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idealisticrealism · 8 years

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Blindspot 2x13 recap

(Aka the one with Shepherd’s real name)

So much going on in this ep! Weller gets his Boss Pants on to stop some terrorist farmers, and then ends up kidnapped by the creepiest terrorist with the most boring name, our very own Shepherd AKA Ellen Briggs. Meanwhile Roman is barely present (sadly), Jane is adorable, Tasha is an awesome friend, Reade is a mess, and Patterson needs to be swaddled in blankets and protected at all costs.

A very delayed and slightly shorter review this week, but lbr I’m gonna have so many thoughts about the Rich ep that it’ll more than make up for it haha.

Lol I was wondering why I had no memory of this opening scene and then I remembered that my crappy livestream was having issues the other day and I didn't see anything before when Shepherd says goodbye to Kurt on the couch. Oh man I can't believe how much I missed? I'm LOVING this young rebel Kurt (we knew he snuck out to see Sarah, but dude he literally punched a guard for it?? And ughhh he's all angsty and has those intense blue eyes and okay legit who is this actor because I am getting young Wentworth Miller vibes from him and it is WORKING FOR ME. Aaaand then Shepherd shows up and ruins my buzz, bc of course she does. Also she is either a really old-looking 30yr old here or a very young looking 50yr old in present day haha. "To really protect people, you need power. This place is the first step in getting it" yeaaaahhhh mm-hmmm this place is totally a Sandstorm recruitment spot. I just know it. And aaaahhhhh that whole scene was a memory that he was recounting to Jane as they approached the school, I’m so happy about it. Also lol remember earlier in the season when like half a scene could go by before you even realised Jane was in the room? That's now happening to Nas instead (literally it seemed like Weller and Jane were alone given how focused they were on each other). Also damn, Archie is so tiny! What a lil munchkin. Also I love how much more positively he responds to things that Jane says vs things that Nas says? I appreciate that subtle difference there writers, thank you

Sigh Reade what is with this endless string of bad decisions? You clearly do not want this woman in your apartment right now, and you weren't planning on getting her number either. Dude. And you missed your daily morning workout with Zapata! Which I, for one, am delighted to learn is a thing that they do. And then awww Patterson calling them 'the three amigos'. She is too cute. I need this team to be together forever okay?? Like for their whole careers and then when they retire they can all go on cruises together and hang out and stuff. But anyway then she shows them the tattoo they'll be following-- some fake Genesis quote (the bible passage, not the band) that some farmer posted about, and when they ask how she found out about it, she hedges and says she doesn't want to bore them with the details. And Reade totally speaks my mind when he asks, "Since when???" haha. And then she says it's ‘too much math’?? Nope, uh-uh, something is wrong here. Patterson never misses an opportunity to get her math on. Is she deliberately being evasive or is she having difficulties with mental calculations etc? Seriously c’mon Tasha and Reade, don't just let that slide. But they head off, both saying 'let's move' at the same time because they're two lame-o’s that are just super lame and I love them

Lol the secretary lady gushing over Weller. And then Jane corrects her that he's the Assistant Director rather than an agent and hmmm who’s gushing now?? Aaaaahhhh Wifey is so proud of her man. Like just genuinely proud and amazed by him and ugh save me. And then hahaa "you both work for the FBI too?"-- *ex-terrorist/unpaid FBI asset and shady NSA agent look at each other*-- "Sure" haha. But wait a sec, is this the same boss guy? He kept that job for twenty years? Nice. And then omg 'Ellen Briggs'. I'm sorry, I think you just named a florist who lives in the suburbs with her husband and four kids and who crochets in her spare time, not a psychotic terrorist leader. I just... Ellen. It’s so... harmless-sounding?? And then the boss guy talks about how this army lady that occasionally came to give talks convinced him to keep one random student and then even paid that student's fees? Like how did that not see weird to him??? And then the moment the three of them leave the friendly reception lady calls Sandstorm??? Geez. It’s like I’ve always said, never trust people who smile too much. All those gleaming teeth gotta be hiding something. Also lol I feel like Nas (and even Jane) didn't really need to be there for that but I appreciate that Weller brought Jane with him at least. lbr Nas probably invited herself along bc being the unwanted third party is kinda her specialty

So now the team has a name to go on, but still don't seem to be having much luck. Damn military firewalls. But wait she was a Major General, and the Deputy Director (seems like the deputies are the important ones in this show) of the Defense Threat Reduction Agency? Is that a thing? I'mma google it. Huh it actually is a thing; the DTRA is "the official Combat Support Agency for countering weapons of mass destruction." So basically she was once part of the jedi order but then turned to the dark side. Well, I guess fear leads to anger, anger leads to hate, and we all know where hate leads... on a completely unrelated note, though, I am going to have "I Am the Very Model of a Modern Major-General" stuck in my head for approximately the next 600 years. Thanks, show. But anyhow totally unsurpirsingly most of the info about Shepherd is redacted or missing so they still don't really know much more than they did before. But they do figure out that she's paying for the care of an old colleague/friend of hers so at least that gives them a place to start looking. And lol for the second time this morning someone has said let's go' and everyone immediately leaves.... except Patterson, who just chills and enjoys the cushy desk chair and climate control in her lab haha.

Lol Zapata trying to suggest that Reade sees a psychologist. That's actually a really good idea, Reade. Though I will admit your last experience with a psych wasn't a great one...

Weller you recognised that game SO FAST. How old were you even in ‘88? Six? Though apparently this game was a super big deal, like it was a miracle win for them somehow? Idk enough about baseball history but could this game and the Dodgers be an allusion to something that happened with Shepherd/Sandstorm in 88? And then when Jane introduces herself as Remi (which must be weird for her) he says she's not on the Dodgers. Does it actually mean something?? And then after Nas is all "give up he's got dementia" Jane is the one that comes up with an idea, suggesting that Weller talk to him about baseball to maybe get through to him. She also totally unnecessarily touches his arm as she suggests it which I am appreciative of. I am so Jeller-starved that I’ll take whatever I can get lol. And then ughh the way she watches him as he talks to the old man. Nas sees it, she knows what's up... and ugh Jane looks so sad for him when the guy just says the line about Kurt playing for the mets (and that he was supposed to be a national but 'they would never allow that".) She wanted so badly for Weller to get some answers bc she knows how awful it is to not know something so huge about your life and ughhhhh my babies

So the team has reunited and Jeller are up to speed about the farmer with the plans for a big kaboom. And then suddenly they find him with facial recognition... in their own building. And loolll I love that the whole team immediately starts running-- except for Patterson, who is like "Running? Nah thanks. You guys got this" haha. Also seriously like did the team take the stairs? Or did they just sprint into the elevator and then all stand there awkwardly shuffling their feet while the elevator took them to the correct floor? Because this is a detail that is very important to me and I must know it. And then they catch the guy who is *gasp* an informant, but my main interest is that the team managed to gain two random agents on the way?? Like how did they get them? Were they in the elevator and just ran out with the crowd?? "Hey guys what's going on oh okay we’re running now??". And then wtf this dude is working for them??? Oh wait, no, he's working for Mr DoucheyFace, who is literally having him entrap private citizens, which both Weller and myself are pretty sure is a no-no. And which Weller yells at him about (mysteriously suddenly sans jacket) and takes over because he is the MAN IN CHARGE. And I dig it.

So anyway aaaahhhh Jane/Roman is everything and ugh Roman is having confusing ~feels~ about Shepherd and I don’t like it. And come on lbr they would totally give the files on Shepherd to Roman. They need to know what he remembers and that would be one of the best ways to do it. But ugh of course Jane is scared that he's gonna remember the Zipping and ugh my babies

Speaking of babies, ugh Patterson is still not looking good (health-wise, not appearance-wise, because she always looks gorgeous). The now-jacketed Weller is picking up on it too, and ugh he's concerned about her and also knows she's keeping something from him. And then bam she drops the bomb that she used the info from Omaha and omg Weller's face is like sTOP BREAKING THE RULES EVERYBODY and then omg he strides angrily back to where Doucheyface is and the guy calls him 'sir' which pleases me bc he da boss and also bc the team doesn't have to call him sir bc they’re his squad hehe. And then Weller is really doing his taking charge thing (update: the jacket is gone again lol) and oooooh he's let the douche convince him to send the informant guy out into the field against his better judgement and oooohhhh he's gonna regret thiiiiisssss. Aaaaaand yep he does, bc psycho farmer lady sees right through the informant’s shit (never try to fool a pissed off woman) and dude they couldn’t have given him a vest?? I have a hard time believing Weller allowed him out there without a vest. And oooh now we’re having a bike chase kinda reminiscent of 2x01 while RUDE FARMER PEOPLE ARE SHOOTING AT MY BABIES. But natch our super squad take care of them, though meanwhile doucheyface ruins Weller’s mojo and the crazy lady gets away. Bummer.

So Nas clearly has no problem giving Roman all Shepherd’s files, contrary to what Jane was saying. And I love this spinning camera effect that captures Roman's confusing feelings as he looks at the photos and ugh he wants to know if Briggs is his last name too (thank god it’s not) and why she didn't legally adopt them and then ughhh he has 'warm' feelings towards the pictures of Shepherd and maybe THIS is what Jane was afraid of? Him forming an attachment to Shepherd?? But in any case ugh I just wanna hug my baby boy

Mmmm more Shouty Boss Weller. I love when he shouts at people I don't like. And I love that he has the power to fire this guy. But man things don't look great, the team can't find the lady anywhere..... and then their system reports a robbery which proves that Crazy farmer lady has a whole ton of explosive stuff (not a literal tonne. But a lot. idk) to blow something sky high. And so naturally Jeller, the A team and the perfect combination of Strong Trustworthy Justice Man and Caring Compassionate Understanding Lady, are the ones to go talk to the farmer guy they captured to try and learn what the target is. I mean who wouldn't want to spill their guts to these two. I'd say anything just in the hope that they’d think well of me. And clearly Farmer Joe feels the same, because he tells them where the target is, and they all race there-- Weller naturally again choosing Jane to stick with him. #Lifepartners. But then Patterson radios in--- a Big Truck is racing towards the building and is almost certainly carrying the explosives. So what does Weller do? Why, stand in the middle of the road, of course! Because you know he just hasn't been almost-killed in an explosion for like a couple of days and the poor dude's going through withrdawals. But of course he’s such a badass that even a speeding truck ain't gonna dare mess with him, so it ends up crashing instead (okay, the bullets he expertly put into its tyres might have had something to do with that) but tbh rn all I can think about is Jane watching this situation??? Like she must be so scared for Weller standing there unprotected (no one can convince me she wasn't going to try and tackle him out of the way if the truck had gotten any closer) but she would also trust in his judgement and his abilities and let's not lie here, she totally found that whole moment as hot as we did. But anyway fantasies aside, crazy lady jumps out of the truck with a detonator in hand and is immediately surrounded by the team. And then ugh everything that both Jane and Weller say to her reflects so much of the FBI vs Sandstorm/ good vs bad theme of this season and ughhh he walks right up to her and takes the detonator from her hand and dude you're not making it easy for me to focus on the Serious Life-Threatening Business rn bc I'm already back to thinking about how much Jane probably wants to shove you against a wall rn and gawd this is just a lot for me to handle rn

Oh but here's a proverbial bucket of cold water, in the form of Nas, coming into Weller's office and instantly killing the mood. Geez, lady, you're like that visitor that overstays their welcome and misses all the cues to leave. She’s also again playing the unwanted stand-in for Jane in this scene (legit this would have been a great scene between Jeller but instead is completely uninteresting and feels insincere, despite it being meant to be deep). Also she mentions something about Sandstorm and personal stuff causing him to lose sight of the ‘bigger picture’ and I am so sure that this is foreshadowing for when she's revealed to be some kind of sneaky traitor who was using them this whole time for her own shady gains. It's coming, I know it.

Ah, thankfully here's a much better duo. Weller is making Patterson stop using Omaha because using it is crossing the line into Bad Guy Zone and compromising themselves. And she gives in, but has a last bomb to drop-- Mayfair had spoken to the old guy in the nursing home back when he was in charge of the DC office, suggesting Weller be promoted/transferred to DC the year before. But Shepherd blocked it, ensuring that Weller was still with the NYO when Jane was found. Ooooooohhhh Weller, how deep in this web are you tangled? And why?? Dramaaaaa. Also as a sidenote, Patterson's voice has sounded off throughout this entire episode and I am so interested to know if Ashley just like has a cold atm or if she's deliberately altering her pitch as a subtle sign that ~something is amiss~. I mean she's a voice actor so this is literally her jam...

Naw and another pair that I enjoy so much more than any that includes Nas! Tasha gives Reade some gentle ribbing about their gym date, but in true Zapata fashion, is genuinely caring beneath the jokey exterior. And she tries to support him with his possible 'new relationship' and tells him not to get in his own way. Which we all know he's not going to listen to bc he's Reade and he's a freakin disaster

Weller in the nursing home is actually super cute. And then he's trying to get info from the old guy about why Shepherd (I can’t call her Ellen, it's too weird) wanted him to stay in NYC. And the guy says "You're the face of the franchise, her star player", but okay WHY. Why is he their Chosen One???? And what the hell is the Truman Protocol?? Is it a nod to the movie The Truman Show, where the guy has been watched his whole life, playing a role his whole life, without even knowing?? And then shit, they go to his room to talk privately (bad idea) and BAM a wild Shepherd appears?? Plus a dude who must be wearing super bulky coat to have been able to sneak that GIANT GUN into a nursing home???

Aaaaaahhhh Jane shows up at Roman's cell and is taking about what they'll have for dinner and it sounds like they do this all the time which is THE CUTEST THING. But then Roman's too focused on Shepherd and her light terrorism so it kinda puts a dampener on things. Just like when he questions her about whether she's being used by the FBI, and ughhhh I love that she is so sure when she says she helps them because she wants to (because they're her faaaamily ughh). But ugh I hope his anti-FBI-ness and insistence that they control her doesn't make her waver in her belief of her place in the team.... though lbr she already made her choice about where her loyalties lie and I can't see her ever turning away from the team. Not from them, and definitely not from Weller. Maybe not even if Roman's life depended on it, though I really hope we never have to find out for sure.

Sigh okay I have to say I just really don't like Nikki. They've given us nothing likable about her, and instead have her not only insult Reade's good qualities but also encourage his bad ones. He was already starting to spiral and she's just puling him down faster and ughhhh it’s frustatinggggg

And okay I have such conflicting feelings about Oliver. On one hand he's a bit of a cutie pie and he's genuinely sweet to Jane (ngl I 'aawwwed' a lil bit at the handholding scene), but on the other hand I know that he would just never be able to be able to accept Jane's true self and her past in the way that Weller does, so it's clear they have no real future. Plus, given my ridiculous prejudice against my own accent (and the cousin-accent of New Zealanders) every time he speaks it legit drives me insaaaane. I just need him to not talk, ever. Sigh but anyhow definite points to him for making Jane smile. Shame that his comeback basically means he's probably gonna die or at least meet with some unpleasant circumstances in the near future....

Naw Zapata showing up in Patterson's lab to make sure she's okay and that she's eating and ughhhhhh Tasha Zapata is SUCH A GOOD FRIEND. And ugh I love her so much for trying, even though it's only making Patterson flip out more. And seriously the voice thing is getting even more obvious and actually I just noticed Patterson also looks like she's wearing less eye makeup than usual and I feel like this is about to--- aaaaaaand she's on the floor. Noooooo. Sigh my baby, I hate seeing bad things happening to youuuu

And nooo my other baby. I'm sorry Weller honey I actually kinda forgot that Shepherd had you lol. And uuhhhh wtf is this 'powerful medicine' she used to get the old demented guy lucid? Bc lbr lady if you have something that can reverse Alzheimers, then seriously give up on the Sandstorm crusade and just patent that shit, you'll be a billionaire in no time! But anyhows Shepherd is being her usual super creepy self and is gushing over Weller, who is apparently 'saving the country' with her. Somehow. And so we know that she and Remi came up with the tattoo plan together, but she was the one that involved Weller in it. And she seems to fully expect that he'll help 'when the time comes' which definitely indicates that she knows something that we don’t. And wooooowwww she's kneeling in front of him legit stroking his thighs and GAWD WOMAN YOU CREEP ME OUT. Why must she be SO STROKEY all the time??? And then she cuddles with the old dude (who she apparently cared about) while she stabs him in the chest, before telling Weller that he'll have no choice but to join her, and that in another life, they could have been family. WHAT. THE. FUCK. Does she mean literally, like she was somehow connected to someone in his family-- ie, had been with his dad or something? Or is she being more poetic?? I literally cannot get a read on her, mostly bc she's all over the freakin place!!! She's a mess. But ugh anyhow Weller's gonna cut himself free soon and ugh I just wanna know who he calls first bc I obviously want for him to call Jane bc she's his ~person~ and ugh I need her to race to where he is and be so relieved when he's okay and ugh I just need some more Jeller huggin' alright???

Anyway sorry for the short(er) review-- tbh I really enjoyed this ep as I was watching it live, but I realised later that a big part of the enjoyment was the anticipation for another great Jeller moment... which never happened. I mean I get why, bc the ep had to reintroduce Oliver and also have Weller abducted, so there was hardly a chance to end this ep with another awesome Jeller moment like we got last time. But STILL. We all know I rate ep quality by the quality of the Jeller it contains, so to me this ended up just being a ‘good’ ep rather than an amazing one. But hey, Rich makes any ep and instant fave, so bring on ep 14!!!

#Blindspot #Jeller #Blindspot recap #I was SO close to not getting this one done lol #hope it's mildly interesting #but god I am so excited for the new ep give it to me now

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cynthiatherrera · 4 years

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Wall Street’s believe it or not

Ripley’s Believe It or Not! is an American franchise, founded by Robert Ripley, which deals in bizarre events and items so strange and unusual that readers might question the claims. Originally a newspaper panel, the Believe It or Not feature proved popular and was later adapted into a wide variety of formats, including radio, television, comic books, a chain of museums, and a book series. In our April 2 call with clients, we laid out an argument that contended that in March 2020 global investors experienced their own “believe it or not” moments, as a global pandemic of historic proportions led to cross-asset price action that was so drastic and volatile, it was truly hard to comprehend. We share those arguments below.

Market moves that were hard to comprehend

Indeed, the market moves last month were unlike any we have seen in our careers with many assets experiencing more year-to-date price volatility than what was realized over the entire previous decade. In early March, it became suddenly obvious that the COVID-19 crisis was going to morph into a contagious whole-asset stack shock, and very quickly thereafter virtually all global markets froze. Global risk assets were forced to be marked down to the price at which they could be indiscriminately liquidated. For assets that couldn’t find a clearing price, it was nearly impossible to discern their “actual value.” To wit, AAA rated assets were marked down by 10 or 20 points, in some cases. The fear was even more palpable in the markets for implied volatility where the cost of options approached the ten-year 100th percentile in nearly every asset class where options markets exist, while the CBOE’s VIX index hit an all-time high.

In the U.S., equities witnessed their third worst month in modern history, while U.S. high yield bond yields doubled in a two-week interval. Astoundingly, even the “risk-free” U.S. Treasury market was upset. While benchmark Treasury issues were sprinting toward the zero-lower bound, off-the-run Treasury issues couldn’t find clearing levels in the secondary markets, as there was simply no spare systemic balance sheet capacity. Global investors began hoarding cash in record-setting amounts, with money market funds receiving $500 billion of capital inflows over a four-week span. To be sure, the entire financial economy has been inundated with a true 100-year storm.

This financial panic reflected the unfolding left-tail scenario for the global economy that appears to be an unprecedented halt on a great deal of economic activity. We expect the real-time indicators to translate into stunningly poor (albeit lagged) economic data points in the coming weeks (see graph). Only a month removed from the end of a long and persistent string of full-employment readings, we suddenly face the highest jobless claims numbers in history. Moreover, the U.S. unemployment rate might exceed the 2008 high, and GDP will likely contract roughly 5% this year, the worst growth since the Great Depression. Fortunately, there is sufficient reason to view this growth shock as temporary.

Three years of crisis in comparison: 2001, 2008 and 2020

We find it useful to compare the looming growth shock to the two most recent U.S. recessions as we endeavor to visualize the trajectory of the eventual recovery. In the 2001 recession, aggregate personal income never contracted. Meanwhile, government benefits grew more than 25%, providing a $432 billion backstop such that throughout the recession, personal consumption never contracted. The 2008 recession was much deeper than 2001. Personal income fell 4%, or $650 billion, with financial asset income down -18%, or $505 billion. Somewhat offsetting that were government benefits that grew by roughly 33%, providing a $640 billion backstop. But even in the face of this significant income shortfall, personal consumption only contracted by 3% in 2008.

So how much household income will be lost as a result of the current crisis? We looked at 15 crucial sectors that make up roughly 70% of total private sector jobs. Depending on the specific sector we assumed anywhere from 30% to 90% of jobs will be impacted for a duration of between four weeks to six months. Based on our conservative assumptions, we’re forecasting that roughly 50 million workers will miss an average of 11 weeks of work, for a total lost income of nearly $460 billion. Fortunately, the recently signed $2 trillion CARES Act providing $525 billion of direct household income support should be able to keep aggregate U.S. personal income steady, ultimately supporting consumption on the other side of today’s necessary quarantining.

More broadly, there is little doubt that without the massive, holistic global policy response that we’ve already witnessed, some far worse real economy outcomes risked becoming deeply entrenched. Global policy makers have been bold and timely in both their fiscal and monetary policy responses, so much so that we see a right-tail scenario brewing for the financial economy in the quarters ahead. Indeed, in February and March alone, global fiscal and monetary policy responses totaled a staggering 11% of global GDP, and it’s highly likely that there’s more policy assistance on the way.

The historic marriage of fiscal and monetary policy measures

With respect to U.S. fiscal policy, we are convinced that the potency of the CARES Act is being systematically underestimated by conventional wisdom. Nearly all of the targeted categories of the legislation have impressive multipliers associated with them. The healthcare, research and development, infrastructure, and direct transfers to household segments all have multipliers that approach two, by some estimates, while the state and local aid, refundable rebates, and payroll tax holiday initiatives all have projected multipliers of nearly 1.5x. Contrast that to the 2017 tax reform act, which is thought to have had almost no multiplier at all, perhaps somewhere around 0.3x. Making some very conservative assumptions about the pace at which this committed fiscal outlay will be recycled over coming weeks/months, we see at least $1 trillion in spending over the next 90 days – that’s an annual run-rate of more than 20% of U.S. GDP, which is staggering and unprecedented, and will go a long way towards dampening the growth shock.

icon-pointer.svgFollow Rick Rieder on Twitter.

As far as the Fed is concerned, we’re convinced that its policy response was truly historic, wholly debunking the incorrect notion that their policy toolkit is finite. Again, using conservative estimates on how the Fed will proceed with planned asset purchases and funding programs, we see the Fed’s balance sheet growing by nearly $6 trillion before the end of Q3, an eye-popping number considering that the total size of their balance sheet was near $3.8 trillion as recently as last September. In fact, the Fed will likely end up purchasing the equivalent of 20% of the U.S. Aggregate index over just a six-month window. This initiative will undoubtedly offer meaningful support for the entire domestic asset stack, save for entities with true existential concerns.

Moreover, when you add in the committed contributions from other global central banks, the resulting surge in global liquidity is profound (see second graph). We estimate that by year-end 2020, global liquidity will exceed 40% of global GDP, shattering the previous record and providing critical support for a nervous and heretofore fragile financial economy stunned by the crisis. In short, we think that absent some new shock, the holistic global policy response has likely been sufficient to provide support for most asset markets as the virus evolution unfolds in earnest.

Portfolio construction and asset allocation in a time of crisis

So, where does that leave us with respect to portfolio construction? For starters, developed market (DM) yields will stay stubbornly low as central banks will strive to keep both short rates (policy rates) and long rates, via quantitative easing (QE), very low for the foreseeable future. Aggressive central bank purchase programs will create a negative net fixed-income issuance paradigm of unprecedented scale providing a strong technical backdrop. Incredible fundamental dispersion will unfold as the varied fortunes of real economy actors become evident over coming weeks, leaving a fertile opportunity set across spread sectors.

The potential to construct a 4% to 5% yielding portfolio is now significantly more attractive than at the beginning of the year as we can get those yields with an even higher quality mix of assets today. Moreover, with many of those assets trading at nice discounts to par, there is also the potential for near-term capital appreciation.

As far as equities are concerned, it is critical to remember that each investment is simply a purchase of future cash flows. Clearly, 2020 earnings expectations have changed dramatically, but companies shouldn’t be valued based only on a single year’s earnings. Investors should be modeling at least the next several years of cash flows to come up with expected returns and then derive reasonable fair value. While 2020 EPS is likely to be down between 15% to 25%, at current prices near 2,500, the S&P is offering investors a nearly 7% annual risk premium, versus just half that level coming into the year. Even on depressed earnings estimates, discounting these cash flows with a normalized risk premium of 3.5% and today’s 1.0% risk-free rates would imply the S&P near 3,500 over the next year or two. If earnings recover more quickly, or the contraction is less severe, the rebound can be sharp. Compelling long-term value is clearly forming in U.S. equites.

So, we are thinking about the coming weeks in terms of two intervals. Initially, we plan on keeping a significant cash cushion given uncertainty as to the length and depth of the economic downturn. At the same time, we will follow the Fed and other DM central banks by purchasing what they’re purchasing, and assets that rhyme with those. That means buying U.S. nominal duration where there is still scope for rates to rally further (i.e. the back end), which also provides a dependable risk hedge. We will own some U.S. breakevens that are cheap for technical reasons, and we will be selling U.S. rate volatility as rates come down and are pinned lower, especially at the front-end.

We like rotating out of Agency mortgage-backed securities and into investment-grade credit and buying other high-quality assets that are not included in Fed purchase programs. Finally, we want to pick away at some sectors of the equity market that have had valuations destroyed beyond even worst-case scenarios, such as healthcare, biotech, technology, defense, home builders, and others. We’ll target moderate equity exposures but can take on more exposure through selling volatility that would put us into long positions at lower levels and thereby benefit from still crazy-expensive implied volatility.

Longer term, we envision getting more invested, allowing cash to run down. We will rotate down the credit spectrum, swapping investment-grade credit for higher quality high-yield or loans. We’ll cautiously grow EM exposure, though EM fundamentals remain a ‘known unknown’ in terms of the crisis evolution. We anticipate that we’ll want to reduce some of the long-end duration positions in DM rates and high-quality assets, eventually as greater fundamental visibility emerges, and high-quality assets rally through fair value. Finally, we also plan on growing the equity exposure, this time in outright expressions as well as through buying options that will likely have cheapened considerably. While the magnitude of this unfolding crisis is truly historic, eventually things will return to a more normal equilibrium, and as is often the case, the markets will lead the way back to normalcy, believe it or not!

Rick Rieder, Managing Director, is BlackRock’s Chief Investment Officer of Global Fixed Income and is Head of the Global Allocation Investment Team. Russell Brownback, Managing Director, is Head of Global Macro positioning for Fixed Income, and both are regular contributors to The Blog. Trevor Slaven, Director, is a portfolio manager on BlackRock’s Global Fixed Income team and is also the Head of Macro Research for Fundamental Fixed Income, and he co-authored this post.

Investing involves risks, including possible loss of principal. Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments. International investing involves risks, including risks related to foreign currency, limited liquidity, less government regulation and the possibility of substantial volatility due to adverse political, economic or other developments. These risks may be heightened for investments in emerging markets. This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are as of April 13, 2020 and may change as subsequent conditions vary. The information and opinions contained in this post are derived from proprietary and non-proprietary sources deemed by BlackRock to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by BlackRock, its officers, employees or agents. This post may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this post is at the sole discretion of the reader. Prepared by BlackRock Investments, LLC, member Finra ©2020 BlackRock, Inc. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc., or its subsidiaries in the United States or elsewhere. All other marks are the property of their respective owners. USRMH0420U-1146706-6/6. from BlackRock Blog https://www.blackrockblog.com/2020/04/13/uncertainty-and-investment-opportunities/

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howardlyontx · 6 years

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2018 BMW M4 CS vs. 2018 Porsche 911 GTS – Head 2 Head Ep. 95

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– We’re in Germany, I’m in the brand new BMW M4 CS,and right now I’m doing 270 kilometers an hour. And Jonny, Jonny is right behind me. – And I’m driving the all new 991. 2 Porsche 911 GTS. And if Death Row Jethro here would get out of my way,I’d be in the 300 club. Oh hey, look at that, I’m in the 300 club. (maniacal laughter)Woohoo, oh that is moving, woo!So the bomb and I were on the ultimate Germancar guy holiday, Autobahn, Nurburgring andsome awesome mountain roads up in the alps. This is the stuff you dream about. Usually people ask me, I say the greatest countryon earth is Italy, not this week. This week it’s Germany. (upbeat dance music)- [Jethro] So our contenders for this head to head are thenew, lighter, more powerful, more focused M4 CSand that perennial benchmark, the Porsche 911here in GTS spec. But what makes the M4 CS worthy to stand toe to toewith the 911 GTS?The CS is maybe where finally the M4 starts to fulfillit’s potentially. It’s got a little bit more power than the compact,some of the lightweighting from the GTS. Cup 2 tires and chassis that’s been honedto extract every last little bit from them. All the signs point to this being the best M4we have ever seen. Want proof?Okay, well the three liter twin turbo charged straight sixhas been lightly tweaked to produce 454 horsepower. That’s just 10 more than the competition packagebut torque jumps by nearly 10%. Combined with a 77 pound weight reduction, thanksto a carbon fiber hood, less sound deafening,and some lightweight interior fittings,and the CS dips well below four seconds forthe naught to 60 miles an hour sprint. It also benefits from Michelin Pilot sportCup 2 tires and re-tuned suspension, although it retainscomfort, sport and sport plus modes. The CS is only available with a seven speed dualclutch transmission. The sticking point, well is the sticker price. Let’s call it circa $110,000 which brings us neatlyto Jonny’s car. – And I’m in the Porsche GTS, I’m going to call it theGoldilocks 911. It’s right in the middle of the rank, 450 horsepowerbut just does everything right. Follows the classic GTS recipe, you get a little bitmore power, they lowered the car and every performanceoption you can get on the carrera S, is includedfor a slightly lower price. In this case the Porker makes 450 horsepower,30 more than the standard S engine. Torque is also up by 37 pound feet, from 368 to 405. This particular Guard’s Red GTS has a few more tricksup it’s sleeve, namely, carbon ceramic brakes,dynamic chassis control, PDK and four wheel steering. As such if you were to look up sports car in the dictionary,you’d probably find a picture of the car I’m driving. Meaning that BMW’s got it’s work cut out for it. That’s the other crazy thing man, modern cars are so good. Like if you were going to do this a generation ago,and try to hit 300 kilometers an hour or 302 inthe case of this, that’s 190 miles an hour. You’d have to rebuild the engine that night, the tireswould delaminate, you’d die of heat stroke, everythingwould go wrong, it would never happen. Now, (scoffs) no problem and now I can use Bluetoothand navigation and just everything works. I’m comfortable, they’re amazing, these cars arejust absolutely amazing. – [Jethro] Jonny’s right, both of these carsare pretty amazing on the Autobahn. After a brief spell reveling and hitting near v max,reality sets in. We stop for two hours straight as a crash is cleaned upand then the rain comes and just more frustration. Fortunately that sat nav Jonny is so impressed withwell it’s leading us to a much, much better location. And rumor has it that the sun is smiling on the Nurburgring. – We are here, we have made it, we are at theNurburgring Nordschleife in fact we’re in a cornercalled Brunchen which you’re familiar with becauseif you’ve ever seen a sky shot taken of the Nurburgring,it was taken just over there. Listen, if you are a car guy or girl, you’ve gotto come here, it’s the greatest place on earth. Believe us, we’ve checked. – And the best thing about it, it’s just so accessible. There’s people over here just watching. If you bring your own car, any car, hire car, caravansuper car, doesn’t matter. You pay 27 Euros, you get to do a lap, that’s like30 bucks, and you get to drive on the greatest racetrackthat there has ever been. – So let’s go do that right now. – No no no no, the public laps are great, but it’s a zoo. We want to do it properly. I’ve got a friend called Darren, he runs somethingcalled Destination Nurburgring. No bikes, no caravans, just cars, open pit laneand we’re doing that tomorrow in our cars. – That’s awesome but what are we doing tonight?- Steak on a stone at the Pistenklause- Pistenklause, cool!How many things in life have never disappointed you?I can think of exactly none, save for the Nurburgring. It’s 12. 9 miles of automotive paradise. 2017 marks the ring’s 90th year in business. And it’s still the car world’s benchmark. All serious manufacturers develop their serious cars here. You have to, not only has a vehicle’s Nurburgring lap timebecome as important as it’s zero to 60 number,but it’s said that one mile at speed on the Nordschleife,is the equivalent of one thousand mileson a conventional road. Still, the ring is more than that. The culture that surrounds this place fills me with joy. Even after only a few hours here, you realize you aresurrounded by an entire community of people who havenever said 500 horsepower, when are you ever going to use that?The Nurburgring really and truly is car guy and gal nirvana. Even the gas station, the gas station is awesome. Why?Because in it you’ll find what has to be the besttoy car store in the world. They even had two cars with Death Row’s name on them. Talk about home away from home, and yeah, the steakon a stone of the Pistenklause, 100% worth it. (cheerful music)- [Jethro] And today we get to experience itat it’s best. Destination Nurburgring run open pit lane track days hereand they are fantastic. Unlimited track time, courteous drivers, and thatcommunity spirit Jonny mentioned, is overflowingin the car park packed with fantastic and oftenbattle-hardened cars. Oh and it’s really hot and sunny, this never happens. First up, the M4 CS and Jonny is driving. And he is not hanging around. (car accelerates)So before we start we should have a littleappreciation for the weather. – Oh my God. – This is not normal Nurburgring weather. – No there’s no rain and I said it with confidencethat it’s not going to rain. – Regardless of the weather, this place is still theultimate test so the M4 if it works here, it shouldwork anywhere. And if it’s going to justify it’s price tag,it’s going to be here as well. – I’ve driven a bunch of these M4s, and with theexception of that GTS, which is a whole nother price pointand they only made like 800 of ’em or whatever,this is good. This is good, you know I was really kind of impressedwith the M4 competition. – Yeah I think for me the first lot of M4’s I drovewere just nowhere, they didn’t feel like theyhad control or anything. Then the competition really improved it a lot. I love the GTS when it was set up perfectlywhich was rarely. But it seems to me yeah, they’re trying tobring some of that GTS excitement into the normal car,but make it work on more than likeone specific GP circuit. – Yeah I mean look we’re literally on the Nordschleife,but it’s working man, it’s totally working. – [Jethro] So we’ve got Cup 2 tires,so a lot more grip I’d say than the standard car. – Great grip, once the tire pressures really come up,wonderful grip, they revised the suspension,it’s good, you don’t get much understeer, a little bitin the really hairy stuff. – So I’ve driven all sorts of stuff around here andI can have fun in a 90 horsepower high car or aterrible SUV or whatever, but this is real fun becauseit does feel to me more serious, more capable, more stablethan the competition pack. – It’s a really fast car so the power’s up,it’s what is it 453 horsepower. – [Jethro] Yeah but that almost doesn’t sound a lot butit feels quick and it’s just instant as well. There’s so much throttle response. – Now they’ve done a good job, I used to not care forthis engine but I got to say, it’s really scooting thisthing around the track well. – Yeah and they’ve even made it sound almost good. – Almost good, yeah, heythat’s a huge improvement for a 3700, 3750 hundredpound car, I mean, we’re just whipping around this track. – Yeah I guess that’s it, you only start to feelthe weight over some of the quick bumpsit just feels a bit fidgety, you want it to landand just deal with the compression and sometimesit doesn’t it scoots around a bit on you. – The only time I was having a real problem with itis on like big curving, the back end like hops. – So the other thing for me, I’m slightly disappointedin the brakes, I think you just feel the weightat high speed. The gear box, it’s starting to feel a bit old fashionedsomehow the gear box. – Right the old fashioned dual clutch. – It’s stupid but, to me it feels like they’ve revisedit for this car, made it more aggressive so in top modeit punches really hard. – Yeah, ’cause there’s the three positions for shifting. – Yeah, but it’s too hard and then you dialed it backone position and it’s a bit too soft, a bit too auto-likeso it’s not quite got the sweet spot. – I got to say for an M4 I am very impressed. Was not expecting this. – It starting to justify what it costs,but we need to jump in the Porsche to see if itcan really play with the big boys. – Oh we need to jump in the Porsche?- We have to jump in the Porsche, we have to!- That’s our job man. – Get to the Porsche. (laughing)- Wow, the CS really is a different and bettersort of M4. And it is awesome on the Nordschleife. No wonder it ran a seven minute, 35 second lapin BMW’s testing. Right on the heels of cars named Pagani and Koenigsegg. You know what though?Porsche claims that this 911 GTS can run a seven minute24 second lap, which is quicker than a Ferrari Enzo,and neck in neck with a Gumpert Apollo. But can us normal folks feel the differencebetween the two?There’s only one way to find out. (cars accelerating)- This car just feels so hooked up, straight awayas soon as you leave the powder basically. It’s just got that Porsche thing of absoluteprecision and accuracy but still feedbackand no one else does it like that. That’s my feeling. – Well let’s just cut to the chase, so the 911starts about here, the poor BMW starts about as a 320down here and then they got to like add stuff to makeit quicker, but this one’s already like, this is the GTSso it’s already like, the Carrera S has been on themarket for a couple years, all the options everybody wantsthe performance stuff, they’ve tweaked it, they’velowered it it’s got more power like it’s just,it’s kind of the perfect weapon. – I think as a bridge between a Carrera S and a GT3,it just works really really well. It’s just so smooth. – [Jonny] I got to say though,forget about a bridge between ’em’cause with the extra torque from the turbo,this might be quicker, honestly this might be quickerthan a GT3. – It probably, it probably is for most people, but justit’s just so in control of itself and thatalmost sounds boring but it isn’tso down here in the BM you start to move aroundbecause of the weight, because the dampening’snot quite as good but the Porsche is just completelynailed, it’s just nailed but it isn’t, it doesn’t feelboring it doesn’t feel like it’s doing it for me. – So you just hit a ton of curbing right, soin the BMW, that rear end was not happy, right?You hit the curbing and it would just move aroundand wheels in the air, and then traction wouldkick in, this loves it. You could just abuse the curbing. – It does, I mean there’s a reason why every carin the car park is a 911. I mean it feels built for it, it soaks it up. It’s just, I’m actually shocked at how good it is. The rear wheel steer is an option on this carbut it just, it works. It’s almost invisible, it just means these tight cornersyou don’t need much steering angle, the car’s nailed in. And it just goes exactly where you want all the time. Which is just so impressive. It’s just built to do this. – It starts out as a sports car. – It wants to do it all day, all day just keeps going. The brakes just the pedal is perfect and it never changesno matter how hard you use ’em, it’s the same. – Well there’s that old cliche like a car’sonly as good as it’s brakes, and in this case that’skind of the biggest difference between this andthe BMW, these brakes you just trust ’em inherently. You never think about it. Where the BM the pedal’s getting longer. – I trust the whole car. Everything I touch on this car, feels like it wasdeveloped here for people who want to really enjoythe car at maximum attack and that’s to me,that’s what’s really important. This thing, whatever you do, there’s a test driverwho’s done it before you, twice as fast, twice as good. And it shows. – But we should also talk about the weight advantageis gigantic. And the BMW’s a larger car, the M4 has an actualback seat you can put people in, this is for luggage onlybut there’s about a 300 pound difference,but it feels like a six or seven hundred pound difference. – You just feel a bit more on top of the car. But yes, certainly over the bumps, when you’re turninginto corners, it feels lighter, there’s just a naturallike athletic feeling to the car. – and you just pass everything, it’s hard to explainhow potent this engine is. And it’s like 30 more horsepower than a Carrera S,37 more pound feet of torque, but it feels likea stage up, it really does. That’s always been the case with the GTS right?It’s like the best of the breed, it comes outafter the regular car, after the turbo, after the GT3. Sorry, I was trying to be philosophical and nowI’m like wow we are just hauling ass. But anyways, you know what I mean?They’ve worked the kinks out of everything else,this is they take everything they’ve learnedfrom all the development and that’s what your GTS is. And it’s kind of a good bargain too. What we’re talking about though is around theNurburgring, this is like a very hardcore, differentweird environment, this is not a normal placeto take a car. We’re very spoiled and lucky we get to do this. – This car feels perfect for here. Right on the limit or near the limit. The question for me with these new 991s, does it feelexciting enough on the street when you’re justdriving the car?Does it still feel like a sports car?- Well, there’s a road I’ve been hearing aboutit’s in another country, but it’s close by. – You’re a small man. It’s hard to leave the Nurburgring, it always is. But doing so with the cars in one piece,well that feels good. We bid the guys at Destination Nurburgring goodbye,and head south. To Austria and a road with a glacier at it’s summit. I guess that should’ve been a clue that it couldbe pretty cold and miserable, but hey, we’ve done rainon the Autobahn, sunshine on the world’s best track,so why not snow on a mountain pass with no safety barriers?- So we’re 9000 feet up in the air in a winter stormin late August on a glacier in Austria. So I think in these conditions there’s no way any carcould be boring. So to answer the question is the 911 GTS boring on the road?No, not even a little bit. – Especially not today. Now you’ve spent a lot more time in it than meon the road trip down from Germany, but even the brieftime I’ve spent in it, yeah it’s just not boring. It’s just good, it’s so complete, it’s got so muchgood stuff going for it. And you want to keep picking holes in it, but wheredo you find them?- It’s tough, look so the one knock I can think ofis that it’s not necessarily a 911 in the traditional sense. So rear engine cars, they have a lot of advantages,you’ve got all the weight on the back tires,the acceleration’s better. Braking’s inherently better. – Traction. – Yeah, there’s certain disadvantages they always havethey have this lift-off oversteer, they’ve eliminated that. Really starting with the 997 or 996. And it’s gone with the 991. The car does not behave badly. – I mean I love 991s, I guess my only question mark,if you erase all the foibles of real engine behavior,do you erase some of the character as well?- I think if it was a bad car, sure, we can makethat argument, but it’s not bad, it’s a really exciting car. I cannot get like, dropping in the fox hole or whatever,on the Nurburgring and you can’t say this is a bad car. You can’t say oh I don’t like it, it’sabsolutely incredible, like what a machine. – I think it’s worth saying that even in the lifespanof the 991, they’ve made massive improvements. The steering, just the sense that this car is a 911 again. It’s got some of that back and even when you go turbochargedand everything, the engine doesn’t take away from thefact that they’ve just improved everything up a levelin terms of ability and also I think they’ve dialed backsome of the character as well. They’ve got some of that back. You know everyone was crazy, oh they turbocharged it,but you know there’s so much torque that it’s worthwhatever sacrifice in sound there might be. And with the sport exhaust, it’s good enough,let’s be honest, it sounds good enough. We’ve both driven the new GT3, that starts to get backto a little bit of the classic 911 stuff, you get alittle bit of lift off oversteer. – That’s cause of age. And that engine shames any engine, but you’re talkingabout driving them back to back. In isolation, you might miss the normally (inaudible)engine if you used to have a screamer, an old engine. – This is a wonderful, twin turbo flat six withmore torque than I know what to do with half the time. – Yeah but what’s great is not just a big fat headof torque, it feels like you could meter out the performanceto it, you could still get accurate with it and that’swhat this car’s all about. It puts you in control. This car does everything but there’s no compromise,that’s what’s cool, how does it do that?It covers all these bases, but it isn’t making a compromiseso it still feels like a pure sports car. – Yeah, they’ve done a remarkable job. I guess if there is a knock, and let’s try andreally figure this out is when you’re on a road trip,it kind of becomes a luxury car, not that there’sanything wrong with luxury cars, but it maybe fora couple hours a day, it doesn’t feel special. There are times that I forget I’m driving a 911 GTS. I’m just driving like a shrunken Panamera maybe. It’s just like a nice Porsche. In the M4, I think you always know you’re in an M product. – Yeah, it’s just, that’s the one chink of lifefor the M4 for me, you can forget you’re in a 911in this car, the M4 like you say, it feels special. They’ve found the ingredients to make it feellike a proper sports car the whole time. – Even with rain, snow, hail, goats and God knowswhat else being thrown at us, the CS remainsthe M4 you want to own. It’s the best one, end of story. The question is, whether that’s enough to overcomethe talents and might of the blood-red Porsche. Well Jethro, your British rain has turned to Austrian snow. – [Jethro] It’s gorgeous. I can’t believe it. At least we have got Cup 2 tires, so we’re well-equipped. – Frozen Cup 2 tires. No but I mean you cannot say this is boringin any way, shape or form. – And I think what we were saying in the 911you feel that in this car. You feel that it is compromised to a certain extentby the extreme tires, by the fact it’s got thiscrazy whatever it is hemp door cards. – With nothing to hold on to other than the stupid strap. – And they’re sort of ridiculous, but they give the carsomething different, and it needs that to competewith the 911, is such a complete car now. To compete with it like toe to toe in every area,I don’t think that’s going to happen so this car,it needs to be something different and that’swhat it feels like, it feels like a differentproposition, more extreme, still usable, but it’sgot a just a bit more craziness to it. – To me this feels more like a GT3 than the GTS does. You have less sound insulation, the ride is not likebad, but it’s a firm, flinty right, like it’sup on it’s knuckles. And it feels real sporty even at low speeds like this. And it’s louder, and you get a little tighter,it’s a little angry. It’s kind of a really cool thing. – It is cool and like I say, you have to make somecompromises, but you get little spikes of excitement. (laughter)(crosstalking)- [Jonny] Or a big spike!- But there are not many cars, certainly not any Porscheswhere in a straight line in like third gear, tractioncontrol on, when you hit the torque, it lights up the tires. It’s like, this thing I mean traction limited, yes. But it keeps you awake and it makes you feel likeyou’re in something special. I sort of like that about it. – This is the first M product in a long time,really for me since the X6M where I’m like it’s mental,it’s really crazy and I like that. – It’s got some decent noise, it’s got some spikycharacteristics, but basically it’s trustworthy. Maybe not in snow on Cup 2 tires,but basically it’s trustworthy. It’s fun, it’s actually got that sense of motorsport back. – I wouldn’t say M is back in this car. – It’s just got that feeling that you’ve boughtsomething different and special and you are remindedevery second of every drive. That’s what’s cool and that’s where it does scorea little bit over the GTS actually, I’m surprisedto say that but it does. – [Jonny] Alright so now comes the tricky part, which carwins this head to head?- It’s a lot closer than I thought. – It is a lot closer than I thought, however BMWran up against a juggernaut, right?I mean the 911 is just so damn good. And it’s about as good as a sports car gets,let’s be very clear and very honest about that right?- You judge every car against the 911,then you drive the GTS and you remember why. It’s because it does everything so well. Yeah this gives you little moments of real magic,the 911 is just delivering real high heights fromthe second you turn the engine on to the secondyou turn it off. – Yeah so, the winner of this head to head isthe Porsche 911 GTS. It’s just the better car. – [Jethro] Same old. (car accelerating)

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thejoyofviolentmovement · 9 months

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New Video: SPRINTS Shares Feral and Frenzied "Heavy"

New Video: SPRINTS Shares Feral and Frenzied "Heavy" @sprintsmusic @CitySlang @riotactmedia

If you had been frequenting this site as we closed out 2023, you might have come across a handful of pieces on rapidly rising Dublin-based punks SPRINTS. The Dublin-based quartet — Karla Chubb (vocals, guitar), Colm O’Reilly (guitar), Jack Callan (drums) and Sam McCann (bass) — formed back in 2019, and since then they have quickly developed and crafted an abrasive punk rock sound, influenced by…

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#City Slang Records #Dublin Ireland #Elsewhere #Gilla Band #music #music video #New Video #punk rock #SPRINTS #SPRINTS A Modern Job EP #SPRINTS Adore Adore Adore #SPRINTS Literary Mind #SPRINTS Manifesto EP #SPRINTS Up and Comer #Video Review #VIdeo Review: Heavy #Video Review: SPRINTS Heavy #women who kick ass

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eddiejpoplar · 7 years

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TEST DRIVE: 2017 BMW M240i Facelift

The modern era of M Performance models that seem to be more and more popular these days started with the BMW M135i. The hot hatch was launched with a 3-liter N55 engine under the hood and some small add-ons thrown in for good measure. Even though, over the years, more and more models came out under the M Performance umbrella, the ones that received the most praise were, without a doubt, the small ones, either in hatch or Coupe guise. Among them you’ll find the M235i and now the M240i.

The BMW M235i was, for a while, the best BMW you could buy, an honest to God, affordable front-engined rear-drive coupe you could own with a manual gearbox. This is what BMW knows best and this is why it was done just right, prompting some publications to even call it the best Bimmer the Germans launched in the last decade. The people over at Consumer Reports gave it an impressive 98/100 in their tests and the car was the king of their chart for months until the Tesla Model S finally took its place.

All of this high praise meant that BMW really had to be careful with what came after the M235i was retired. Their answer? The BMW M240i which came around just last year. It was a sort of mild facelift in 2016, one that brought forward new engines and on-board tech but no noticeable changes in terms of design. Why? Because only this year the high-wigs in Munich decided to launch the proper facelift for the 2 Series range.

Therefore, we could say we’re dealing with a two-stage facelift here. First, the 2 Series range received new engines and new tech on-board, like the iDrive 5.0 system interface but without the touch-sensitive screen. The M235i was also replaced by the M240i and other engines were pulled out of production and replaced with new-age B-family mills as well. This year however, the second stage of the LCI came around and the 2 Series range got new headlights, new taillights and a touch-sensitive screen inside, even though many will rarely use it, simply because the iDrive rotary knob is so good at navigating through the sub-menus that you’ll find reaching for the screen a bit unnecessary. But I digress.

From the outside it’s quite easy to separate a pre-facelift model from the current versions. The facelifted BMW M240i comes with a fresh design up front, one featuring more angular and sharper corona rings which look absolutely stunning and give the car a more aggressive vibe in my opinion. Round the back, the taillights also got a new design and are now sporting LED elements as well. They too are an improvement over the outgoing model that now seems simplistic by comparison.

The M240i comes with the M Sport package as standard and that means that the seats will feature Alcantara on the sides.

Those differentiations apply to all 2 Series models but the M Performance versions also get a couple more standout features. If you’re ever in doubt, all you need to do is pay attention to the car in front of you. The M240i comes with Ferric Grey accents in the front bumper’s side air intakes while the side mirror covers wear the same color in standard guise. Round the back, the two tailpipes, one on each side of the bumper, with their black chrome tips are also a dead giveaway as should be the M240i badge on the boot. Since that could be missing though, the door sill badges and the illuminated M240i in the dash are there to stay and those are also clear indications you’re in the presence of an M Performance model.

Inside the cabin the changes were kept to a minimum with everything being roughly the same with one essential change: the instrument cluster. Unlike the outgoing model which used orange lighting for the rev counter and speedometer – needles included – the new M240i comes with white dials and white needles. One interesting tidbit I noticed was that the needles would turn red at night, a rather nice touch that really makes things stand out. The iDrive system also comes with a touchscreen now but since it’s located on the top of the dash and the rotary knob on the center console does such a great job, you’ll spare yourself the trouble of leaving fingerprints on the glossy surface of the screen most of the time.

Since we’re talking about the cabin, I should also point out that the M240i comes with the M Sport package as standard and that means that the seats will feature Alcantara on the sides, hexagonal textile finish on the centers and Anthracite roof lining, just like our tester here. The seats up front also offer great support in all situations and are comfortable despite seeming a bit too harsh at first.

What was truly surprising though was the fact that you could sit two grown adults in the back without having to sever their heads. The space is a bit limited but there’s plenty of room for adults up to 5’11” in there, but only two of them as fitting three would be a stretch. The car was also quite practical as in it offers a large boot with 490 liters of space, big enough for the luggage of four adults going on a road trip.

The straight six engine under the hood is the literal beating heart of this car and it turns it into an uncomfortable rival for cars like the Audi TTS and the Porsche Cayman.

But all of this is boring and the chances of people buying this car because it’s more practical than its rivals are slim, at most. The real spectacle begins when you turn the BMW M240i on. Press the brake pedal and then the start button and you’re met with a deep growl that lets you know this is still a 6-cylinder beast you’re dealing with here, one that’s about to get extinct, unfortunately.

The straight six engine under the hood is the literal beating heart of this car and it turns it into an uncomfortable rival for cars like the Audi TTS and the Porsche Cayman among others. The N55 is now gone and instead BMW decided to go with a B58 mill tuned to make 340 HP and 500 Nm (369 lb-ft) of torque. The twist is delivered from just over 1,500 RPM and that means the car cruises along effortlessly in almost every urban scenario you can imagine. Furthermore, those numbers unfortunately make the BMW M240i a menace even for BMW’s own M2.

In case you forgot, the purpose of M Performance models is to fill in the gap between the ‘regular’ versions and the M cars sitting at the top of the ranges. Well, in the 2 Series line-up things are a bit complicated especially because of how good the M240i is. To be more precise, the 0-62 mph sprints are something customers are mostly interested in and things don’t look good for the M2.

The M car does 0-62 in 4.3 or 4.5 seconds, depending on your choice of gearbox. The problem is, since the M2 is rear-wheel drive, you’ll have to know what you’re doing and have great traction off the line in order to reach the claimed figures from BMW. Despite having Launch Control on the DCT model, you might be surprised to learn that the M2 can spin its tires when launching and therefore finish the sprint slower.

That’s not the case with the M240i, especially since you can get it with xDrive. We put the car to the test and even filmed the launch with a slow-motion camera and caught virtually no slip when setting off with launch control enabled. Therefore, the BMW M240i xDrive with the ZF 8-speed gearbox will deliver the claimed 4.4-second dash to 62 mph a lot more often and consistently than the M2. That’s not all though, it will also outrun its main rivals from 30 to 70 mph, as its 369 lb-ft of torque will help out even when you’re doing a rolling start drag race.

Of course, the BMW M2 will outrun the BMW M240i xDrive on the track thanks to its superior chassis and suspension setup along with its M Active rear differential. But then again let’s be honest! How often do you track your car? Alas, how would you fare on a daily basis with the stiffer suspension setup of the M2?

That leads me to yet another one of the surprising facts I discovered about the BMW M240i during my time with it: you can easily live with it as a daily driver. It’s a comfortable ride if you go for the adaptive suspension and it will change its character accordingly if you go into Sport mode, the dampers allowing some vertical travel but not a disturbing amount, the car keeping its composure even over rougher and uneven surfaces. The biggest issue I could find with it was the amount of body roll it has when pushed hard into tight corners, as this model is a bit on the heavy side, xDrive and all considered, tipping the scales at 1,610 kg (3,549 lbs). However, as I said, that was the one and biggest gripe I had with it.

At the limit, the BMW M240i with xDrive holds its own brilliantly.

Other than that, the steering is precise but sometimes a bit too heavy in Sport mode, while the steering rack is fast, allowing you to have precise control over the car’s movement. Sure, a bit more feedback could’ve been useful but since this is an EPS we’re talking about here, we can’t ask for miracles. What surprises even more is how much traction the car has at all times and just how brutal the shifts are in Sport mode. The 8-speed mimics a double-clutch brilliantly and I just loved the way I got kicked in the head when pushing this beast hard, no matter how funny that sounds.

And as far as running costs go, you really shouldn’t worry about it. The car we sampled returned around 13 l/100 km (18 mpg) around town while outside the city limits we saw readings from Performance Junk Blogger 6 http://ift.tt/2zBVmCC via IFTTT

#IFTTT #Performance Junk Blogger 6

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