This week, we continued to go down the crypto trading rabbit hole by exploring the differences between quotes on the hyperliquid decentralized exchange and the consolidated tape from Tiingo: Hyperliquid Quotes vs. the Consolidate Tape.
It is has always been caveat ludens (players beware) in crypto land, it makes sense that we first get the lay of the land.
Markets this Week
Foreign investors continued to dump Indian securities…
… and the Rupee continued to lose value against the dollar…
… FMCG round-tripped it’s budget-day gains. Are we now to believe that the budget is not going to life consumers’ spirits?
Most market indices ended the week flat…
… momentum strategies showing some green shoots there.
US markets were no different: largely flat at the end of the week.
More here: country ETFs, fixed income, currencies and commodities.
Links
Research
Dismantling the License Raj: The Long Road to India’s 1991 Trade Reforms (NBER)
In July 1991, India began to dismantle its long-standing, highly restrictive import control regime and move toward a more open economy. How were policymakers able to dislodge and replace an entrenched system with powerful vested interests behind it? This paper explores the economic and political context behind the country’s dramatic policy transformation.
Sleep, Mental Alertness, and Stock Market Trading (SSRN)
We document that retail investors who experience a later sunset time on average earn lower abnormal returns on their trades.
The new consensus on the minimum wage (marginalrevolution)
The fleeting hope that it raises wages without trade-offs is gone. The effects of the minimum wage are nuanced, heterogeneous, and by no means entirely positive.
Does the Gender Wage Gap Actually Reflect Taste Discrimination Against Women? (NBER)
We find that misogyny is an economically meaningful and statistically significant predictor of the wage gap.
Investing
Pre-fee past performance did a very good job of predicting funds’ subsequent performance, on average, over the past few decades. (jeffreyptak)
India
RBI cut its key interest rate by 25 basis points to 6.25%. (reuters)
The asset quality pain emerging from the microfinance sector has intensified, with most private sector banks and some state-owned lenders getting singed by a surge in delinquencies. (livemint)
Cool story about how SEBI cracked an insider trading incident that capitalized on tech companies announcing billion dollar deals (livemint)
Sebi bans 'She Wolf' of Dalal Street Asmita Patel, 5 others from markets, impound illegal gains of over Rs 53 cr (deccanherald)
The migration of ‘brains’ has not had any impact on India because there are so many brains. We have easily filled the spaces that the so-called bright vacated by leaving India. (livemint)
row
Consumption of OJ in the US has more than halved since peaking in the late 1990s. Juicing fruits, instead of eating them whole, removes fiber that helps slow the absorption of sugar into the bloodstream. (bloomberg)
Let’s Talk About Tariffs (disciplinefunds)
Chinese leaders remain confident that, even if the country’s economy suffers, four years of Trump is unlikely to send it into a full-blown crisis. And they anticipate that if Trump follows through on his declared policies, such as those on trade and territorial expansion, he could do severe damage to the United States’ credibility and global leadership. Beijing thus sees Trump’s second term as a potential opportunity for China to expand its influence farther and faster. (foreignaffairs)
Odds & Ends
How did we get to a place where sports have been reduced to a kind of raw material to be refined and packaged into the real product: the no-sweat, profit-boosted, five-leg, in-game parlay bonus bet? (theguardian)
Legal weed just led to more use. (theatlantic)
Inside a network of AI-generated newsletters targeting “small town America” (niemanlab)
Scientists at UC San Francisco have pioneered a groundbreaking approach to fighting cancer using engineered fat cells. (scitechdaily)
The use of A.I. led to 29% higher detection of cancer, no increase of false positives, and reduced workload compared with radiologists without A.I. (thelancet)
The First AI Admaker: icon.me
Meme of the Week
