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  The Daily Shot™ Greetings, We start with the United States where retail sales surprised to the upside. Source: TradingEconomics A big part of this improvement was auto sales which remain vibrant – driven to some extent by the availability of cheap auto credit. Q2 auto loan volume was the highest since 2005. Will auto

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About once a generation, the finance industry cocoons an evolution, adding a layer of complexity to a system almost no one fully understands. From equities and bonds available to the middle classes in the 1950s, to the 1980s rise of derivatives and asset backed securities, each layer has added enormous wealth to the pockets of institutions and investors who spotted the trends early and figured out how to capitalise on the opportunities

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Hennessee Group LLC announced today that the Hennessee Hedge Fund Index lost -0.02% in July (+2.94% YTD), while the S&P 500 gained +1.97% (+2.18% YTD), the Dow Jones Industrial Average rose +0.40% (-0.75% YTD), and the NASDAQ Composite Index jumped +2.84% (+8.28% YTD). Bonds were also positive on the month, as the Barclays Aggregate Bond Index increased +0.70% (+0.60% YTD)

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After spending some quality time with managers and investors recently, I’ve come to realize that, while they have a lot of respect for one another, they also have a lot of frustration with one another’s due diligence processes. Here’s their thoughts about each other’s due diligence in a (somewhat sarcastic) nutshell.

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