Trump to order new restrictions on H-1B visas by Monday

Trump spoke with a Fox interview Saturday, flagging the expected visa cutbacks will be announced.

  • plan to restrict employment-based visas could affect an estimated 240,000 people
  • across technology, finance & hospitality
  • won’t affect certain workers who are already in the US
  • will be very few exclusions
  • “In some cases you have to have exclusions. You need them for big businesses where they have certain people that have been coming in for a long time”
Trump visa

Four headlines hit at virtually the same time to undercut sentiment

Risk trades leg lower in a big way

Commodity currencies and stocks were caught in a quick downdraft after at least four headlines hit at virtually the same time:
  • Florida virus cases spike
  • Beijing moved to phase-2 containment on the latest virus outbreak, closing schools
  • Texas virus hospitalizations rose 8.3% to hit a record
  • Powell indicated that corporate bond buying probably won’t be aggressive and is more of a contingency
The S&P 500 is up just 0.45% after rising nearly 3% at the open.
Trump rant about Powell incoming…

White House says Trump remains open to another virus relief package

The money is coming

Trump wouldn’t be saying that if Senate leaders weren’t on board. I don’t think Democrats are going to discover some fiscal discipline so it certainly looks likely.
The contours of it are another story and that could be a problem. Trump continues to talk about a payroll tax cut but I think that’s unrealistic. He might just be saying it as election fodder.

Pres. Trump physical exam shows no significant changes

Strong as an ox

Pres. Donald J Trump
The White House physician is out saying that:
  • Pres. Trump’s physical exam shows no significant changes
  • He weighs 244 pounds
  • Trump took 2 week course of hydroxychloroquine with the zinc and vitamin D
  • EKG was closely monitored during coronavirus preventative treatment. Completed regiment safely and without side effects
  • Trump continues to receive regular Covid 19 testing. To date all results have been negative

PS.  A report of a study to be published in New England Journal of Medicine is saying that:

  • Malaria drug hydroxychloroquine failed to cut infection rates
  • The drug provides no Covid 19 protection
  • 821 people were given drug in randomized controlled trial
The drug was of course the drug touted and taken by Pres. Trump to help prevent him from getting the Covid 19 virus. I wonder if he was part of the sample?

All Trump’s announcements on China were rumored or reported. Market breathes a sign of relief

Nothing new here

Nothing new here
Markets shuddered early in Trump’s talk because there was a lot of sound and fury but when he got to the actual policies, there was nothing new.
It’s a series of studies and minor measures. Every one of them was rumored, leaked or reported ahead of time.

Trump: China raided our factories and gutted our industries

Trump says he will take action against China

Trump says he will take action against China
Strong comments to start, more to come. He brought Pompeo and Mnuchin, which is a hint of something big coming.
  • Chinese government has continually violated its promises to us
  • China unlawfully claimed territory in Pacific ocean
  • China’s coverup of the Wuhan virus allowed it to spread all over the world
We’re still in the preamble but the tough talk has the market worried.
  • We will be terminating our relationship with the WHO, redirect elsewhere
That’s not a factor for markets.
  • Will issue proclamation on US university research
  • Will ask for study to protect US investors (presumably from investing in Chinese stocks)
This was all rumored and isn’t a big deal.
  • Have started the process of eliminated policy exemptions that give Hong Kong special treatment
  • Directing his administration to “begin the process of eliminating policy exemptions that give Hong Kong different and special treatment” under a “full range” of agreements, from extradition to trade to technology. (Congress has much of this power)
  • Will sanction directly or indirectly individuals involved in suppressing Hong Kong
All this was rumored or reported.
Stocks go positive.

George Soros: Coronavirus damage to Eurozone economy will last longer than most people think

Some remarks on the euro area by Soros


  • The survival of the EU is being challenged
  • This is not a theoretical possibility; it may be a tragic reality
  • EU needs to consider perpetual bonds, otherwise it may not survive
  • Says that he is particularly concerned about Italy
  • Says that Italy has been treated badly by the EU and Germany
Soros has been floating the idea of perpetual bonds since the beginning of the crisis but his idea does have its own validity since

Trump from the golf – says coronavirus destruction could have been stopped by China

President Trump speaking on a TV golf telecast (NBC) – Trump phoning in the comments.

Various remarks, but once again on his bungling of the crisis (latest update has US deaths above 88,000) seeks to blame others: 
  • Says COVID-19 destruction could have been stopped by China
  • says US needs sports back to boost the country’s psyche
  • we want big, big stadiums loaded with people
President Trump speaking on a TV golf telecast (NBC) - Trump phoning in the comments. 

Soros on Soros: Staying Ahead of the Curve

This book is comprised of a series of edited interviews with George Soros, and is broken up into 3 parts. The first part is about his investing. He talks about his family history, investment philosophies and theories, his early times as an analyst on Wall Street, and the Quantum Fund. He talk about how his theories were related to some of his real trades, specifically the Japanese stock market, the Mexican market, and the British Pound.

The second section deals with his views on (and participation in) politics. He talks about philanthropy, the geopolitics of Europe, diplomacy, and open societies. The third section of the book deals with philosophy and talks about some of his personal writings.

This book was fun for me to read since it was about hedge funds back when hedge funds were pure – before they were contaminated by Wall Street. Since this book is about Soros the person, and not Soros the investor, a significant portion of the book is devoted to politics and philosophy, and not investing. Although these topics are not out of place, most people will be less interested in this stuff since they are more interested in his investments.

Since Soros talks about his theories (specifically his theory of reflexivity), this book could be considered a more philosophical version of Alchemy of Finance. Hence, this book will appeal to traders/investors looking to ponder their personal investing philosophies. Although Soros tries too hard at times to make every statement sound profound, the timeless philosophical topics he brings up lends the book substantial (as well as lasting) value. This is due to the fact that a majority of traders will always lose money. When novice traders are unable to achieve success, it is best for them to step back and ask fundamental questions, like “why do I trade?”. But most don’t do this, and this book can help with that.

Consequently, the most important lesson that can be extracted from Soros’s market philosophies is that it is important to HAVE market philosophies. When I wrote my “How to Become a Trader” checklist, I said that one of the first things you should do is to write down your philosophies about the markets. This catches some prospective traders off guard since it is something that they’ve never thought about.

US President Trump halts funding to the WHO

US funding to the World Health Organisation has been stopped by Trump

  • while US reviews virus warnings regarding China
  • says WHO was late to examine outbreak in China.
The US contributes around 400m USD to WHO each year, more than any other country.
  • The WHO yearly budget is around 4.8 b USD.
  • WHO uses the money for vaccine trials, distributing test kits, advising governments around the world and such.