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<p>In June, real estate investment trusts (REITs) in the United States experienced a remarkable rise, emerging as the top performer among key asset classes for the second consecutive month. This performance underscores the ongoing strength of securitized real estate in the current market landscape.<br/><a href="https://www.capitalspectator.com/major-asset-classes-june-2018-performance-review/#more-10647" class="more-link">Continue reading <span class="meta-nav">→</span></a></p>
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By James Picerno | <a href="https://www.capitalspectator.com/major-asset-classes-june-2018-performance-review/" title="6:57 am" rel="bookmark"><time class="entry-date" datetime="2018-07-02T06:57:28-04:00">July 2, 2018</time></a>
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<p><span style="color: #0000ff;">Left-wing populist secures a sweeping victory in Mexico's presidential election: <a style="color: #0000ff;" href="https://www.cnn.com/2018/07/01/americas/mexico-election-president-intl/index.html">CNN</a></span><br/><span style="color: #0000ff;">North Korea is reportedly expanding its missile manufacturing capabilities: <a style="color: #0000ff;" href="https://www.cnn.com/2018/07/02/asia/north-korea-factory-intl/index.html">CNN</a></span><br/><span style="color: #0000ff;">The European Union warns the U.S. of repercussions if car tariffs are enacted: <a style="color: #0000ff;" href="https://www.reuters.com/article/us-usa-trade-eu/eu-warns-u-s-of-major-hit-if-car-tariffs-imposed-idUSKBN1JS0R9">Reuters</a></span><br/><span style="color: #0000ff;">Could German Chancellor Angela Merkel's ruling coalition be in jeopardy? <a style="color: #0000ff;" href="https://www.bloomberg.com/news/articles/2018-07-01/merkel-faces-crunch-time-in-coalition-showdown-on-migrant-policy">Bloomberg</a></span><br/><span style="color: #0000ff;">US consumer spending growth showed signs of slowing, alongside rising inflation in May: <a style="color: #0000ff;" href="https://www.bloomberg.com/news/articles/2018-06-29/u-s-consumer-spending-lags-forecasts-inflation-tops-fed-goal">Bloomberg</a></span><br/><span style="color: #0000ff;">A slight increase in consumer sentiment was recorded for June: <a style="color: #0000ff;" href="https://www.cnbc.com/2018/06/28/consumer-sentiment-june.html">CNBC</a></span><br/><span style="color: #0000ff;">Chicago's Purchasing Managers' Index (PMI) reached a six-month high in June: <a style="color: #0000ff;" href="https://www.ism-chicago.org/insidepages/reportsonbusiness/">ISM Chicago</a></span><br/><span style="color: #0000ff;">Wall Street is focusing on nanosecond transactions: <a style="color: #0000ff;" href="https://www.nytimes.com/2018/06/29/technology/computer-networks-speed-nasdaq.html?rref=collection%2Fsectioncollection%2Fbusiness">NY Times</a></span><br/><span style="color: #0000ff;">The GDPNow model estimates Q2 economic growth has been downgraded to +3.8%: <a style="color: #0000ff;" href="https://www.frbatlanta.org/cqer/research/gdpnow.aspx">Atlanta Fed</a></span></p>
<p><a href="https://www.capitalspectator.com/wp-content/uploads/2018/07/gdpnow.02jul2018.png"><img fetchpriority="high" decoding="async" class="alignnone size-full wp-image-10646" src="https://www.capitalspectator.com/wp-content/uploads/2018/07/gdpnow.02jul2018.png" alt="" width="543" height="417" /></a></p>
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By James Picerno | <a href="https://www.capitalspectator.com/macro-briefing-2-july-2018/" title="5:48 am" rel="bookmark"><time class="entry-date" datetime="2018-07-02T05:48:39-04:00">July 2, 2018</time></a>
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<p><a href="https://www.amazon.com/gp/product/0062412256/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=0062412256&linkCode=as2&tag=bookscs-20&linkId=4267b3733e7155852bdf0f7be2393af0" target="_blank" rel="noopener"><img decoding="async" class="alignleft" src="https://ws-na.amazon-adsystem.com/widgets/q?_encoding=UTF8&MarketPlace=US&ASIN=0062412256&ServiceVersion=20070822&ID=AsinImage&WS=1&Format=_SL250_&tag=bookscs-20" border="0"/></a><img decoding="async" style="border: none !important; margin: 0px !important;" src="https://ir-na.amazon-adsystem.com/e/ir?t=bookscs-20&l=am2&o=1&a=0062412256" alt="" width="1" height="1" border="0"/>● <a href="https://www.amazon.com/gp/product/0062412256/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=0062412256&linkCode=as2&tag=bookscs-20&linkId=88dcd92d22ddd32ae12007c1ac2e03dd" target="_blank" rel="noopener">Squeezed: Why Our Families Can’t Afford America</a><img decoding="async" style="border: none !important; margin: 0px !important;" src="https://ir-na.amazon-adsystem.com/e/ir?t=bookscs-20&l=am2&o=1&a=0062412256" alt="" width="1" height="1" border="0"/><br/>By Alissa Quart<br/><strong><a href="http://time.com/money/5315833/squeezed-automation-alissa-quart/">Excerpt</a> via Money Magazine</strong><br/>The term "surplus humans," coined by Karl Fogel of Open Tech Strategies, sharply highlights the plight of employees facing obsolescence due to automation. This designation aptly describes the once-secure "middle-class" jobs in industries such as automotive, nursing, tax preparation, office work, and law.<br/>As I began my research for the book *Squeezed: Why Our Families Can’t Afford America* five years ago, I uncovered numerous factors contributing to the rising insecurity of the 'Middle Precariat'. This demographic faces not only high expenses for childcare, housing, and escalating student and healthcare debts, but also the persistent anxiety of becoming obsolete in a rapidly mechanizing job market.<br/><a href="https://www.capitalspectator.com/book-bits-30-june-2018/#more-10627" class="more-link">Continue reading <span class="meta-nav">→</span></a></p>
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By James Picerno | <a href="https://www.capitalspectator.com/book-bits-30-june-2018/" title="8:24 am" rel="bookmark"><time class="entry-date" datetime="2018-06-30T08:24:09-04:00">June 30, 2018</time></a>
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<p><span style="color: #ff0000;"><a style="color: #ff0000;" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3172498">When Does Cap-Weighting Outperform? Factor-Based Explanations</a></span><br/><strong>Roger G Clarke (Ensign Peak Advisors), et al.</strong><br/>May 1, 2018<br/><em>Performance of equity mutual funds can be influenced by widely recognized market factors. It appears that aggregate fund managers maintain more equal weightings than the capitalization-weighted market. Currently, the active return of aggregate mutual funds aligns positively with Momentum, Small Size, and Profitability factors, while demonstrating a negative correlation with Value and Low Beta factors.</em><br/><a href="https://www.capitalspectator.com/research-review-29-june-2018-factor-investing/#more-10644" class="more-link">Continue reading <span class="meta-nav">→</span></a></p>
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By James Picerno | <a href="https://www.capitalspectator.com/research-review-29-june-2018-factor-investing/" title="7:11 am" rel="bookmark"><time class="entry-date" datetime="2018-06-29T07:11:21-04:00">June 29, 2018</time></a>
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<p><span style="color: #0000ff;">Europe achieves consensus on immigration policies: <a style="color: #0000ff;" href="https://www.bbc.com/news/world-europe-44652846">BBC</a></span><br/><span style="color: #0000ff;">US Energy Secretary expresses concerns about oil market pressures due to new Iran sanctions: <a style="color: #0000ff;" href="http://thehill.com/policy/energy-environment/394629-perry-iran-sanctions-will-stress-oil-markets">The Hill</a></span><br/><span style="color: #0000ff;">US Q1 GDP growth rate revised down to 2.0%: <a style="color: #0000ff;" href="https://www.reuters.com/article/us-usa-economy/us-first-quarter-gdp-growth-trimmed-labor-market-strong-idUSKBN1JO1QA">Reuters</a></span><br/><span style="color: #0000ff;">US jobless claims increased for the first time in four weeks: <a style="color: #0000ff;" href="https://www.marketwatch.com/story/us-jobless-claims-climb-9000-to-227000-but-layoffs-still-near-lowest-rate-in-decades-2018-06-28">MarketWatch</a></span><br/><span style="color: #0000ff;">Kansas City Fed manufacturing index indicates continued strength in June: <a style="color: #0000ff;" href="https://www.bondbuyer.com/news/kansas-city-fed-says-manufacturing-strong-workers-hard-to-find-in-june">Bond Buyer</a></span><br/><span style="color: #0000ff;">St. Louis Fed’s Bullard advocates for maintaining current US interest rates: <a style="color: #0000ff;" href="https://mninews.marketnews.com/content/mni-5-things-feds-bullard-favors-leaving-rates-unchanged">MNI</a></span><br/><span style="color: #0000ff;">US crude oil benchmark reaches its highest level since late 2014: <a style="color: #0000ff;" href="http://money.cnn.com/2018/06/28/investing/oil-prices-trump-iran-opec/index.html">CNN Money</a></span></p>
<p><a href="https://www.capitalspectator.com/wp-content/uploads/2018/06/wtic.29jun2018.png"><img decoding="async" class="alignnone size-full wp-image-10641" src="https://www.capitalspectator.com/wp-content/uploads/2018/06/wtic.29jun2018.png" alt="" width="700" height="312" /></a></p>
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By James Picerno | <a href="https://www.capitalspectator.com/macro-briefing-29-june-2018/" title="5:48 am" rel="bookmark"><time class="entry-date" datetime="2018-06-29T05:48:36-04:00">June 29, 2018</time></a>
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<p>Here is an excerpt from my book, <a href="https://www.amazon.com/dp/1987583515/ref=sr_1_1?ie=UTF8&qid=1529343374&sr=8-1&keywords=Quantitative+Investment+Portfolio+Analytics+In+R%3A+An+Introduction+To+R+For+Modeling+Portfolio+Risk+and+Return">Quantitative Investment Portfolio Analytics In R: An Introduction To R For Modeling Portfolio Risk and Return</a>, published last week. The following section from Chapter 5 discusses a straightforward methodology for downloading factor premiums from <a href="http://mba.tuck.dartmouth.edu/pages/faculty/ken.french/data_library.html">Professor Ken French's website</a> to conduct a basic factor analysis using R. Stay tuned for the continuation of Chapter 5's excerpt. (Please note that footnotes present in the book have been omitted for this online version. For the complete chapter list, visit <a href="https://www.capitalspectator.com/a-new-book-for-portfolio-analysis-using-r/">here.</a> Additionally, all code provided in <a href="https://www.amazon.com/dp/1987583515/ref=sr_1_1?ie=UTF8&qid=1529343374&sr=8-1&keywords=Quantitative+Investment+Portfolio+Analytics+In+R%3A+An+Introduction+To+R+For+Modeling+Portfolio+Risk+and+Return">Quantitative Investment Portfolio Analytics In R</a> is accessible through a single file available via a link in the book.)<br/><a href="https://www.capitalspectator.com/excerpt-part-i-quantitative-investment-portfolio-analytics-in-r/#more-10632" class="more-link">Continue reading <span class="meta-nav">→</span></a></p>
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By James Picerno | <a href="https://www.capitalspectator.com/excerpt-part-i-quantitative-investment-portfolio-analytics-in-r/" title="3:15 pm" rel="bookmark"><time class="entry-date" datetime="2018-06-28T15:15:08-04:00">June 28, 2018</time></a>
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<p>In spite of ongoing conflicts and rising geopolitical tensions, stock markets in the Middle East have been outperforming the global averages in 2018, as indicated by performance metrics from various exchange-traded funds.<br/><a href="https://www.capitalspectator.com/mideast-stocks-dominate-world-regional-equity-returns-this-year/#more-10628" class="more-link">Continue reading <span class="meta-nav">→</span></a></p>
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By James Picerno | <a href="https://www.capitalspectator.com/mideast-stocks-dominate-world-regional-equity-returns-this-year/" title="8:19 am" rel="bookmark"><time class="entry-date" datetime="2018-06-28T08:19:08-04:00">June 28, 2018</time></a>
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<p><span style="color: #0000ff;">Justice Kennedy's retirement opens avenues for Trump to reshape the Supreme Court: <a style="color: #0000ff;" href="https://www.reuters.com/article/us-usa-court-kennedy-agenda/in-supreme-court-pick-trump-can-push-conservative-social-agenda-idUSKBN1JO078">Reuters</a></span><br/><span style="color: #0000ff;">Supreme Court ruling delivers a significant setback to public sector unions: <a style="color: #0000ff;" href="https://www.cnn.com/2018/06/27/politics/supreme-court-union-fees-decision/index.html">CNN</a></span><br/><span style="color: #0000ff;">Support for the recent tax reforms in the US has significantly decreased over the past two months: <a style="color: #0000ff;" href="https://www.politico.com/story/2018/06/27/poll-gop-tax-law-656387">Politico</a></span><br/><span style="color: #0000ff;">China's President Xi warns the US Defense Secretary about territorial integrity: <a style="color: #0000ff;" href="https://www.bloomberg.com/news/articles/2018-06-28/xi-warns-mattis-china-won-t-surrender-one-inch-of-territory">Bloomberg</a></span><br/><span style="color: #0000ff;">Details regarding the upcoming Trump-Putin summit agenda: <a style="color: #0000ff;" href="https://www.cnbc.com/2018/06/26/what-to-expect-from-a-trump-putin-summit.html">CNBC</a></span><br/><span style="color: #0000ff;">Weak demand in the auto sector has impacted US durable goods orders for May: <a style="color: #0000ff;" href="https://www.marketwatch.com/story/biggest-drop-in-new-orders-for-autos-since-2015-drags-down-durable-goods-in-may-2018-06-27">MarketWatch</a></span><br/><span style="color: #0000ff;">The US trade deficit narrowed in May more than anticipated: <a style="color: #0000ff;" href="https://www.marketwatch.com/story/us-trade-deficit-in-goods-narrows-unexpectedly-in-may-2018-06-27">MarketWatch</a></span><br/><span style="color: #0000ff;">S&P Global Ratings maintains an AA+ rating for US government debt: <a style="color: #0000ff;" href="http://www.rttnews.com/2908667/s-p-maintains-u-s-sovereign-rating-at-aa.aspx?type=useco">RTT</a></span><br/><span style="color: #0000ff;">Pending home sales in the US saw an unexpected decline in May: <a style="color: #0000ff;" href="http://www.rttnews.com/2908903/u-s-pending-home-sales-unexpectedly-drop-0-5-in-may.aspx?type=useco">RTT</a></span><br/><span style="color: #0000ff;">The US Dollar Index surged to its highest point in nearly a year on Wednesday:</span></p>
<p><a href="https://www.capitalspectator.com/wp-content/uploads/2018/06/usd.28jun2018.png"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-10626" src="https://www.capitalspectator.com/wp-content/uploads/2018/06/usd.28jun2018.png" alt="" width="700" height="312" /></a></p>
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By James Picerno | <a href="https://www.capitalspectator.com/macro-briefing-28-june-2018/" title="5:38 am" rel="bookmark"><time class="entry-date" datetime="2018-06-28T05:38:37-04:00">June 28, 2018</time></a>
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<p><a href="https://www.capitalspectator.com/wp-content/uploads/2018/06/bermuda.map_.png"><img loading="lazy" decoding="async" class="wp-image-10624 alignleft" src="https://www.capitalspectator.com/wp-content/uploads/2018/06/bermuda.map_.png" alt="" width="298" height="231" /></a>The Capital Spectator is about to embark on a brief research project taking place on an undisclosed beach in Bermuda. The aim: to analyze the psychological effects of a complete lack of productivity on one editor's state of mind. (It’s a tough job, but someone has to do it.) Regular programming will resume on Thursday, June 28. Cheers!</p>
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By James Picerno | <a href="https://www.capitalspectator.com/an-early-summer-holiday/" title="8:17 am" rel="bookmark"><time class="entry-date" datetime="2018-06-25T08:17:29-04:00">June 25, 2018</time></a>
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<p><a href="https://www.amazon.com/gp/product/1987583515/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=1987583515&linkCode=as2&tag=bookscs-20&linkId=412efd4e8ab8bc9b91f5ec955809b007" target="_blank" rel="noopener"><img decoding="async" class="alignleft" src="https://ws-na.amazon-adsystem.com/widgets/q?_encoding=UTF8&MarketPlace=US&ASIN=1987583515&ServiceVersion=20070822&ID=AsinImage&WS=1&Format=_SL250_&tag=bookscs-20" border="0"/></a><img loading="lazy" decoding="async" style="border: none !important; margin: 0px !important;" src="https://ir-na.amazon-adsystem.com/e/ir?t=bookscs-20&l=am2&o=1&a=1987583515" alt="" width="1" height="1" border="0"/>● <a href="https://www.amazon.com/gp/product/1987583515/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=1987583515&linkCode=as2&tag=bookscs-20&linkId=0f2655d094205a1869415046e9c644c8" target="_blank" rel="noopener">Quantitative Investment Portfolio Analytics In R: An Introduction To R For Modeling Portfolio Risk and Return</a><img loading="lazy" decoding="async" style="border: none !important; margin: 0px !important;" src="https://ir-na.amazon-adsystem.com/e/ir?t=bookscs-20&l=am2&o=1&a=1987583515" alt="" width="1" height="1" border="0"/><br/>By James Picerno<br/><strong><a href="https://www.amazon.com/gp/product/1987583515/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=1987583515&linkCode=as2&tag=bookscs-20&linkId=0f2655d094205a1869415046e9c644c8">Summary</a> via Amazon</strong><br/>R is an open-source programming language that has emerged as a go-to tool for financial and economic analysis. *Quantitative Investment Portfolio Analytics In R* is designed to help you delve into modeling portfolio risk and return using R. Even beginners can gain foundational skills in R by following this concise guide. Each chapter offers detailed instructions on leveraging R's robust functions for portfolio analytics.<br/><em><small>For the table of contents, click <a href="https://www.capitalspectator.com/a-new-book-for-portfolio-analysis-using-r/">here</a></small></em><br/><a href="https://www.capitalspectator.com/book-bits-23-june-2018/#more-10593" class="more-link">Continue reading <span class="meta-nav">→</span></a></p>
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By James Picerno | <a href="https://www.capitalspectator.com/book-bits-23-june-2018/" title="5:24 am" rel="bookmark"><time class="entry-date" datetime="2018-06-23T05:24:23-04:00">June 23, 2018</time></a>
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