What we’re reading (7/10)
“Why Hedge Fund Managers Are Worried About The Rest Of 2023” (Institutional Investor). “The average measure of confidence, which managers score on a scale ranging from +50 to –50 was 14.2 according to AIMA. The industry group polled 408 hedge fund managers with $3.3 trillion in assets during the week of June 23. The historic average has been 17.5.”
“Five Ways The Bull Market Makes Investors Nervous” (Wall Street Journal). “A familiar question has crept back onto Wall Street: Could this be the most-hated bull market ever? The S&P 500 charged into bull-market territory in the first six months of 2023, marking a 20% rally from a recent low, yet investors say they can’t stop looking over their shoulders. Even after U.S. stocks overcame big risks—including repeated interest-rate hikes and a banking crisis—money managers say they aren’t convinced this rally is sustainable.”
“Home Prices Are Hitting New Highs Again, As High Rates Put The Squeeze On Supply” (CNBC). “Home prices hit a record high in May, rising 0.7% nationally compared with April at a seasonally adjusted rate, according to the Black Knight Home Price Index. Prices, which have been rising since January, were 0.1% higher in May than a year earlier. The sharp jump in mortgage interest rates last year threw cold water on an overheated housing market, but it didn’t last long. Even with rates still high, home prices are now gaining again, and the gains are accelerating with each new month.”
“When Beer Goes Flat” (Slate). “The overall business picture of beer is that it’s in decline. But the decline is not a free fall. Beer is still, by far, the most widely consumed alcoholic beverage by volume. In fact, overall alcohol consumption had actually increased in the past couple of decades leading into 2021. So, when alcohol industry analysts say beer is falling, they’re talking about beer losing market share of retail dollars. In 2022 spirit sales amounted to 42.9 percent, and beer accounted for 41.2 percent—its first year in second place.”
“Turkey Agrees To Support Sweden’s NATO Bid, Clearing Main Obstacle” (New York Times). “Turkey agreed on Monday to clear the way for Sweden to join NATO, a sudden reversal just hours after President Recep Tayyip Erdogan said that the European Union should first advance his country’s bid to join the E.U. bloc. NATO’s secretary general, Jens Stoltenberg, announced Turkey’s decision from Vilnius, Lithuania, where the alliance was preparing to open its annual summit on Tuesday. Mr. Stoltenberg said that Mr. Erdogan had lifted his objections to Sweden’s entry into the alliance and would take the country’s bid to his Parliament for ratification as soon as possible.”
