That’s helped drive the pound to its weakest value in two months against the dollar; bets placed on further declines by hedge funds and other market players are at their biggest since June 2013. A Friday poll by ORB/Independent showing the pro-Brexit camp with a 10-point lead triggered sterling’s biggest drop since February and extending its losses this year to more than 4 percent.
The Good, Bad & Ugly? (Axel M.)
Globalization. In my view, globalization doesn’t hold growth back, but it provides a more level playing field. However, that’s bad news for those who had in the past demanded top dollars for their services, when there are a billion others offering to provide the same service at a lower price. Technology, in some ways, provides the same challenge, as ever more complex tasks can be outsourced to machines. Those are challenges, and in my view, policy makers on both the left and the right of the political spectrum have done a poor job helping society keep pace and adjust.
It takes the average return, subtracts the risk free rate, and then divides that difference by the standard deviation. The result is the excess return per unit of volatility. It basically tells you how much risk and volatility you had to endure for that extra return.
A high Sharpe ratio means you’re getting more excess return for less risk. So the higher this ratio is, the better.
Consider a few recent cases: Brown University, Johns Hopkins University, Williams College, and Haverford College, among others schools, withdrew speaking invitations, including those for commencement addresses, because students objected to the views or political ideology of the invited speaker. Brandeis University began to monitor the class of a professor who had explained that Mexican immigrants to the United States are sometime called “wetbacks,” a comment about the history of a derogatory term that outraged some Mexican American students. Black students at Princeton University protested against the “racial climate on campus” and demanded that Woodrow Wilson’s name be removed from its school of Public and International Affairs. The chilling effect of these kind of restrictions on speech were not lost in 1947 on Robert Hutchins, the president of the University of Chicago, who opined during the McCarthy period: “The question is not how many professors have been fired for their beliefs, but how many think they might be.”
They’re wrong—for many reasons big and small. It’s easy to quibble with estimates of how fast battery prices will decline; or argue that they misunderstand the consumer appeal of electric cars. There is also a strong argument that manufacturers should be counting services rather than vehicles sold; and the role of policies pushing electric vehicles isn’t fully included in these numbers. (Case in point: Media reports say Norway is on the verge of announcing that it will phase out fossil fuel–powered cars by 2025.)
Kelly’s conclusions are notable in that they coincide with a recent report by the International Energy Agency. In that report, the IEA called for “concrete action” to address climate change in the wake of last year’s accord which was ratified by almost 200 nations. The IEA cites “massive changes in the energy system” that are needed to meet the goals of those accords. The IEA cites the cost of those changes and the required decarbonization as being roughly $9 trillion. For reference, that’s roughly ten times the amount of money invested by the United States in the wake of the financial crisis – actions which led to numerous protests about bailouts of Wall Street banks and financial institutions.
Why Do Bee Colonies Collapse? (jdargis)
Another major threat to American honeybees: the parasitic varroa mite (Varroa destructor), which arrived from Asia in 1987. The brownish-red bugs, no larger than the head of a pin, are now found in all 50 states. Pregnant mites enter a bee colony’s brood cells and rapidly multiply, sucking the bees’ blood, weakening their immune systems, and exposing them to disease. An unchecked infestation can wipe out a colony in less than two years. Researchers at Washington State University are testing a theory that mycelium from certain mushroom species might strengthen bees’ immune systems or even kill varroa mites outright. Early experiments offer a glimmer of hope for the pollinators.
An alert has been issued by researchers at the Rothamsted Research in Harpenden in Hertfordshire.
The Twitter feed @migrantmothUK reported a two mile cloud of moths on Saturday night near Leominster. One subscriber to the feed reported that it was like “driving through rain”.
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