A spurious tail is the performance of a certain number of operators that is entirely caused by luck, what is called the “lucky fool” in Taleb (2001). Because of winner-take-all-effects (from globalization), spurious performance increases with time and explodes under fat tails in alarming proportions. An operator starting today, no matter [...]
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Goldman Sachs (GS) announced an 11% drop in earnings for Q2, although their EPS beat estimates. The hit comes most from declining M&A fees as merger activity has slowed down. While YoY numbers look good, their earnings over Q1 seem to be fading. For example, its trading revenue, a staple of strong revenue for the [...] “FTSE 100 could hit 7,000 if the Bank of England prints more money” - Telegraph headline implicating Legal & General’s Ben Gill as the inflationist paper-bug. Any Martian watching events down here would be scratching its head more than usual. The ONS [UK Office of National Statistics] reported that UK GDP [...] |
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