Welcome to Bespoke Brunch Reads — a linkfest of the favorite things we read over the past week. The links are mostly market related, but there are some other interesting subjects covered as well. We hope you enjoy the food for thought as a supplement to the research we provide you during the week.

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Macroeconomics

Globalization in retreat: capital flows decline since crisis by Shawn Donnan (FT)

While economic growth has recovered following the global financial crisis, there’s been a stark reversal in the previously inexorable growth of global cross-border capital flows. [Link; paywall]

Inequality and macroeconomic policies by Vitor Constancio (ECB)

While ECB President Draghi’s speech on Friday got most of the attention this week, we would argue that Constancio’s mid-week missive on the distributional effects of QE to the European Economic Association in Lisbon was more interesting and more innovative. [Link]

Demographics

Millennial Americans Are Moving to the ‘Burbs, Buying Big SUVs by Kieth Naughton (Bloomberg)

A friend of ours once quipped “the most interesting thing about young people is that they get older”. While that can probably be taken too far, in the case of big ticket spending and lifestyle Millennials are behaving an awful lot like their parents: leaving cities and buying houses. [Link; auto-playing video]

Facebook may have a grown-up problem: Young people leaving for Instagram and Snapchat by Jessica Guynn (CNBC/USA Today)

Speaking of young people, new eMarketer forecasts predict a 3.4% decline in teenagers’ use of Facebook this year, driven by migration to other apps (one of which is Instagram, which Facebook of course owns). [Link; auto-playing video]

Quants

Maersk’s tanker unit invests in quant hedge fund by Robin Wigglesworth (FT)

In order to get access to a high value shipping database and better deploy its ships, one of the world’s largest shipping lines has invested in a quantitative hedge fund. [Link; paywall]

Quant Firm AQR Capital Management Seeks SEC Approval to Sell ETFs by Dani Burger (Bloomberg)

If AQR follows through on new filings, getting acesss to the investment acumen of Cliff Asness and the rest of AQR might become even easier. We should note, no specific ETFs are planned for launch at this time, and the firm basically appears to be keeping its options open for the future. [Link; auto-playing video]

Education

Turnaround University: Quant School On The Hudson by Matt Schifrin (Forbes)

A look at a rapidly growing STEM college with majors including quantitative finance and cybersecurity; the school leaped 68 spots in a single year on the America’s Top Colleges list. [Link]

University of Iowa’s Tippie College to End Full-Time M.B.A. Program by Kelsey Gee (WSJ)

Iowa’s business school is closing amidst declining demand for two-year business degrees. Instead, the school will offer part-time and specialized master’s programs. The school describes the market for two year MBA degrees as “shrinking”, a remarkable turn-around from a few years ago when students flocked to programs thanks to the brutal labor market. [Link; paywall]

Archaeology

3,700-year-old Babylonian tablet rewrites the history of maths – and shows the Greeks did not develop trigonometry by Sarah Knapton (The Telegraph)

Improbably, a clay tablet that dates back almost 4,000 years is teaching modern mathematicians a thing or two. The Babylonian numerical system was base 60 instead of base 10, making trigonometry calculations look much different – and more precise – than our current approach. [Link]

Silicon Valley

Wal-Mart and Google Team Up to Challenge Amazon by Jack Nicas and Laura Stevens (WSJ)

The nation’s largest retailer has signed up with Google Express, the online shopping marketplace run by Alphabet. Wal-Mart will still be responsible for fulfillment as it is with its existing online ordering options. [Link; paywall]

What’s New in the iPhone 8 by Mark Gurman (Bloomberg)

A rundown of the new features and design of the iPhone due out this fall, which looks somewhat similar to the 4 and 4S, along with much higher screen share of surface area, an OLED screen, inductive charging, and a virtual home button. [Link]

Have a great Sunday!

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