The Fidenza Macro digest, Sept 11 2023
Eight things I'm reading or listening to
The Only Five Paths China's Economy Can Follow, by Michael Pettis
There is increasingly a consensus in Beijing that China’s excessive reliance on surging debt in recent years has made the country’s growth model unsustainable. Aside from the economy’s current path, there are only four other paths China can follow, each with its own requirements and constraints.
The Four Horsemen of US Resilience Will Make the Fed an Uneven "Distributor of Pain.", by Michael Kao
A good read on why the US has been so resilient in the face of interest rate hikes.
No other investor has a life story quite as unbelievable as Li Lu, FT Magazine (paywalled)
From a revolutionary protesting in Tiananmen Square to legendary investor, Li Lu’s life arc has truly been incredible.
Can Singapore Hold On To Its Reputation as "Asia's Safe Haven"? FT's Big Read (paywalled)
The crackdown on money laundering has been the talk of the town lately, and it has touched the majority of private banks in Singapore. The findings of the investigations have uncovered the fact that laundered funds were behind the recent surge in demand for mansions and ultra-luxury cars.
Daniel Amen On How to Change Your Life By Changing Your Brain & the Lies About Happiness That Are Increasing Depression with Jay Shetty
If you’ve been reading my blog for a while, you know I’m a big fan of maintaining good brain health, and physical health in general. Traders can’t perform their best without good hardware.
Will England - A Primer on Multi-Strategy Hedge Funds on Invest Like the Best
Multi-strat funds rule global macro so it’s a good idea to know how they work, if you don’t know already.
Travis Kling: Binance Deep Dive From FTX Survivor, by The Delphi Podcast
A bearish view on what’s going on at Binance, and how we might see Blackrock take over the crypto crown from CZ.
The 15 Commitments of Conscious Leadership by Jim Dethmer, Diana Chapman, and Kaley Warner Klemp
This book is not just about leadership. It’s about living your best self and improving your relationships with others. When I read this book, I felt like all the best advice I’ve received on leadership, relationships, and parenting were condensed into these 15 Commitments.