Transport Sector, China and Asia-focused Research

Charles De Trenck

Thematic (Sector/Industry)

Egypt Industrials / Thematic (Sector/Industry)

Shanghai Electric Group Company (601727 CH)

This is not so much a book review as a re-direction and discussion in light of 1) recent Fed comments posted on SK, including my ex-colleague (and all-around dynamo) <a href="https://www.smartkarma.com/profiles/756" target="_blank" data-smartkarma-citation="accounts:756">Dr. Andrew Stotz, CFA</a>, and 2) the February  2017 book Fed Up by Danielle DiMartino Booth after a quick nod to America’s Bank by Roger Lowenstein published in 2015.Although Fed Up only has a few core sections we need to read – what's there is absolutely mandatory reading, in my view. I will overlay a few additional issues and some things I think which have been missed completely.Many of us had ring side seats for the 2006-09+ Greenspan/Bernanke GFC, so some aspect of the GFC bailouts can be skimmed over in Fed Up. (That only perhaps half or less is worth reading – to save time – does not take away from making the core of the book really great reading.)Most important to take away from the two books, I think, is to:<ul><li>Understand the environment that led to the formation of the Fed 100 years ago (and contrast that to today!), using Lowenstein’s absolutely great history backgrounder. Few are more qualified than Lowenstein to do so; and,</li><li>Get that inside look into the recent Fed makeup from DiMartino, with focus on sections of the book when she walked in the door of the Dallas Fed around 2006 until the time she left after Dallas Fed President Fisher left in 2015. The insights on Yellen, though short, are crucial to understanding how Yellen is built.</li></ul>

This is not so much a book review as a re-direction and discussion in light of 1) recent Fed comments posted on SK, including my ex-colleague (and all-around dynamo) Dr. Andrew Stotz, CFA, and 2) the February  2017 book Fed Up by Danielle DiMartino Booth after a quick nod to America’s Bank by Roger Lowenstein published in 2015.Although Fed Up only has a few core sections we need to read – what's there is absolutely mandatory reading, in my view. I will overlay a few additional issues and some things I think which have been missed completely.Many of us had ring side seats for the 2006-09+ Greenspan/Bernanke GFC, so some aspect of the GFC bailouts can be skimmed over in Fed Up. (That only perhaps half or less is worth reading – to save time – does not take away from making the core of the book really great reading.)Most important to take away from the two books, I think, is to:Understand the environment that led to the formation of the Fed 100 years ago (and contrast that to today!), using Lowenstein’s absolutely great history backgrounder. Few are more qualified than Lowenstein to do so; and,Get that inside look into the recent Fed makeup from DiMartino, with focus on sections of the book when she walked in the door of the Dallas Fed around 2006 until the time she left after Dallas Fed President Fisher left in 2015. The insights on Yellen, though short, are crucial to understanding how Yellen is built.

China Railway Construction Corp (1186 HK)

China Communications Construction (1800 HK)

Shanghai Electric Group Company (2727 HK)

Metallurgical Corporation of China Ltd (1618 HK)

Shanghai International Port Group (600018 CH)

International Consolidated Airlines Group (IAG LN)

International Consolidated Airlines Group

100+ Years On, The Fed Needs a Complete Overhaul (Seasonally Adjusted Economists Need Not Apply)