Positives:
1. The S&P 500 made a new all-time high.
2. Mortgage applications rose 5% w/o/w.
3. The NASDAQ Composite closed at its highest level in fifteen years.
4. Initial jobless claims came in at 295k, the seventh week below 300k.
5. Durable goods increased 4%, vs expectations for a 0.9% gain.
Negatives:
1. Core Durable goods fell 0.5% m/o/m vs the 0.3% gain expected.
2. New home sales came in at 481k, 34k less than expected.
3. Markit’s Manufacturing PMI fell to 54.2, down from 55.7 in March
4. China’s HSBC manufacturing index fell to 49.2, a one-year low.
• The puzzle in active investing (Pensions & Investments)
• Forget Buffett the investor. Follow Buffett the manager (Fortune)
• Glut of Capital and Labor Challenge Policy Makers (WSJ)
• Tangles of pathology (Interfluidity)
• The Unintended Twist of Tax Inversions (NYT)
• The Battle for The Wrist (Asymco)
• Misunderstanding War: War remains one of the most consistently misunderstood of human behaviors. (The American Interest) see also Does the return of the mercenary mean a world with more war? (Australian Broadcast Corporation)
• Pot Legalization Is Sweeping The Country (MoJo)
• Solar power will soon be as cheap as coal (Quartz) see also Solar Power Battle Puts Hawaii at Forefront of Worldwide Changes (NYT)
• How to Design a Roller Coaster That’ll Make You Beg For Mercy (Bloomberg)
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