Welcome to Bespoke Brunch Reads, our Saturday morning summary of interesting things we’re reading this week. The links are mostly market related, but there will be some other interesting subjects covered as well.  The links are in no particular order.  We hope you enjoy the food for thought as a supplement to the research we provide you during the week.

CQS Insights: Looking into 2016 by Sir Michael Hintze (CQS Capital)

A very professional and insightful walk-through of the landscape into 2016 as seen by the CEO and Senior Investment Officer of CQS. [PDF Link]

The Ideology of Innovation by Anton Howes (King’s College London)

A qualitative study of the drivers of innovation during the 17th, 18th, and 19th, centuries with some unique conclusions. [PDF Link]

In Lincoln, Neb., a View of Full Employment by Jeffrey Sparshott (WSJ)

While national statistics show labor slack is not completely gone yet, certain localities are experiencing outright shortages with unemployment below 3% and wage gains tripling the rate of core inflation. [Link, paywall]

Shkreli, Drug Price Gouger, Denies Fraud and Posts Bail by Christie Smythe and Keri Geiger (Bloomberg)

The abrasive, boastful, and generally dislikeable CEO of Turing Pharmaceutical was arrested in Brooklyn over “Ponzi-like” activities at his former hedge fund. [Link]

Martin Shkreli Accused of Being Surprisingly Good at Fraud by Matt Levine (Bloomberg View)

In his typically thorough fashion, Levine walks through the allegedly illegal dealings of everyone’s least favorite pharma CEO; we particularly enjoyed “An Appendix About That Wu-Tang Album”. [Link]

Fed Raised Rates Without a Hitch, and It Only Took $105 Billion by Matthew Boesler and Liz McCormick

A quick walk-through of what it took to get the money markets off the zero lower bound after seven years of ZIRP. [Link]

Oil Market Collapse of 2014-2015 by Buckdeerstocks4 (Weekend Musings)

A thoughtful and comprehensive overview of the oil market collapse with all of the macro and micro mashed together, written as a learning experience. [Link]

The force is strong in this firm (The Economist)

Comprehensive, strategic, and fun: that’s the DIS empire, and on the opening weekend of Star Wars, we had to slip something vaguely related in here… [Link]

Our Thoughts On The Third Avenue Focused Credit Fund Closure by K.C. Nelson (Dreihaus Capital)

If you’re worried about your high yield mutual fund and haven’t sold yet, or are considering dipping your toes in to fresh positions in the space, this is a must-read. [Link]

A Fed Move Would Create Some Winners by Steven Russolillo (WSJ)

The biggest beneficiaries of the Fed’s first interest rate move in almost a decade could be asset managers whose floats have been trapped in purgatory with very little interest carry. [Link, paywall]

The 2 factors aggravating junk-bond market volatility aren’t going away anytime soon by Greg McKenna (Business Insider Australia)

Some speculation over the causes of the recent selloff in high yield and how long it might continue. [Link]

Fed Risks New Distortions When It Raises Interest Rates by Katy Burne (WSJ)

A summary of the risks associated with the FOMC’s efforts to raise interest rates via unconventional new liquidity-draining tools. [Link, paywall]

Michael Mauboussin Research Papers From Credit Suisse – Full? Collection (ValueWalk)

A treasure trove of writing from the legendary equity strategist. [Link]

 

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