What we’re reading (2/21)
“Nvidia Posts Revenue Up 265% On Booming AI Business” (CNBC). “Nvidia reported fourth fiscal quarter earnings that beat Wall Street’s forecast for earnings and sales, and said revenue during the current quarter would be better than expected, even against elevated expectations for massive growth.”
“Fed Minutes Show Unease Over Premature Cuts” (Wall Street Journal). “More Federal Reserve officials signaled concern at their meeting last month with cutting interest rates too soon and allowing price pressures to grow entrenched as opposed to the risks of holding rates too high for too long. ‘Most participants noted the risks of moving too quickly to ease the stance of policy,’ said the minutes of the Jan. 30-31 meeting, released Wednesday with a customary three-week delay. Only two officials pointed to the risks ‘associated with maintaining an overly restrictive stance for too long.’”
“My Top 10 Peeves” (Cliff Asness, AQR). “Certain things said or done in our industry or said about our industry that have bugged me for years. These 10, which bother me the most, are held together by only three characteristics: (1) They are about investing or finance in general, (2) I believe they are commonly held and often-repeated beliefs, and (3) I think they are wrong or misleading and they hurt investors.”
“Leaked Files From Chinese Firm Show Vast International Hacking Effort” (Washington Post). “A trove of leaked documents from a Chinese state-linked hacking group shows that Beijing’s intelligence and military groups are carrying out large-scale, systematic cyber intrusions against foreign governments, companies and infrastructure — exploiting what the hackers claim are vulnerabilities in U.S. software from companies including Microsoft, Apple and Google.”
“Bukele’s Kingdom Of Dreams” (Compact). “Bukele has vowed to make his country the Singapore of the region, but even superfans I spoke to told me the economy had been only average in recent years, with high unemployment still driving a lot of people to migrate. Although many told me that the elimination of the gangs created better conditions for starting small businesses, growth and investment haven’t been particularly impressive. Unlike Singapore, El Salvador remains highly reliant on securing IMF loans to keep the government running, which includes the considerable expense of funding the police, military, and prisons. The issuance of a loan may require austerity measures that work against populist appeals.”
