The Wall Street Journal was out yesterday with a comment expressing optimism on 2020 earnings forecasts that is wrong:

Modern Monetary Theory or MMT seems to be being discussed everywhere lately, and a number of high profile debates between the economic establishment such as Paul Krugman, Ken Rogoff, Jerome Powell and Larry Summers on one side and MMT advocates (most of which are not economic luminaries) have ...

Quick shout out to AQR (a large US quantitative manager) who have a post out fighting the good fight against some of the big issues with funds with high levels of unlisted assets - this includes many of the large industry funds in Australia. Three of the key issues they raise:

For years, the RBA has argued that an economic recovery is "just around the corner" with wages and inflation about to increase. So far the RBA has been wrong - their preferred trimmed mean inflation has been below target for 3 years and counting. The issue is the penalty for being wrong during a ...

Elizabeth Knight has a look today at impact investing and millennials:

Another unfortunate stockbroker collapse announcement in Halifax Investment Management leaving thousands of clients with over $200 million frozen while administrators review the damage and evaluate the return of capital (which may take months).

Via UBS:

Environmental, social and governance investing, also known as ESG is a common way for investors to look to add ethics to their portfolio. A recent CLSA report highlights that ESG ratings are more akin to snake oil than medicine. The ESG ratings might not do you too much harm, but don't mistake them ...

Only when the tide goes out do you discover who has been swimming naked.

EIA put out a timely reminder of the big picture for US oil. There has never been more proved reserves or production: