…7E 4Q17E @ Total Google Revenue Y/Y (ex-FX) m= Google Website Y/Y (ex-FX) Source: Company reports, BofA Merrill Lynch Global Research For core margins, we assume y/y contraction through 3Q17, after which we model a slight uptick in 4Q17. For the year, we assume core Google mar...
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The global financial crisis took all countries by surprise and was much bigger than any economy or large companies across the world. It is not really helpful for anyone to claim wisdom in hindsight. Learning the lesson well is the true bottom line of this crisis. I have always re...
…elf. As the British central banker and economist Andy Haldane observed, the world had never before suffered a genuinely global financial crisis, with every county on the planet, tied together as they were by finance and technology (and fear), tumbling off a cliff at the same, nan...
… world now is to encounter in nearly every capital figures who have a different reading of history or the future of the global order. They see the world not as some ready-to-eat American political order but rather as a churning, uncertain, urgently worrying vortex. They wonder: W...
…W7 PIS 15 20 EviSales 2.2 23 Source: FactSet, S&P, BofA Merrill Lynch US Equity & US Quant Strategy Exhibit 1: BofAML Global Fund Manager Survey (January 2017): What would you most like to see companies do with cash flow? Chart 8: Average Annual Return of Russell 1000 Top Quin...
…ent AI will greatly care about: efficient computation. Hence we might find our planet suddenly going from anthropogenic global warming to machinogenic global cooling. One big challenge that AI safety research needs to deal with is how to constrain a potentially superintelligent A...
…own—at higher income levels, this social contract may peter out. For as people become middle class, they gain access to global culture and trends, which prompts a desire for political freedoms to go along with their personal ones. This is why authoritarian capitalism may be just...
…Dubai is in financial trouble. How could it be a role model?Dubai's downturn is temporary. Being one of the worlds most globalized cities, it couldn't help but be infected by a global recession. The contagion kneecapped each one of its economic pillars: Shipping, logistics, touri...
…ern for serious people, not cutting or fine-balancing—Cold War style— the US and Russian nuclear arsenals. The case for global zero hinges on whether embracing that goal contributes to halting the proliferation of nuclear weapons. I worry that the commitment to global zero, and...
258 13 Local, Global and Glocal Knowledge Representation 13.5 Neural Foundations of Learning Now we move from knowledge representation to learning — which is after all nothing but the adaptation of represented knowledge based on stimulus, reinforcement and spontaneous activity....
…s conference tomorrow about today’s events. The last two weeks have been a severe setback for financial markets and the global recovery. 1. Today, Italian equity markets sold off sharply and were eventually shut down after the ECB (for now) rejected being the buyer of last resort...
…ty, significant geopolitical tensions and, in all likelihood, an unconventional US presidency. Since the trough of the global financial crisis, we have consistently emphasized US preeminence and maintained a strategic overweight to US equities relative to global market capitaliz...
…i-Turkish, Arab interests from the Levant to the Persian Gulf. A third, minor thrust was aligning with Jewish interests globally, particularly those interested in the refounding of Israel. Britain had little interest in this goal, but saw such discussions as part of the process o...
… This leads to the question of how to foster deep conceptual blending of diverse and divergent human perspectives, on a global scale. One possible answer is the creation of appropriate Global Brain oriented technologies — but moving away from technologies like Twitter that focus...
…ontrast, we forecast just about 3-5% earnings growth next year. 4 Positive scenario Euro Stoxx (6-month target): 320 ¢ Global economic growth reaccelerates and Eurozone growth shows clear signs of bottoming out, enabling mid-single-digit earnings growth over the next six months....