The heroes of 'Flash Boys' just scored a landmark victory, but the battle isn't over [H/T Linc] (LINK)
George Soros warns on Brexit (LINK)
To start off, sterling is almost certain to fall steeply and quickly if there is a vote to leave– even more so after yesterday’s rebound as markets reacted to the shift in opinion polls towards remain. I would expect this devaluation to be bigger and more disruptive than the 15% devaluation that occurred in September 1992, when I was fortunate enough to make a substantial profit for my hedge fund investors, at the expense of the Bank of England and the British government.
US Railroad Carloads Below 2009/2010 Lows (LINK)It is reasonable to assume, given the expectations implied by the market pricing at present, that after a Brexit vote the pound would fall by at least 15% and possibly more than 20%, from its present level of $1.46 to below $1.15 (which would be between 25% and 30% below its pre-referendum trading range of $1.50 to $1.60). If sterling fell to this level, then ironically one pound would be worth about one euro – a method of “joining the euro” that nobody in Britain would want.
Rigonomics: Is $50 a barrel enough to revive global oil production? (LINK)
Raoul Pal - The Need to Study Real World Economics - Warwick Economics Summit 2015 [video from a little over a year ago] (LINK)
TV Advertising's Surprising Strength — And Inevitable Fall - by Ben Thompson (LINK)
"So busy doing my job, I can't get any work done" - by Seth Godin (LINK)
Quote of the day: "Intuition is pattern recognition. Use with caution: if future doesn't resemble past, lessons of experience can lead us astray." -Adam Grant (source)