Warren Buffett may be bracing for a recession – and Michael Burry's latest big short is a 'good move,' says top economist Steve Hanke | Inside the Black Box Crucial to Megaproject Success | Leaderless and Exposed, Russia’s Wagner Faces an Uncertain Future

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You Might Like � � � You Might Like � � � � � � � � � Don't like ads? Go ad-free with TradeBriefs Premium Warren Buffett may be bracing for a recession – and Michael Burry's latest big short is a 'good move,' says top economist Steve Hanke    Warren Buffett and Michael Burry have rattled financial markets with bearish disclosures this month. Steve Hanke says the Berkshire Hathaway CEO and the investor of "The Big Short" fame are likely preparing for trouble. Berkshire sold a net $8 billion of stocks and slowed its pace of buybacks last quarter, sparking a 13% rise in its money pile to a near-record $147 billion. The sprawling conglomerate has now disposed of a net $33 billion of stocks over the past three quarters, fueling a $38 billion increase in its stash of cash, cash equivalents, and Treasury bills during that time. Continued here Inside the Black Box Crucial to Megaproject Success    The scale of investment projects has been steadily increasing over the last three decades – gone are the days when US$100-million price tags impressed. Now, Azerbaijan's Khazar Islands artificial archipelago, Turkey's urban renewal drive in Istanbul and Saudi Arabia's Masjid al-Haram are just a few examples of projects set to exceed US$100 billion. NEOM, a futuristic city spearheaded by the Saudi Crown Prince, is expected to top US$500 billion. With such heft, it is no wonder that megaprojects are vital to the global economy. According to a widely cited report by McKinsey, the world needs to invest approximately US$57 trillion in infrastructure by 2030 to support GDP growth. Beyond economics, megaprojects also shape our world, define our experiences and represent national identity. Yet our ability to deliver them successfully is shockingly inadequate: An influential study estimates that nine out of ten megaprojects go over budget. Australia's Inland Rail, for example, was envisioned to be a transformative national freight backbone to invigorate regional economies when completed in 2025. But as of this year the cost has nearly doubled to A$31 billion and completion delayed until 2030-2031. An independent inquiry uncovered governance failures, lack of capabilities, inadequate risk management and deficiencies in project management expertise. Continued here You Might Like � � � � � � � � � Leaderless and Exposed, Russia's Wagner Faces an Uncertain Future    It could be hard for the Kremlin to find a way to neutralize the mercenary group after Yevgeny Prigozhin’s death while retaining its fighting power and geopolitical links. Its leader is officially dead, as is its founding commander. President Vladimir V. Putin of Russia is claiming it doesn’t exist. Wagner, the once-powerful Russian private military company that fell out of favor with the Kremlin after an aborted mutiny in June, has been cast into even greater uncertainty since Wednesday, when its leader, Yevgeny V. Prigozhin, died in a plane crash. Continued here

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