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Ed Harrison on Joel Greenblatt and how to avoid another banking crisis

@Nick Correa and I welcome managing editor @Edward Harrison to "The Breakdown." Ed discusses his recent interview with legendary value investor Joel Greenblatt, and analyzes Joel's thesis that a new issue of preferred equity bank capital is needed to avoid another banking crisis. 

Enjoy! And please share your thoughts with us in the comments.
John Fadool
US Air Force: Air Battle Manager & Military Intelligence

Geopolitics Today: Wednesday Issue

Afternoon Everyone,

Today has been a hectic news day, so lots of awesome data to dig through compared to yesterday's comparably slow news cycle. Enjoy today's content!

Unifying the Royal and American Navies: The New Anglosphere under American Leadership

Today American and English naval officials are preparing to sign a major agreement that will see a considerable boost in technological integration and interoperability. Furthermore, this agreement would open the door for officers and enlisted personal on both sides to serve on each other's ships. Halfway around the world, the United Kingdom and Australian governments signed a memorandum of understanding that lays the groundwork for the joint development of their navies' next generation of destroyers.

There are a couple of things we can draw from these news stories. First, the inevitable combining of her majesties Royal Navy and the US Navy is finally underway. We had seen signs of this when the United Kingdom decided to construct two supercarriers of the Queen Elizabeth class without the requisite support fleet to keep her running over long distances and provide adequate protection.

The reasoning for this was simple as they were never meant to operate under the Royal Navy's authority alone. The Queen Elizabeth class was designed to not only operate both naval variants of the F-35 joint strike fighter but to augment American Carrier capabilities in the Atlantic. Allowing both Navies personal to work aboard each other's vessels further illustrates the trend of the United Kingdoms' eventual subservience to American interests and... (More)

John Fadool
US Air Force: Air Battle Manager & Military Intelligence

Geopolitics Today: Tuesday Issue

Afternoon Everyone,

I wanted to continue to bring Geopolitical content to the Exchange but will be shorter and more news-based items rather than my large pieces, which are saved for Mondays.

Cracks in the Russians and Chinese Relationship: Fraudulent Oil and NatGas Sales

Today, Russian officials announced that NatGas sales to the PRC exceed contractual obligations by 20%, as Gazprom reported. However, Chinese counter reporting responded by stating that recent NatGas exports to China are largely fraudulent as Chinese oil and gas trades make deals for large volumes of crude and gas at below-market prices from contacts that claim to work for Gazprom and other State-Owned Russian Oil and Gas enterprises.

While much has been made of Putin's Russia and Xi's China alliance, it's a relationship fraught with conflict as one seeks to out edge each other while simultaneously acting as counters to the United States' influence. With how closely Russia monitors its petroleum and gas sector its highly unlikely that this activity doesn't come with the tacit approval or willful ignorance of Moscow as Russia seeks to get every Euro (which Gazprom and other Russian enterprises use for export and import transactions) out of there Chinese counterparts as possible.

While this certainly isn't the first visible crack in the Russian-Sino relationship, it is definitely one of the larger ones as energy issues are a serious concern for the Chinese communist party as its largest oil field in the Daqing Oil Field, sees annual declines in production. Expect larger and... (More)

Sam Colt
"Guy that provides the proper Experimental Design"

The WSJ made an election simulator you always wanted