What we are reading on 12/18/2017

Here’s what we are reading today. We do not necessarily agree with the opinions expressed therein and we disavow any actual or implied investment advice therein. In no particular order:
On Finding a Job in Finance
Switzerland is Prepared for Civilizational Collapse
Brag Wisely
Nurture Counts As Much As Nature In Success
The Data Or The Hunch
Tesla and the Trucking Industry
Why Highly Intelligent People Suffer More Mental And Physical Disorders
The Best Gadgets Of 2017
RSS Reader News Sources Poll
A 64% Decline? Really?
Abolish the penny?
Is Renter Nation Dead? Single-Family Housing Starts, Permits Highest Since 2007
Three Delusions
CalPERS adopts new asset allocation increasing equity exposure to 50%

Federal Reserve balance sheet reduction monitor, 12/15/2017

Perhaps printing money is an addiction that is too hard to quit.

The Federal Reserve’s balance sheet reduction plan calls for selling a total of $10 billion per month of treasury, agency and mortgage-backed securities starting in 2017Q4.  One can keep track of their progress by monitoring the H41 filings.

The results thus far are underwhelming.  With 82% of the quarter complete, they have met just 5% of their goal.  They have made some progress selling treasuries but have been adding to their holdings of Agency and Mortgage-Backed Securities.

Trading volume tends to fall off in the last two weeks of the year.  At this point, the odds of the Fed achieving anything close to its selling objectives seems vanishingly small.

Date Treasury Agency+MBS Total
9/28/17 2465427 1774917 4240344
12/14/17 2454256 1784628 4238884
Change -11171 9711 -1460
     12/31/17 Goal -18000 -12000 -30000
     % Achieved 62% -81% 5%

What we are reading on 12/12/2017

Here’s what we are reading today. We do not necessarily agree with the opinions expressed therein and we disavow any actual or implied investment advice therein. In no particular order:
Stoicism Reveals 4 Rituals That Will Make You Confident
Beyond All Expectations
Treasury 10yr-2yr Yield Spread Continues To Slide
When Does Work Actually Get Done
Its Time To Get Real With Your Investment Portfolio
A 10-year Glimpse Into the Future
The Science Of Killing A Bad Habit
8 Ideas for Financial Planning in a Low-Return Environment
Beware of the Surprise Departure of Independent Directors!
Momentum and Market Anomalies
Is the Endowment Tax a Trojan Horse?
Is tax reform falling apart?

What we are reading on 12/5/2017

Here’s what we are reading today. We do not necessarily agree with the opinions expressed therein and we disavow any actual or implied investment advice therein. In no particular order: 
Notes from an Unwelcome Future
What To Worry About In This Surreal Bull Market
Lessons From The Time I Gave Investment Advice
This Firm Is Warning Investors To Be Wary Of Smart Beta Bond Funds
I Can Live Without Cable But Not As Well As My Kids
Success And Failure
We Are In The Most Dangerous Period In The Business Cycle
The 5k Not The Marathon Is The Ideal Race
Latte Index Currencies
Another Doomsday Moment For High Yield Strategies
This Is How To Use Mindfulness To Make Better Decisions
The ‘No-America’ Portfolio: Two Big Investors Make a Case
Few Friends for New Trends
Bank of Japan Tapers (Quietly), QE Party Over
The Fed Might “Surprise” Markets with its Hawkishness in 2018
US Demand for Electricity Falls Further: What Does it Mean?
Navigating the speculative Id of Wall Street
Is Sugar Slowly Killing Us? My conversation with Gary Taubes
How to talk to anyone