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<ul class="summary-list"><li>Russian <keyword id="12012706" type="UNKNOWN" weightage="60" keywordseo="debt" source="Orion">debt</keyword> will be removed from the world's most widely used emerging-market bond indices run by <keyword id="12002884" type="UNKNOWN" weightage="60" keywordseo="jpmorgan" source="Orion">JPMorgan</keyword>.</li><li>Both Russia and ally Belarus will be excluded from fixed-income benchmarks effective March 31, the bank said Monday.</li></ul><p><a href="https://markets.businessinsider.com/stocks/jpm-stock">JPMorgan</a> said Monday it will remove all of Russia's sovereign and <keyword id="12216948" type="UNKNOWN" weightage="60" keywordseo="corporate-debt" source="Orion">corporate debt</keyword> from its emerging-market bond benchmarks, showing the extent to which Wall Street is distancing itself from Moscow over its <a href="https://www.businessinsider.com/why-russia-is-attacking-ukraine-putin-justification-for-invasion-2022-2">war against Ukraine</a>. </p><p>The bank said both Russia and ally Belarus will be removed from its fixed-income benchmarks, including the Emerging Market Bond Index (EMBI) and the Corporate Emerging Market Bond Index (CEMBI) from March 31.</p><p>Debt tied to both countries will also be removed from the bank's ESG (environmental, social, and governance) related indices.</p><p>JPMorgan runs widely-followed indices, including the hard-currency EMBI, and a corporate debt equivalent called CEMBI. It also runs one tracking local debt in emerging currencies, called GBI-EM, and another governed by ESG factors called the JESG index. These instruments represent billions of dollars in fixed-income assets.</p><p>JPMorgan said Russian corporates too will be removed from its index that tracks the performance of dollar-denominated bonds issued by emerging market entities.</p><p>On top of the measures to restrict access in emerging-market indexes, Russian debt will be removed from any custom indices.</p><p>JPMorgan's flagship bond indices will show that they exclude Russia, as seen in the table below.</p><div type="image" title="Flagship indices excluding Russia." height="172" width="613" msid="90079661" hostid="261"></div><p>JPMorgan had polled investors over the exclusion of Russian debt from its benchmarks last week, <a href="https://www.reuters.com/markets/europe/jpmorgan-polls-investors-over-potential-exclusion-russian-debt-indexes-2022-03-06/">Reuters reported</a>. Those surveyed were asked to choose between March or the end of April as their preferred timing for exclusion.</p><p>Assets worth over $840 billion are tied to the bank's bond indices, and Russia's weighting was at or under 1.03% within them.</p><p>The unprecedented response to Russia's attack on Ukraine is rapidly being felt across the world. <a href="https://markets.businessinsider.com/news/stocks/russia-stock-market-closed-ukraine-war-ruble-collapse-oil-crypto-2022-3">Russia's economy itself has found itself in a free-fall</a>, with its major stocks collapsing by more than 90% before trading was halted while the <a href="https://markets.businessinsider.com/news/currencies/russian-ruble-us-europe-energy-export-ban-sanctions-ukraine-conflict-2022-3">ruble reached its lowest level</a> during more than two decades of Vladimir Putin's leadership.</p><p>A combination of outrage and self-sanctioning have seen disrupted flows to oil and many other commodities from Russia, with buyers increasingly viewing Russian assets as "uninvestable," analysts say.</p><p>The major credit ratings agencies have cut Russia's <keyword id="13328327" type="UNKNOWN" weightage="60" keywordseo="sovereign-debt" source="Orion">sovereign debt</keyword> to junk, with Moody's leaving it just one notch above default level.</p><p>"Russian 5-year sovereign credit default swaps are now trading at 26% per annum, a level implying a very high probability of default," Alastair George, chief investment strategist at Edison Group, said in a note.</p><p>"We believe Russia's banking system will be under extreme pressure as it is effectively locked out of funding <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> and will likely have to turn to emergency facilities provided by the central bank," he added.</p><p><strong>Read more: </strong><em><a href="https://www.businessinsider.com/stock-market-crash-trading-strategies-key-trades-downturn-russia-ukraine-2022-2" target="_blank" rel="noopener noreferrer">The largest up days can be found in downtrends, a trading chief at a $7.8 trillion firm says. He lays out 2 essential strategies to capitalize on market downturns — and 4 major trades to watch now</a></em><em>.</em></p>

JPMorgan is removing Russian sovereign and corporate debt from all of its widely-tracked benchmark bond indices

<p>Listen, we know the song too. We've <em>all</em> heard the song, okay? </p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>The Pokemon Company</span></p></div><p></p></div></div></p><p>It's not your fault for thinking that was the goal of the massively popular new mobile game, "Pokémon GO," but there is, in fact, no way to "catch 'em all" in it.</p><p>There are 151 so-called "first generation" Pokémon. But as of this writing, it's only possible to find and capture 142. There are a few reasons for this. Let's talk!</p><h2>First things first: One of the 151 original Pokémon is straight up missing.</h2><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Wikipedia</span></p></div><p></p></div></div></p><p>Ditto is the elusive #132 in <a href="http://www.pokemon.com/us/pokedex/ditto">the Official Pokémon Pokédex</a> - the encyclopedia of all official Pokémon, and the backbone of "Pokémon GO." His number slot is there in your in-game "Pokémon GO" Pokédex, and folks have even dug into the game's code and found plenty of evidence that he's in the game.</p><p>Excluding Legendary Pokémon - which are said to be coming at some point, likely in a bigger way than simply being capturable - Ditto is the only Pokémon of the original 151 represented in the game that's yet to be found. No one has any idea how to get him, and <a href="http://www.techinsider.io/ditto-in-pokemon-go-2016-7">they've begun testing all sorts of theories to try and track him down</a>.</p><h2>Second of all: No, there are no Legendary Pokémon in the game. Not yet, anyway.</h2><p>Don't believe everything you see on the internet! The guy who supposedly "hacked" the game to unlock Legendary Pokémon revealed that he faked it in a subsequent video. <em>Ugh</em> indeed.</p><p>The game's developer, Niantic Labs, has outright said that Legendary Pokémon aren't in the game yet. The Pokémon in question are Articuno, Zapdos, Moltres, Mew, and Mewtwo. Many believe that they'll appear in the game during some form of date-/time-based group event.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>YouTube / The Pokemon Company</span></p></div><p></p></div></div></p><p>For example, a battle between in-game teams (GO TEAM VALOR!) over a specific location in the real world. Maybe whoever holds that location the longest gets to battle a Legendary Pokémon? </p><p>In the image you see above, the game's developer imagines just such a battle with a huge group of people collectively battling Mewtwo!</p><h2>Third: A handful of the Pokémon in "Pokémon GO" are seemingly only available on certain continents, meaning you can only catch them by flying all over the planet.</h2><p>Here's the skinny <a href="http://www.techinsider.io/pokmon-go-where-to-find-the-rarest-pokmon-2016-7">from this larger piece by Tech Insider's Alex Heath</a>:</p><p>There are four Pokémon out of the total 151 creatures in the game's code that appear to be confined to certain continents:</p><ul><li><span style="line-height: 1.5em;">Tauros: North America</span></li><li><span style="line-height: 1.5em;">Mr. Mime: Europe</span></li><li><span style="line-height: 1.5em;">Farfetch'd: Asia</span></li><li><span style="line-height: 1.5em;">Kangaskhan: Australia</span></li></ul><p>It's important to note that Niantic has not confirmed region exlusivity for any Pokémon in the game, though the head of the studio has indicated that the concept would exist within "Pokémon GO." This theory, otherwise, is entirely based on what people have been finding and sharing on sites like Reddit.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>The Pokemon Company / Tech Insider</span></p></div><p></p></div></div></p><p>We do know that Tauros sightings are plentiful in North America (they're consistently seen around Tech Insider's headquarters in New York City), but so far there has yet to be a reported sighting outside of the continent.</p><p>People have seen Mr. Mime in parts of Europe, including <a href="https://www.reddit.com/r/pokemongo/comments/4tnmwq/i_caught_a_mr_mime_in_europe/">the UK</a>, <a href="https://www.reddit.com/r/pokemongo/comments/4s14i9/has_anyone_caught_mr_mime/d5jr9sn">Switzerland</a>, and <a href="https://www.youtube.com/watch?v=TBn9Do8uGFQ">Armenia</a>. Farfetch'd has been caught <a href="https://www.reddit.com/r/pokemongo/comments/4u29x3/got_em/">in Japan</a>, and Kangaskhan has been spotted <a href="https://www.reddit.com/r/pokemongo/comments/4u0thy/with_only_4_standard_pokeballs_left_this_appeared/">throughout Australia</a>.</p><h2>Fourth point: That's not the point of the game, my dudes! Catching Pokémon is fun, but the game's really about getting outside with friends and family, exploring the real world, and putting a game to that. </h2><p>Please don't worry too much about catching every single Pokémon. Don't just take it from me - here's the head of "Pokémon GO" development studio Niantic Labs, John Hanke:</p><p>"You do not need to collect all of them."</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Tech Insider</span></p></div><p></p></div></div></p><p>That's what <a href="http://www.polygon.com/features/2016/6/28/12043932/pokemon-go-gameplay-preview-interview">Hanke told Polygon in late June</a>, and it's an important point to remember. You only need to hit level 5 before you can fight in gyms! And how much fun is it when you and a group of friends are playing together, when someone shouts, "HOLY **** THERE'S A PONYTA!!" </p><p>That, friends, is magical. Embrace that side of the game, and don't get too anxious about "catching them all."</p><p><a href="http://www.techinsider.io/pokemon-go-complete-pokedex-2016-7">(Besides, someone already basically did it so too late anyway.)</a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/pokemon-go-ditto-theories-rumors-2016-7">Everything we know about the last missing Pokémon in 'Pokémon GO'</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="9mcXB5NDE6kRGqZlkAWPv8isPestracG" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

No, you can't catch 'em all in 'Pokemon GO'

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Paulo Whitaker/Reuters</span></p><p class="caption">Traders work on the main floor of the BM&amp;F Bovespa stock exchange market in Sao Paulo, Brazil.</p></div><p></p></div></div></p><ul><li><strong>By one measure, US stocks are outperforming the rest of the world at the most impressive rate in 18 years. </strong></li><li><strong>This trend bolsters the case to find investing opportunities outside the US where valuations are cheaper, according to Niladri Mukherjee, the head of CIO portfolio strategy at Merrill Lynch.</strong></li><li><strong>He detailed two markets outside the US that Merrill Lynch is bullish on long-term.</strong></li></ul><p>America's stock market is still <a href="https://www.businessinsider.com/stock-market-divergence-between-us-and-em-2018-8">unparalleled on the world stage</a> more than a decade after the Great Recession.</p><p>Besides its size, its performance is surging ahead of the rest of the world in a way that hasn't been seen for nearly two decades. Proof of this can be found in the relative strength of the S&amp;P 500 versus the MSCI World ex USA Index, which is surging at a rate not seen in the last 18 years, according to <a href="https://www.bespokepremium.com/morning-lineup/bespoke-morning-lineup-2/">Bespoke Investment Group</a>. </p><p>US stocks have outperformed the world since 2011, so this isn't a new trend. But the rate is accelerating amid a wide divergence from other countries, particularly in emerging markets. Economic woes from Turkey to Argentina, and more attractive interest rates in the US, are hitting EM hard; the MSCI Emerging Markets exchange-traded fund has dropped 11.5% this year.  </p><p><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image on-image"><a title_source="Bespoke Investment Group" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/5b902f3f04f1621d008b5a58-960/screen shot 2018-09-05 at 33116 pm.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>Bespoke Investment Group</span></p></div><p></p></div></div></p><p>For investors in the game for the long haul, it's best to run straight into this fire, according to Niladri Mukherjee, the h<span>ead of CIO portfolio strategy at Merrill Lynch</span>.</p><p><span>"In your strategic long-term portfolios, you should always have international equities for diversification purposes and because our expected long-term returns from these international assets are more likely to be more than US equities," he told Business Insider on Wednesday. </span> </p><p><span>For example, a portfolio with moderate risk and about half of its allocation in equities could place 7% of the non-US-stocks component in emerging markets, Mukherjee said. While the specific allocation vary by an individual investor's risk tolerance, Mukherjee and his team recommend "every individual" own a bit of EM for long-term growth. </span></p><p>Nobody likes EM anymore, so that's typically a contrarian indicator for EMs to bounce back."</p><p>The US is in its <a href="https://www.businessinsider.com/stock-bull-market-longest-on-record-4-main-reasons-for-longevity-2018-8">longest bull stretch on record</a>, and has run up equity valuations to eye-popping levels, notably in areas like technology. Various emerging markets, on the other hand, are trading at "reasonable" and cheap valuations, which make them more attractive from a long-term perspective, Mukherjee said. </p><p>This by no means implies ditching US stocks. </p><p>"Even though the valuation argument is less in the favor of the US, the fundamentals are just too good," Mukherjee said. From corporate-earnings growth to the <a href="https://www.businessinsider.com/us-gdp-q2-2018-second-estimate-2018-8">strongest quarter for the economy</a> in nearly four years, investors have found few reasons to tank the US stock market for now.   </p><p>However, Merrill Lynch shifted its rating on international developed markets from overweight to neutral earlier this year, recognizing the cheaper opportunities that abound elsewhere. </p><p><span>India is their favorite corner of EM long-term - a "secular overweight" according to Mukherjee. Its <a href="https://markets.businessinsider.com/news/stocks/indias-economic-growth-hits-82-fastest-in-2-years-2018-8-1027500516">economy grew 8.2% in the second quarter</a>, the fastest among G20 countries, and Merrill Lynch expects that India can grow at 7%+ rates for the foreseeable future, Mukherjee said. </span><span></span></p><p>More than half of Indians are under 25, and this younger population creates a "huge demographic dividend" that is paying up, he said. </p><p>Merrill Lynch is also bullish on China over the long-term, particularly its internet, consumer, and healthcare stocks.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/how-tick-bite-can-make-you-allergic-red-meat-2018-8">One bite from this tick could ruin red meat for the rest of your life</a></h3>        <div>                    </div>    </div>

'Nobody likes EMs anymore': Merrill Lynch says you should buy 2 stock markets to make a killing from the US's historic outperformance

<p><strong><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Reuters</span></p></div><p></p></div></div></strong></p><ul><li><strong>A new study from Purdue University indicates that in Tippecanoe County, Indiana, Pokémon Go may have led to two deaths, 31 injuries, and nearly $500,000 in vehicle damage.</strong></li><li><strong>The study tracked the frequency of traffic accidents that occurred within the vicinity of PokéStops during the months before and after the game's release.</strong></li><li><strong>The researchers estimated that Pokémon Go may have led to hundreds of additional deaths and thousands more injuries nationwide.</strong></li></ul><p><br />Pokémon Go became a global gaming phenomenon after it launched last year. It also might have become a traffic menace.</p><p>Looking at data from <span>Tippecanoe County, Indiana</span>, <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3073723">a new study out of Purdue University</a> found that traffic accidents rose sharply in the areas near PokéStops, real-world destinations where game players collect virtual Pokémon characters. The study suggests that Pokémon Go-associated traffic accidents in the county could have caused two deaths, 31 injuries, and nearly $500,000 in vehicle damage.  </p><p>"We determine that users playing the virtual reality game Pokémon Go while driving gave rise to a disproportionate increase in vehicular crashes, injuries, and fatalities in the vicinity of PokeStops," Mara Faccio and John McConnell, both professors of finance at Purdue's Krannert School of Management, wrote in their report. They added: "However measured, the costs are significant."</p><p>In their study, Faccio and McConnell examined thousands of traffic reports in Tippecanoe County before and after the launch of Pokémon Go. By comparing accident reports to the location of PokeStops, the researchers discovered a correlation - more than one hundred traffic accidents had occurred in the vicinity of PokeStops in the five-month period following the app's release.</p><p>The researchers also estimated the effect the game might have had on traffic accidents throughout the United States. Extrapolating from their Tippecanoe County data, Faccio and McConnell estimated that the game could have been responsible for 256 deaths and 29,370 injuries nationwide during the same five-month period on which they focused. They also estimated that the game could have led to $2 billion and $7.3 billion worth of traffic-related damage.</p><p>Pokémon Go is a kind of augmented reality treasure hunt. Users play the game by walking or driving around in the real world while staring at their screens, looking for virtual objects and characters. The app uses geo-location to direct players to spots where they can capture Pokémon characters.</p><p>Concerns have been raised about the game almost since it's release, with reports linking use of the app to<span> </span><a href="https://www.cbsnews.com/pictures/terrible-things-happening-to-pokemon-go-players/">criminal behavior</a>,<span> </span><a href="https://www.usatoday.com/story/news/nation/2016/07/14/pokmon-go-player-crashes-his-car-into-tree/87074762/">traffic accidents</a>, and<span> </span><a href="http://www.scarymommy.com/teen-pokemon-go-highway-accident/">isolated injuries</a>. Because the app requires players to move among a number of locations in order to play, it's been speculated that the game could pose as a potential driving distraction.</p><p>Pokémon Go developer Niantic attempted to quash<span> </span><a href="https://arstechnica.com/gaming/2017/11/study-pokemon-go-led-to-increase-in-traffic-deaths-accidents/">app-related traffic accidents</a><span> by first </span>issuing a warning to players in moving vehicles and later by making <span></span><a href="https://www.forbes.com/sites/insertcoin/2016/11/08/why-pokemon-go-is-now-completely-unplayable-at-certain-speeds/#6fbd6c4a3564">the game virtually impossible</a><span> </span>to play when users were traveling at high-speeds. </p>     <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/apple-iphone-addict-switches-google-pixel-2-android-phone-2017-11">I've been an iPhone user for 10 years - here's what happened when I switched to the Google Pixel 2 for a week</a></h3>        <div>                    </div>    </div>

Maybe you shouldn't catch 'em all - A new study links 'Pokemon Go' to traffic deaths, injuries, and vehicle damage

<p><span class="KonaFilter image-container display-table float_right"><span><span data-post-image="" class="image on-image"></span><p></p></span></span>A team of computer scientists has developed a program that, in the long run, can play more or less perfect two player limit Texas Hold'em.&#xa0;</p>
<p>One of the goals of game theory is to "solve" games. This entails finding strategies for each player that, if perfectly followed, give the best possible outcome for each player, assuming their opponents are also playing perfectly.</p>
<p>In <a href="http://www.sciencemag.org/content/347/6218/145">a paper published in the journal Science</a>, a team of computer scientists led by Michael Bowling of the University of Alberta has announced that they have "essentially solved" heads-up limit Hold'em.</p>
<h2>Imperfect Information</h2>
<p>Tic-tac-toe is an extremely simple game, and it has a fairly <a href="http://en.wikipedia.org/wiki/Tic-tac-toe#Strategy">well known solution</a>. If the two players follow the appropriate strategies, the game will always end in a draw. In 2007, <a href="http://www.scientificamerican.com/article/computers-solve-checkers-its-a-draw/">checkers was solved</a> in this fashion as well: through a process of brute force analyzing all possible checker games over a number of years, researchers identified strategies that, as in tic-tac-toe, always result in a draw.</p>
<p>Poker, however, has an extra dimension that complicates analysis: while you can look at the cards dealt to you, you can't see what your opponent has, as opposed to games like checkers or chess where you and your opponent have the same information.</p>
<p>This makes decision making significantly harder. There are a lot of ways to play a pair of tens, and you have to evaluate your options based on how your opponent has been betting, and what community cards come out in the later rounds of the game. If you're holding that pair of tens, there are plenty of possibilities for what your opponent is holding, and you have no way of distinguishing between those possibilities.</p>
<p>This "imperfect information" nature of poker has been a big part of why, while we have computer programs that cannot lose at checkers, and programs that can beat grandmasters at chess, the development of computer poker players that can't lose has been slower.</p>
<h2>Texas Hold'em</h2>
<p>Computer scientist Michael Bowling and his team at the University of Alberta have been working on computer poker for years. Their goal has been to solve a relatively simple version of poker: heads-up limit Texas Hold'em.</p>
<p>In <a href="http://www.pokerlistings.com/poker-rules-texas-holdem">Texas Hold'em games</a>, there are four rounds of dealing cards, each followed by a round of betting. Initially, each player is dealt two cards face down, which form the secret "hole cards" part of their hands. After an initial round of betting, three cards are placed face up (called the "flop"), and are available to all players. Another round of betting follows, and then there are two final rounds (the "turn" and the "river") where one card is played face up in each round. If there are still multiple players in the game at the end, they reveal their original hidden cards, and the winner is the player who can put together the <a href="http://www.businessinsider.com/poker-hand-probabilities">best five-card poker hand</a> using any combination of their two hidden cards and the five community cards.</p>
<p>In the specific case that Bowling and his peers have been working on, "heads-up" indicates that there are just two players, and "limit" means that the sizes of bets are fixed and the number of possible raises are limited in each round. These restrictions greatly simplify the game: more players make strategic decision making far more complicated, and allowing variable no limit betting leads to far more possibilities in each betting round.</p>
<p>Even with these simplifications, there are still a grand total of about 319,000,000,000,000 situations a player can find themselves in. After simplifying this by taking advantage of game symmetries (things like swapping all spades with clubs and vice versa), there are still around 13,800,000,000,000 game scenarios to consider.</p>
<h2>Solving The Game</h2>
<p>Bowling and his team constructed a computer program that cleverly split up those 13.8 trillion scenarios into more manageable pieces. The program was designed to gradually improve its strategy over time by playing through all those scenarios over and over again with varying strategies, getting closer to an ideal strategy.</p>
<p>For each game scenario, the program would try a possible strategy. After playing through to the end of that hand, it would then compare its strategy to other possible strategies for that scenario. The program would then update its strategy based on this comparison: It would be more likely in the future to choose actions in that scenario that would have turned out better than what it chose this time around, and would avoid actions that would have turned out worse. Doing this over and over again would eventually lead to a very close approximation of a perfect strategy.</p>
<p>The team then ran this program on a huge computing cluster of 200 powerful computers over a period of more than two months. During that time, the above process of trying and adjusting strategies was repeated 1,579 times, resulting in a final strategy that was extremely strong.</p>
<p>The strategy was strong enough to satisfy Bowling's criterion for "essentially solving" the game: If a human being were to spend 70 years playing 200 hands of poker an hour for 12 hours a day against a computer running the final strategy, there's at least a 95% chance that human being wouldn't be able to tell the difference between an actual perfect strategy and the computer's strategy.</p>
<p>While Bowling and his team, and other computer poker researchers, were able to beat much more simplified, "synthetic" versions of poker in the past, heads-up limit Texas Hold'em is the first game<span>&#xa0;that is actually played competitively by human beings</span> to be essentially solved in this way.</p>
<h2>Surprising Strategies</h2>
<p>The paper concludes by noting a couple interesting aspects of the algorithm's early game pre-flop strategy. Heads-up Texas Hold'em starts off with a "blind" bet: The dealer has to put in a small amount of money, and the other player has to put in twice that amount before the cards are dealt. The dealer then hands out the two hidden pocket cards.</p>
<p>At that point, the dealer starts the first round of betting in one of three ways: Throwing away her hand, losing the small blind, but risking no more money ("folding"); putting in the other half of the big blind bet and passing the decision making process to the other player ("calling"); or matching the big blind, and then adding in more chips to double the big blind bet ("raising").</p>
<p>The program's final strategy has the dealer being fairly aggressive on that initial play, and the other player to also tend towards aggressiveness. This chart, from the paper, illustrates the program's likelihoods of raising (green), calling (blue), or folding (red), based on the two pocket cards they're holding. The lower left half of the square represents cards of different suits; the upper right half cards of the same suit. On the left is the dealer's first move; on the right is the other player's response to a dealer raise:</p>
<p><span class="KonaFilter image-container display-table"><span><span data-post-image="" class="image"></span><p></p></span></span></p>
<p>The dealer nearly always raises, almost never calls, and only folds on the absolute weakest of hands. Assuming a dealer raise, the second player replies with a counter raise with a reasonably decent hand, and calls with most other hands, leading to the flop and the next round of betting.</p>
<p>Some further directions for poker research include expanding analysis to games with more players and more complicated betting structures. Bowling and his coauthors also note that game theoretic analysis along the lines used to study poker are helpful in other areas, like airport security and medical diagnosis.</p>
<p>The paper is <a href="http://www.sciencemag.org/content/347/6218/145">online at Science's website here</a>.</p>

Computer Scientists Have 'Essentially Solved' Two Player Limit Texas Hold'em Poker

<p><div class="image-container float_right"><div class="image"><p class="source">DoubleLine Funds</p></div></div>DoubleLine CEO <keyword id="1743286" type="UNKNOWN" weightage="60" keywordseo="Jeff-Gundlach">Jeff Gundlach</keyword> just finished his <a href="http://www.businessinsider.com/jeff-gundlach-webcast-december-2013-12">latest webcast</a>.</p>
<p>During the call, he discussed Fed stimulus, which he thinks will be around longer than most foresee due to low inflation rates.</p>
<p>Gundlach also said that while relaxation in lending standards has people worried about corporate bonds - and that this could come back to haunt the market in the future - it isn't a problem for now, as corporate profitability remains so high.</p>
<p>He also sees emerging market bonds outperforming high yield in the future, given recent underperformance of the former versus the latter.</p>
<p>All of Gundlach's theses are born out of a macro framework which he communicates in his eye-opening, hand-picked collection of charts on debts, spending, employment, inflation, stocks, bonds, and other critical global macro indicators.</p>

Jeff Gundlach Takes A Contrarian Stance On Fed Policy And Makes The Case For EM Bonds In This Sweeping Presentation

<keyword id="21354159" type="General" weightage="100" keywordseo="Indian-government-bonds" source="keywords">Indian Government Bonds</keyword> are set to be included in the JP Morgan Government Bond Index, <keyword id="20036608" type="General" weightage="20" keywordseo="Emerging-Market" source="keywords">Emerging Market</keyword> (GBI-EM) from June 28. The inclusion will take place over a period of 10 months starting June 28, 2024, through to March 31, 2025.<br /><br />India will have a 1% weightage in the <keyword id="19967624" type="General" weightage="20" keywordseo="JPMorgan" source="keywords">JPMorgan</keyword> Emerging Market (EM) Bond index, which will gradually rise to 10% over a 10-month period, at an inclusion rate of about 1% weight per month. The inclusion is estimated to bring $20-25 billion of inflows into the Indian bond market. However, India's index-eligible bonds have already attracted $10 billion since the inclusion was announced in September last year.<br /><br />On September 21, 2023, Global index provider JPMorgan announced that it would include Indian government's bonds in its emerging market indices.<br /><br />Only Indian government bonds issued by the Reserve Bank of India (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) under the <keyword id="12313402" type="General" weightage="20" keywordseo="Fully-Accessible-Route" source="Orion">Fully Accessible Route</keyword> (FAR) will be included in the indices. All FAR-designated IGBs maturing after December 31, 2026, will be eligible to be included in the JPMorgan Emerging Market (EM) Bond index. In the post-monetary policy press conference on June 7, RBI Governor <keyword id="6359111" type="General" weightage="20" keywordseo="Shaktikanta-Das" source="Orion">Shaktikanta Das</keyword> said the central bank is not worried about the big <keyword id="20072947" type="General" weightage="20" keywordseo="foreign-fund-inflows" source="keywords">foreign fund inflows</keyword> from global bond inclusion.<br /><br />"The RBI has a number of instrumentalities to manage the flows. We have managed it in the past and we will manage it in future also. No worries on that," Das said.<br /><br />Experts believe the index inclusion-related heavy flows is likely to boost demand for Indian government securities in the current fiscal, once short-term liquidity issues in certain papers get sorted. Vishal Gupta, Co-founder of IndiaBonds.com says the inclusion of Indian government bonds in JP Morgan Index is a watershed moment for the <keyword id="22201110" type="General" weightage="20" keywordseo="fixed-income-markets" source="keywords">fixed-income markets</keyword> in India.<br /><br />"This compulsorily puts Indian bond markets on the radar of global bond investors and although initial investments are supposed to be to the tune of $25-30 billion, index inclusion paves the way for this number to keep growing in the next few years," said Vishal Gupta.<br /><br />Gupta further added that it is important to grow the investor base for any market, and index inclusion helps in expanding the number of players, which further benefits everyone in the form of additional market liquidity.<br /><br /> "Global investors have been looking to allocate capital to emerging markets given their reluctance to invest in other large countries like Russia or China in the past couple of years. Hence, the timing of this index inclusion is also almost perfect.<br /><br /> I reckon investments will start via government bonds initially, but filter into AAA to lower credit ratings as well in the years to come", he continued. <br /><br />

Indian government bonds to be included JP Morgan Govt bond Index from June 28

<ul class="summary-list"><li>Shaboozey attended the 2024 VMAs on Wednesday, where he was nominated for two awards.</li><li>He broke into the mainstream after being featured on "Cowboy Carter" by Beyoncé.</li></ul><p>Shaboozey walked the MTV VMAs red carpet as a first-time nominee on Wednesday, the latest milestone in a major breakout year for the Virginian country star.</p><p>Shaboozey was up for best new artist at the fan-voted awards show, as well as <a target="_blank" class="" href="https://www.businessinsider.com/best-summer-songs-ever-2017-7">song of the summer</a> for "A Bar Song (Tipsy)," which has reigned at No. 1 on the Billboard Hot 100 for a whopping <a target="_blank" class="" href="https://www.billboard.com/lists/shaboozey-a-bar-song-tipsy-tops-hot-100-ninth-week-sabrina-carpenter/">nine weeks</a>.</p><p>Back in April, <a target="_blank" class="" href="https://www.billboard.com/music/chart-beat/shaboozey-a-bar-song-tipsy-hot-country-songs-chart-beyonce-history-1235669006/">"A Bar Song" made history</a> when it replaced Beyoncé's "<a target="_blank" class="" href="https://www.youtube.com/watch?v=238Z4YaAr1g">Texas Hold 'Em</a>" atop Billboard's Hot Country Songs. It was the first time two Black artists had topped the chart back to back — a watershed moment made even more special by the duo's recent collaboration.</p><p>Shaboozey broke into the mainstream after he earned two featured slots on Beyoncé's "Cowboy Carter," her <a target="_blank" class="" href="https://www.businessinsider.com/beyonce-cowboy-carter-album-reviews-what-critics-are-saying-2024-3">celebrated new album</a> that doubles as a research project about the Black community's roots and influence in country, bluegrass, blues, soul, and other quintessential American genres.</p><p>Shaboozey appears on two standout tracks, "<a target="_blank" class="" href="https://youtu.be/MxNMvZ5BhSU?si=Kk5irl_er4aIF6kZ">Spaghettii</a>" and "<a target="_blank" class="" href="https://youtu.be/9DIBZX_v0-U?si=Hybx5jmOOIa4MjOB">Sweet Honey Buckiin</a>.'" In the days following the album's release, Shaboozey saw a 70% jump in first-time listeners on Spotify, per <a target="_blank" class="" href="https://www.hollywoodreporter.com/news/music-news/beyonce-cowboy-carter-boosts-streams-black-country-acts-spotify-1235863979/">The Hollywood Reporter</a>. His fellow contemporaries featured on the album, including <a target="_blank" class="" href="https://www.businessinsider.com/beyonce-country-album-black-artists-reactions-shaboozey-tanner-adell-2024-3">Tanner Adell</a> and <a target="_blank" class="" href="https://www.businessinsider.com/brittney-spencer-beyonce-cowboy-carter-blackbird-interview-2024-4">Brittney Spencer</a>, experienced similar boosts.</p><p>"Cowboy Carter" made <a target="_blank" class="" href="https://www.usatoday.com/story/entertainment/music/2024/04/08/beyonce-cowboy-carter-album-tops-billboard-charts/73245512007/">chart history</a> and inspired thoughtful conversations about <a target="_blank" class="" href="https://www.businessinsider.com/beyonce-cowboy-carter-country-radio-station-response-nashville-2024-3">systemic racism in the music industry</a>. So it makes sense why fans and critics were outraged earlier this week when the nominees were announced for the 2024 Country Music Association Awards and <a target="_blank" class="" href="https://www.harpersbazaar.com/culture/art-books-music/a62114655/beyonce-cowboy-carter-cma-nomination-snub/">Beyoncé came up empty-handed</a>. (As <a target="_blank" class="" href="https://www.billboard.com/music/awards/beyonce-cma-awards-submitted-cowboy-carter-texas-hold-em-1235771470/">Billboard</a> reported, Beyoncé's team did not need to submit "Cowboy Carter" in order for the album to be eligible. Representatives for the CMAs didn't respond to a request for comment from Business Insider.)</p><p>While speaking with BI on the VMAs red carpet, Shaboozey said the album's cultural value is more important than recognition from industry gatekeepers.</p><p>"As artists, we don't go in, hopefully, thinking about, 'How am I gonna win this award?' You're just like, 'How do I make the most intentional, impactful music?' And that project changed a lot of people's lives, mine included," Shaboozey said of "Cowboy Carter."</p><p>"If I'm doing that for another artist, that means so much more than just a nomination," he added.</p><p>Shaboozey himself received two nods for the 2024 CMAs: new artist of the year and single of the year for "A Bar Song (Tipsy)."</p><p>Asked if he had any inclination that his year would yield so much success, Shaboozey laughed: "No!"</p><p>"I mean, how do you know? You just hope for the best, and you put your best foot forward, and hopefully, you've got people around you that encourage you and motivate you and point you in the right direction and help you out of those little ruts you get into," he said.</p><p>With "A Bar Song" in particular, Shaboozey had a feeling it could be a hit — not because that's what he set out to do, but because everyone in the studio was having fun while making it.</p><p>"When you're writing together and everyone's throwing their ideas at it, it's not feeling like, 'This is exhausting. Let's move on.' You want to keep going," he explained. "And then you send it to your team and your team is like, 'Hold up. What did you just make?' I think all those were indications that we did something special."</p>

Shaboozey says the impact of Beyoncé's 'Cowboy Carter' is much bigger than the CMAs after the album was snubbed

<ul class="summary-list"><li>Ukraine needs more trained pilots to effectively build a reliable F-16 fighter fleet.</li><li>Training more pilots gives Ukraine options, but bottlenecks hinder the program.</li></ul><p>Ukraine desperately needs more trained pilots to effectively build a formidable F-16 fighter fleet, air warfare experts told Business Insider.</p><p>Training bottlenecks among Ukraine's international partners risk leaving the country with more jets than trained pilots, and with a limited number of pilots in training, there's no choice, no opportunity to find the best. There's no room for error should one struggle to overcome the challenges of<a target="_blank" class="" href="https://www.businessinsider.com/ukraine-f-16-pilots-had-to-dramatically-change-way-fly-2024-10"> flying a fighter very different from the Soviet-designed jets</a> Ukraine knows best.</p><p>Michael Bohnert, a RAND Corporation analyst, said that integrating F-16s, or any new type of jet, into an air force "takes a lot of effort, time, training, and money that often gets overlooked. A lot of people think: 'Oh, just give them the hardware and everything's okay.' Well, no." The hardware really is only part of what it takes to build a fighter fleet.</p><p>Retired US Army Maj. Gen. Gordon 'Skip' Davis, who served as NATO's deputy assistant secretary-general for its Defense Investment Division, said that for Ukraine's F-16 program, told BI "the big issue is really the number of trained Ukrainian pilots."</p><h2 id="6dbaee8a-2faf-4465-840f-ec43eb49112c">Training bottleneck</h2><p id="6dbaee8a-2faf-4465-840f-ec43eb49112c">F-16 training for Ukraine's pilots is being done by a coalition of countries, including the Netherlands, Canada, Denmark, the US, and Romania. The process, however, doesn't appear to be as smooth as it probably could be.</p><p id="6dbaee8a-2faf-4465-840f-ec43eb49112c">Bohnert said that "there have been concerns around all of the different bottlenecks that we're seeing, including the training spaces and things like that, where even if more F-16s had been committed to Ukraine at this point, that doesn't necessarily mean that it could have more of them in the air."</p><p id="6dbaee8a-2faf-4465-840f-ec43eb49112c">Norway, Belgium, and the Netherlands, Denmark have <a target="_blank" rel="noopener" href="https://www.thedefensepost.com/2023/12/22/dutch-delivery-f16-ukraine/">pledged more than 85 F-16 jets to Kyiv</a>, but Ukraine can only field as many jets as the country has trained pilots.</p><div type="image" title="Two F-16 fighter jets flying side-by-side against blue skies." height="1201" width="1801" msid="114149820" hostid="261" sizebytes="41698"></div><p>The total number of trained Ukrainian pilots and those still undergoing training is not officially known, but there are indications that the number is not enough for Ukraine's needs.</p><p>Politico <a target="_blank" class="" href="https://www.politico.com/news/2024/06/05/ukraine-f-16-pilot-training-00161742">reported</a> in June that Ukraine's Western partners did not have the number of training spaces that Ukraine wanted for its pilots. It reported that 30 Ukrainian pilots were ready for training, but the US training program could not accept them all.</p><p>The report said that a total of 20 Ukrainian F-16 pilots were expected to graduate by the end of this year — half of what a former US defense official said Ukraine would need to operate a full squadron of jets.</p><p>A Ukrainian lawmaker <a target="_blank" class="" href="https://www.thetimes.com/world/russia-ukraine-war/article/f-16-fighter-jet-pilots-ukraine-spring-offensive-russia-0dx8p26dp?id=1756158124&amp;gad_source=1&amp;gclid=Cj0KCQjwsJO4BhDoARIsADDv4vAjEFJLt19g8E8Kyqlsh8Jc02bww0QkMloj8bNG1sovpsTURiGRxXwaAjL6EALw_wcB">accused</a> the US of "deliberately delaying" training and creating a situation where there would be "fewer trained pilots than fighter jets."</p><p>Ukrainian President Volodymyr Zelenskyy then said in August, when the first F-16s arrived in his country, that Ukraine did not have enough trained pilots or enough of the jets themselves. "The number of F-16s we have in Ukraine, the number of pilots who have already been trained, is not enough," he said.</p><p>Other partners appear to have training restrictions, too.</p><div type="image" title="Ukrainian President Volodymyr Zelenskyy stands outside in front of microphones and wearing a black long-sleeved t-shirt with a Ukrainian Air Force F-16 fighter jet behind him" height="1333" width="2000" msid="114149824" hostid="261" sizebytes="167434"></div><p>Danish Defense Minister Troels Lund Poulsen <a target="_blank" class="" href="https://thedefensepost.com/2024/06/27/denmark-conclude-pilot-training-ukraine/">said</a> in June that his country would stop training Ukrainian pilots on the fourth-generation F-16s after this year and instead focus on building its fleet of fifth-generation F-35s. That raises questions about the Ukrainian pilots in the training pipeline and opportunities<strong>.</strong></p><p>George Barros, a Russia analyst at the Insitute for the Study of War, told BI that the number of airframes Ukraine has is limited, "and then the biggest limiting factor are the trained humans, the pilots that actually fly the planes."</p><p>"There's a huge pilot training bottleneck," he said.</p><h2 id="55362b12-f87a-4ee2-853c-82d5642acc17">Getting the best pilots</h2><p id="55362b12-f87a-4ee2-853c-82d5642acc17">Bohnert said the way to ensure Ukraine has the best pilots flying its new jets without delaying getting the F-16s in the sky is to train more pilots and be ruthless about cutting the ones who do not nail the training.</p><p id="55362b12-f87a-4ee2-853c-82d5642acc17">Ukraine's F-16s, jets that were first manufactured by General Dynamics before that task later passed to Lockheed Martin, represent a challenge for Ukraine's pilots, who have to overcome old habits and muscle memory associated with flying the kind of Soviet-designed jets that exclusively made up Ukraine's air force before the F-16s arrived.</p><p id="55362b12-f87a-4ee2-853c-82d5642acc17">Ukrainian pilots were given around nine months of training, but most Western pilots are given three years to learn the jets, <a target="_blank" class="" href="https://apnews.com/article/russia-ukraine-war-f16s-what-to-know-224d96ff2ad4f416d3969676a55876e2">according</a> to The Associated Press. That's not a lot of time to adapt to a completely new jet that is much more sensitive with fly-by-wire controls instead of hydraulic ones.</p><div type="image" title="The undersides of 2 F-16s are seen flying against a grey sky" height="1291" width="2000" msid="114149815" hostid="261" sizebytes="56534"></div><p id="55362b12-f87a-4ee2-853c-82d5642acc17">Likely not every pilot is up to the task, and that's a problem. "When you train someone who's a great pilot in one plane and transition 'em to a new plane, it's a hard change for a lot of people," Bohnert said, explaining that the solution is to "put more pilots through training."</p><p>He said that there's a need to "get a higher number and be pretty clear that it's okay to wash half the out and say: 'Sorry, you're not good enough. You need more time.'"</p><p>Bohnert said Ukraine's partners would ideally have three pilots being trained for every aircraft. It's not clear how many pilots are being trained for each of the F-16s promised to Ukraine, but it appears short of that expectation.</p><p>Training to that level of excess, Bohnert said, would give Ukraine options and lighten what is already a heavy load as it builds its new fighter fleet.</p><h2 id="68a56aaa-3bf7-4258-81c2-9106e8fa86bc">F-16s comes with challenges</h2><p id="68a56aaa-3bf7-4258-81c2-9106e8fa86bc">Air warfare experts expect the F-16s to be a big boost for Ukraine, but they have cautioned that they likely won't be game-changers.</p><p id="68a56aaa-3bf7-4258-81c2-9106e8fa86bc">Ukraine is receiving a smaller number than what its leadership and partners say it needs to be able to take risks, like the West does, and challenge Russia's larger, more capable air force.</p><div type="image" title="Two F-16 fighter jets fly over a Patriot Air and Missile Defense System aginst a grey sky" height="1333" width="2000" msid="114149827" hostid="261" sizebytes="100476"></div><p id="68a56aaa-3bf7-4258-81c2-9106e8fa86bc">Bohnert said the number of F-16s Ukraine is getting from its partners is "definitely not enough." Zelenskyy said in May that his air force needed about 120 to 130 advanced fighter aircraft to challenge Russia in the air.</p><p id="68a56aaa-3bf7-4258-81c2-9106e8fa86bc">The challenges that Ukraine's armed forces face have been exacerbated by the delay in their arrival, many warfare experts have said. Ukraine asked for the jets soon after Russia launched its full-scale invasion, but the US long refused to budge.</p><p id="68a56aaa-3bf7-4258-81c2-9106e8fa86bc">The wait for permission to come gave Russia time to prepare and meant programs like training could not begin earlier.</p><p id="68a56aaa-3bf7-4258-81c2-9106e8fa86bc">The F-16s that Ukraine is receiving are also older models that don't come with the latest upgrades and <a target="_blank" class="" href="https://www.businessinsider.com/ukraine-old-f16s-outclassed-russia-best-jets-former-general-nato-2024-10">don't quite stack up against some of Russia's best jets</a>.</p><p id="68a56aaa-3bf7-4258-81c2-9106e8fa86bc">Ukraine's F-16 fighters, despite being capable combat-proven platforms, are a generation behind the newest fighters, like the F-35s the US and its allies are operating or Russia's Su-57s, and they would likely be outmatched by some of the fourth-gens like Russia's Su-35s. And without the stealth capabilities of the fifth-gen jets, it's also vulnerable to modern Russian surface-to-air missile systems.</p><p id="68a56aaa-3bf7-4258-81c2-9106e8fa86bc">Bohnert said Ukraine's newly acquired F-16s, which the US Air Force says cost somewhere between $14 million to $18 million, are "older airframes with not a lot of life left," though he said that "doesn't mean they're bad." It just limits what's possible.</p><p id="68a56aaa-3bf7-4258-81c2-9106e8fa86bc">Experts say that the jets, despite their limits, will help Ukraine, particularly against incoming drone and missile attacks.</p><p id="68a56aaa-3bf7-4258-81c2-9106e8fa86bc">Gordon said that ultimately "they are making a difference now, and more and more will help them make more of a difference."</p>

You Searched For "EM Indices" and got 9 results

JPMorgan is removing Russian sovereign and corporate debt from all of its widely-tracked benchmark bond indices

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Jeff Gundlach Takes A Contrarian Stance On Fed Policy And Makes The Case For EM Bonds In This Sweeping Presentation

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Indian government bonds to be included JP Morgan Govt bond Index from June 28

ANI

Shaboozey says the impact of Beyoncé's 'Cowboy Carter' is much bigger than the CMAs after the album was snubbed

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Getting more F-16s is only half the battle. Ukraine also desperately needs to be training more pilots.

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