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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The insane news cycle of Trump’s presidency in 1 chart by Stef W. Kight (Axios)

Regardless of your feelings about the President, you’re going to find the chart featured in this article remarkable, detailing the swings in attention that whip through the public discourse on a daily basis. [Link]

Tensions Rise in Spain as Catalonia Referendum Nears by Raphael Minder (NYT)

A referendum on independence has been scheduled in Catalonia by a narrow majority of independence-focused local representatives over the objections of the central government and the country’s constitutional court, leading to police action. [Link; soft paywall]

Labor Markets

For Holiday Hires, It’s Already Beginning to Look a Lot Like Christmas by Jennifer Smith (WSJ)

Retailers hoping to staff up ahead of the all-important holiday season are having a hard time finding willing workers: “it’s the tightest labor market we’ve ever seen”. [Link; paywall]

Not Driving to Work Is the Hot New High-End Job Perk by Justin Fox (Bloomberg)

White collar workers are increasingly avoiding commutes by working from home. [Link]

Credit Markets

Juiciest Junk Bonds Going Extinct as Autumn Calls Approach by Cecile Gutscher (Bloomberg)

Declining spreads on high yield credit mean that many bonds that give borrowers the option to call debt in have coupons well above what the market would offer if the bonds were re-issued, leading to a wave of calls. [Link]

U.S. Leveraged Loan Repricings Get Boost from Issuers Returning for Round Two (Leveraged Loan)

A nice round up of the strength in the very strong leveraged loan market, with numerous issuers re-borrowing at lower rates or more favorable terms. [Link]

Big Reads

Demographics will reverse three multi-decade global trends by by Charles Goodhart and Manoj Pradhan (BIS Working Papers)

A huge read on the implications of a reversing global labor supply shock that has pushed inflation lower and inequality higher over the past several decades. [Link; 47 page PDF]

Time to Change Your Investment Model by Feng Gu and Baruch Lev (CFA Institutes Perspectives)

It’s less helpful to figure out what corporations will earn, with the value of “strategic assets” (the facets of the business that create a durable competitive advantage). [Link; 11 page PDF]

Surprise Pregnancy

Amazon sends accidental gift email to shoppers due to glitch by Jeffrey Dastin (Reuters)

A technical glitch sent emails to customers telling them they’d gotten a baby registry gift; this came as a big surprise to many who had no new kids on the way! [Link]


How this entrepreneur went from a crack addict to a self-made multimillionaire (CNBC)

The story of the MyPillow. Note: not a “read”, but definitely an amazing story worth watching. [Link; auto-playing video]

What Hurricanes Can Dredge Up: Coffins, Canoes and Creatures by Jacey Fortin (NYT)

A catalogue of the strange, horrifying, and remarkable objects and animals that wash up following huge storms. [Link; soft paywall]


Sliding NFL ratings could throw networks for a loss by Jonathan Berr (CBS)

With NFL viewership down 14% YoY to the lowest level since 2009, major cable properties are in a tough spot having paid up huge for broadcast rights. [Link]

How Gennady Golovkin managed to eat this shot continues to astound us by Darragh Murphy (Joe)

There are very, very few people on the planet that can take a Canelo overhand right on the chin and keep at it, but that’s just one example of Golovkin’s ability to take a pounding and keep coming. [Link]

Have a great Sunday!

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