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Robin Wigglesworth Profile picture
@RobinWigg
Aug 23, 2019 • 6 tweets • 2 min read • Read on X
Trust is a wonderful thing, and under-appreciated in greasing the economic wheels. A mini-thread. 1/n
Yesterday we bought a car in Norway, but didn’t actually pay until today. Or rather, yesterday we *acquired* a car, but because of some logistical issues we didn’t actually pay for it until today. But the seller was fine with us picking it up even though no payment was made yet.
Over the same 24 hours I received three scam calls on my US mobile. Ive never lives in a country with so much routine daily grift - whether calls, emails etc - and it seems to be increasing in frequency.
Economists have long know that some level of trust is essential to the functioning of modern economies, but the importance - and benefits - are becoming ever-clearer, as this piece underscores: behavioraleconomics.com/what-do-we-kno…
Which brings me to why things like the CFPB are so important, and why it’s gutting isn’t just a narrow tragedy for people taken advantage of. Over time, routine scams, grift or outright fraud erodes trust, and in turn erodes political and economic stability.
OBVIOUSLY there is fraud and corruption in Norway as well, but after just a few weeks back home I can notice how much more relaxed I am about a lot of routine things. Here is a report from @The_Nordics on how trust is the real “Nordic gold”. norden.org/en/news/puttin…

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More from @RobinWigg

Robin Wigglesworth Profile picture
May 8, 2022
The whole “Fed is failing” narrative baffles me. Just two years ago we were staring at a financial, economic and humanitarian abyss, and extremely strong action helped prevent an even worse cataclysm. If price is high single digit inflation for a few years that seems worth it?
Should they have tightened earlier? Perhaps. But I struggle to see how a Fed hiking sooner would have done much if anything to dampen the inflationary forces we’re seeing now. And people forget the bond market until recently was 💯agreeing with Fed.
And I know people get angry with the “actually, inflation is good” argument. But in a world awash with high debt that has been desperately trying to engineer an inflation-wage spiral for over a decade, actually finally succeeding might not be a bad thing?
Read 8 tweets
Robin Wigglesworth Profile picture
Nov 8, 2021
Interesting piece on Chinese deleveraging risks from Morgan Stanley overnight. Short thread.
“First, is there a risk of a financial shock?”
“Second, even if China avoids a financial shock, how much will elevated debt levels constrain medium-term growth?”
Read 4 tweets
Robin Wigglesworth Profile picture
Nov 3, 2021
The FT paywall is down today! So here is some of the ace work of me and my colleagues for you to sample (and perhaps consider a full subscription). #FTfreetoday
In awe of a lot of the stuff produced by my colleagues over the past year, and I’m a bit worried about leaving some sterling stuff out. So here is a *very* brief, non-comprehensive list of articles I remember off the top of my head, a mix of my own work and others.
@rmilneNordic piece on the survivors and aftermath of Utøya - one of the worst mass murders in history - was haunting and touching. ft.com/content/be85f8…
Read 10 tweets
Robin Wigglesworth Profile picture
Oct 25, 2021
The frenzied private capital party is totally understandable, but will leave many investors bitterly disappointed and could cause broader long-term economic problems. on.ft.com/3ma2ihc
I hate to be *this guy* but…
Even as someone who has long thought the public-private line will blur more and more (and im not entirely against it) the wildness of the investor frenzy for private markets is a little unnerving. Rock up with a growth equity/PE/direct lending/VC fund and investors be like
Read 6 tweets
Robin Wigglesworth Profile picture
Jul 2, 2021
This is WILD. If equity fund flow continue at the current pace, this year will see greater net inflows than the preceding 20 years COMBINED.
Best first half for global stock market in nearly four decades, and the seventh best of the past century.
This is the Everything Rally though. Even US Treasuries are enjoying inflows (though swamped by inflows into TIPS and financial stocks)
Read 6 tweets
Robin Wigglesworth Profile picture
May 18, 2021
The spark behind the birth of Vanguard passed away earlier this month, aged 88. Nick Thorndike might not be as famous as Jack Bogle, Vanguard’s actual founder, but he (inadvertently) played a pivotal role in its genesis. Short thread of recondite financial history: 1/n
Back in the 1950s, Nick Thorndike was a precocious fund manager at Fidelity, mentored by Ned Johnson himself. In 1960 he and three Bostonian friends set up their own shop, Thorndike, Doran, Paine and Lewis, which kicked arse in the “go-go” boom of the 1960s.
The go-go years were much tougher for more conservative investment groups, such as Walter Morgan’s Wellington. It ran a big, successful bond-and-stocks fund, but in the 60s boom people wanted GROWTH, not a boring “balanced” fund.
Read 17 tweets

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