Good morning. Nice one: Chinese stocks are most of the time in a bear market
http://uk.businessinsider.com/chinese-stocks-are-usually-in-a-bear-market-2015-7

Nice bit of reading on what’s wrong with the productivity growth, these days (via @went1955)

https://www.washingtonpost.com/posteverything/wp/2015/07/28/whats-not-up-with-productivity-growth-part-1-why-this-key-variable-is-slowing-across-advanced-economies/

Which US state will be hit by the current decline in commodity prices

http://www.ritholtz.com/blog/2015/07/where-the-commodities-meltdown-will-hurt-the-most/

The letter of those tech leaders warning on the robot arms race…
http://app.ft.com/cms/50f209f4-3494-11e5-b05b-b01debd57852

The latest newsletter from GMO, with “Ten Quick Topics to Ruin Your Summer”

https://www.gmo.com/docs/default-source/public-commentary/gmo-quarterly-letter.pdf

A bit more on the tech rally

http://www.economist.com/blogs/graphicdetail/2015/07/silicon-valleys-fortunes

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