1. Forward P/E COST 51x vs. NVDA 42x
COST more expensive than NVDA on forward P/E ratio
2. S&P Sector Valuations vs. Earnings Growth
Captial Group
3. Semis vs. Software
After underperforming Semis by nearly 5 standard deviations over the 100 days through early June, Software’s relative performance is mean reverting.
4. Fed Funds Spread
5. Spreads Still Tight -Ned Davis
6. Only Fans Creators $15B in Revenues Over 5 Years
MarketEar Blog
https://themarketear.com/newsfeed
7. Japanese Yen Update
The yen carry trade set off volatility earlier this month…Yen chart 50day thru 200day to upside.
8. Why Do Americans Love Housing?
9. Demand for Wireless Data Hits Record Highs -Chartr Blog
If you’ve tried to buy any kind of electronic good recently you’ve probably found a version that can connect to your phone and has an app that you need to download (which is usually terrible), with everything from smart watches, to smart light bulbs, to smart fridges, to self-driving cars now connected to the internet. Indeed, companies continue to produce connected versions of devices which, for years, functioned well without them.
But, in fairness to the people behind those products, all of the evidence shows one thing: that America loves being online and staying connected.
Indeed, according to wireless industry association CTIA’s annual survey, Americans used 100.1 trillion megabytes of wireless data in 2023, nearly double the traffic that was driven in 2021 and more than the amount used in all the years from 2010 to 2018 combined. That’s a lot of watching, scrolling, working, texting, and — realistically — even more watching.
The good news is that all of that mobile connectivity is a lot cheaper than it used to be. According to the report, Americans now pay $.002 per MB of wireless data — a 97% decrease from a decade prior and a 50% decrease since 2020, when the average cost of consumer goods and services began to soar.
The uptick has been driven in large part by the rollout of 5G, which the CTIA estimates to be used by almost 40% of all wireless connections today. The rise in wireless data usage comes amidst an ongoing standoff in Congress over how to find new spectrum, per Reuters.
10. Larry Silverstein Spent Years Tussling With the City to Rebuild the World Trade Center. Now He’s Ready to Talk About It
WSJ By Yascha Mounk
Grade inflation at American universities is out of control. The statistics speak for themselves. In 1950, the average GPA at Harvard was estimated at 2.6 out of 4. By 2003, it had risen to 3.4. Today, it stands at 3.8.
The more elite the college, the more lenient the standards. At Yale, for example, 80% of grades awarded in 2023 were As or A minuses. But the problem is also prevalent at less selective colleges. Across all four-year colleges in the U.S., the most commonly awarded grade is now an A.
Some professors and departments, especially in STEM disciplines, have managed to uphold more stringent criteria. A few advanced courses attract such a self-selecting cohort of students that virtually all of them deserve recognition for genuinely excellent work. But for the most part, the grading scheme at many institutions has effectively become useless. An A has stopped being a mark of special academic achievement.
If everyone outside hard-core engineering, math or pre-med courses can easily get an A, the whole system loses meaning. It fails to make distinctions between different levels of achievement or to motivate students to work hard on their academic pursuits. All the while, it allows students to pretend—to themselves and to others—that they are performing exceptionally well. Worse, this system creates perverse incentives. To name but one, it actively punishes those who take risks by enrolling in truly challenging courses.
All of this contributes to the strikingly poor record of American colleges in actually educating their students. As Richard Arum and Josipa Roksa showed in their 2011 book “Academically Adrift,” the time that the average full-time college student spent studying dropped by half in the five decades after 1960, falling to about a dozen hours a week. A clear majority of college students “showed no significant progress on tests of critical thinking, complex reasoning and writing,” with about half failing to make any improvements at all in their first two years of higher education.
In one of the oldest jokes about the Soviet Union, a worker says “We pretend to work, and they pretend to pay us.” To an uncomfortable degree, American universities now work in a similar fashion: Students pretend to do their work, and academics pretend to grade them. It’s high time for a radical reboot of a broken system.