads follow a winding creek or a rocky cliff on the coast,” Pelletier said. “It puts me in my happiest places if I can pull the car over and listen to a brook or hear the waves or see how calm a lake looks. Those are the times where I truly am just like, ‘This is cool.’”
A good way to find those hidden roads is to use a road atlas — yes, the old-school printed Rand McNally kind. “It helps you get your mind around the terrain,” Pelletier said. (Not for nothing: Using a map is also good for your cognitive health.)”
ICYMI - Why Reddit Is In Love With This Popular Japanese BBQ Sauce
“For example, Facebook had planned to launch a Facebook for children code-named "Project Family," and Sheryl would occasionally remind the policy team of their "failure to do this while we had the opportunity," blaming the policy team for missing the chance to get kids on Facebook but she, like most of the leaders at Facebook with younger children, severely limits her kids' access to screens, let alone social media accounts. And she never shares images of her children on social media. Silicon Valley is awash in wooden Montessori toys and shrouded in total screen bans. Parents at work talk about how they don't allow their teens to have mobile phones, which only underscores how well these executives understand the real damage their product inflicts on young minds.”
― Sarah Wynn-Williams, Careless People: A Cautionary Tale of Power, Greed, and Lost Idealism
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