Media worth consuming – July 2025

Top five articles

US insider buying of shares is at a ten year low.

Seven warning signs that private markets are stretched and could suffer a significant reversal.

China’s “economic miracle” looks average compared to the economic growth achieved in other Asian countries with much greater levels of economic freedom.

By allowing government spending to grow at a slower pace than GDP, Greece has seen many economic indicators improve, unlike most of Europe.

Australia’s Small Business Restructuring laws allow poorly run and poorly capitalised businesses to shortchange their creditors and other taxpayers, demonstrating the need for the ATO to crack down on delinquent taxpayers much faster.

Finance

While foreign travel to the US has declined, domestic travel is doing fine. Since the start of the year, Chinese exports to the US have fallen materially, with Asia and Europe taking more. The US Dollar is gradually losing its share of central bank assets. The top ten stocks in the S&P 500 now make up almost 40% of total market capitalisation. Almost half of American student loan borrowers are in default, forbearance or more than 90+ day arrears.

SPACs are making a comeback, with cryptocurrencies a common theme. After prop trading firm Jane Street pursued two former traders in court, it alerted its competitors to one its most lucrative strategies, earned a regulatory fine and was barred from trading the strategy. A small American biotech company had poor trial results, but before announcing them to the public, it exploited a regulatory loophole to sell shares to institutional investors who promptly dumped the stock onto retail investors. Reflections on the AOL-Time Warner merger in 2000, which some have called the worst merger in history.

Despite record highs for stock indices, private equity firms continue to realise assets at around half the normal pace, with a fast-growing share of realisations coming via continuation funds. Listed private equity funds tend to trade at large discounts and with meaningful volatility, backing up common criticisms of the PE industry. For US private equity buyout funds, performance peaks by year 10 and declines after year 12.

South Korea has dropped its 14-year ban on banks buying foreign currency bonds, as it seeks to offset Won weakness and rising retail investment in foreign equities and stablecoins. An American judge has ruled that Argentina must hand over shares it seized from foreign entities in 2012 as part of the nationalisation of its oil industry. The Lichtenstein government has created a taskforce to try to resolve zombie trusts, where trust managers have resigned due to the threat of sanctions for working with Russian individuals and businesses.

Politics & culture

The Trump Administration’s failure to produce the promised Epstein client list has many Trump supporters calling it a cover-up. Trump’s tariffs on Brazil are likely illegal but clearly ridiculous.

A Los Angeles judge has ordered police to stop shooting journalists with rubber bullets. A Washington State election observer has been convicted of a felony for failing to wear a mask inside a voting centre during the November 2024 election. New York State spent $100 million on lighting equipment, left it in a warehouse for seven years, then sold it for just $383,000. A Connecticut state politician blamed the lack of plastic bags at the store after being detained for shoplifting, even though he voted to ban them.

The mainstream media extensively covers men radicalised by the far right, but largely ignores women radicalised by the far left. Do WNBA players want to be paid what they are owed?

Economics & work

When countries have too much debt, they tend to deal with it through currency devaluation, inflation and stealing from savers instead of an outright default. Now that interest rates have risen, the foolishness of excessive government spending and debt has been exposed. Academics estimate that for every 1% increase in the US Government debt-to- GDP ratio, the ten-year bond yield increases by three basis points. The US Treasury forecasts that the debt-to-GDP ratio will exceed 500% by 2100 without a change in trajectory. If you would like to make a voluntary payment to reduce US Government debt, you can now do it via Venmo.

Parental contributions and government schemes that reduce the minimum home deposit to 5% push house prices higher and worsen affordability. As Japan’s population declines and concentrates around larger cities, the share of vacant homes has reached 14%. China should learn from Japan that using monetary policy to fix a housing bubble brings awful long-term consequences.

A universal basic income trial that gave money to low-income families with a new baby failed to show any improvement in child development after four years. When highly educated young people are the strongest supporters of socialism and Marxism, something is badly wrong with universities. Few people are willing to acknowledge the jobs destroyed by unions. Five key economic lessons from Frederic Bastiat. Five memes that make fun of people who love big government.

Miscellaneous

What your smart devices do with your data when they spy on you. A meandering article on the limitations of AI models in understanding the real world, including losing badly at noughts and crosses. An AI system went rogue and deleted a company’s database, despite specific instructions not to do so. 90% of US power generation built in 2024 was renewable.

Nine tips to add years to your life. 75% of US restaurant orders are for delivery. Arbitrage consultants are teaching others how to win money from gambling agencies by exploiting their promotions. Celebrities are being invited to weddings even when they don’t know the couple, often lured with an appearance fee. The US is dumping infertile flies out of planes over Texas and Mexico to stop the spread of screw worms.