Your weekend Edge:
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Too busy during the week? Catch up with last week's readings:

Business

Great interview with Matt Rose (Link)

Short article discussing the decline of industrial conglomerates (Link)

Interesting read comparing China’s e-commerce revenue models to the US based e-commerce. (Link)

How Ray-Ban brought its brand back from the brink (Link)

Carbon emissions (Link)

In-N-Out Burger’s success in simplicity (Link)

Morgan Stanley’s top technology banker moonlights as a driver on his way to winning the Uber IPO mandate (Link)

The Golf Town turnaround story (Link)

Investing and markets

Jamie Dimon interview (Link)

Markets so dominated by ETFs have not been truly tested by a post-QE world (Link)

Charts

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In-N-Out Burger’s success in simplicity (Link)

This article examines In-N-Out Burger’s relentless focus on simplicity and quality which manifests itself in a variety of ways through the firm’s business and operating models.

Morgan Stanley’s top technology banker moonlights as a driver on his way to winning the Uber IPO mandate (Link)

“Some bankers have been known to go to extreme lengths to stand out from the competition. Most start with a mastery of the numbers and fluency with entrepreneurs’ vision, but some like Mr. Grimes have gone further--he rented an apartment close to one company and studied his daughter’s internet habits to get familiar with another.”

The Golf Town turnaround story (Link)

A good business comeback story – When Chad McKinnon assumed the helm of GolfTown in October 2016 he inherited a trainwreck.

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How Ray-Ban brought its brand back from the brink (Link)

This piece provides a brief case study summary of the re-emergence of Ray-Ban as a maker of premium eyewear.

Carbon emissions (Link)

The energy industry often gets a bad rap for being carbon emitting culprits. This piece discusses some of the non-obvious sources of carbon emissions and makes the case that few of us are blameless.

Market predictions

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Jamie Dimon interview (Link)

Jamie Dimon discusses the current market sell-off, the economy and trade relations.

Markets so dominated by ETFs have not been truly tested by a post-QE world (Link)

Since the GFC, global central banks — especially the Fed — have served as market liquidity providers, filling the gap as regulation-restrained big banks have retreated from their traditional market-making roles (WILTW May 24, 2018). Much of that liquidity support has already been stripped away as QT has progressed.

This is what happens in an internet minute

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Short article discussing the decline of industrial conglomerates (Link)

Well known industrial conglomerates like General Electric are now determined to shrink. Conglomerate giant 3M is also working hard to shake its conglomerate label.

Interesting read comparing China’s e-commerce revenue models to the US based e-commerce. (Link)

“Thinking about content consumption in a mobile-first way in China has enabled these new business models, which not only provide diversified revenue streams for businesses, but also allow users to make better, more flexible purchasing decisions.”

Corporate Profit margin vs. unemployment – US

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Stanley Druckenmiller comments on the wisdom of Fed tightening in this op-ed (Link)

Stanley Druckenmiller and Kevin Warsh argue the U.S. economy cannot afford a major policy error making now a good time for the Federal Reserve to pause their programme of monetary tightening.

Macro Tourist follow-up to Druckenmiller piece (Link)

Macro Tourist argues in favour of the Druckenmiller / Warsh perspective saying the days of relatively hawkish U.S. monetary policy are behind us.

The Golf Town turnaround story (Link)

A good business comeback story – When Chad McKinnon assumed the helm of GolfTown in October 2016 he inherited a trainwreck.

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The baijiu market is bigger than the rest of the global spirits market: 

Great interview with Matt Rose, BNSF Railway Chariman (Link) 

"We’ve always looked at the value proposition of the railroad as a three-legged stool. Shareholders are a very important leg of that stool because they provide the capital for us to make investments. The second leg of the stool is the employees. They provide the services that allow us to make the investments that allow us to make the returns to provide to the shareholders. And then finally, there are the customers. People are always asking, “What’s the most important?” Well, they’re all important. And if you think about a three-legged stool, if one of those legs gets a little out of whack, things don’t work very well."

China's auto sales are on track for their first annual decline since 1990s: