Good morning. On the debt refinancing cycle: 2018 seems to be the tough year… 

http://www.zerohedge.com/news/2014-07-28/chart-has-high-yield-investors-running-hills

Stocks may be expensive, but nowhere as expensive as 15 years ago.

http://www.businessinsider.com/biotech-internet-stock-valuations-1999-2014-7

A bit of history on the first world war…

http://www.economist.com/blogs/graphicdetail/2014/07/daily-chart-21

Nice one. Analyst are always positive. On average.

http://www.bloombergview.com/articles/2014-07-28/ritholtz-s-reads-the-way-of-the-drone

Some interesting comments on the UK productivity puzzle…

http://www.pieria.co.uk/articles/uk_productivity__an_enigma_but_not_quite_a_mystery

I get the feeling I have already shown this one at some point in time, but I might be wrong

http://www.vox.com/2014/7/25/5936837/chart-us-corporations-declining-tax-burden-inversions-corporate-tax

This should be interesting reading: the IMF’s assessment on the UK economy. The last time they missed target by a wide margin…

http://www.imf.org/external/pubs/ft/scr/2014/cr14234.pdf

Don’t believe the chart. Crap works better…

http://ftalphaville.ft.com/2014/07/28/1911182/another-two-weeks-and-well-take-out-the-1929-instance/

Interesting….

http://qz.com/241428/one-third-of-people-in-europe-say-they-dont-feel-european/

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