My morning train reads:
• Schwab and Ameritrade Are Cutting Stock Trade Fees to $0. What’s the Catch? (New York Magazine) see also Fintech firms like SoFi and Robinhood offer “free” stock trading. What’s the catch? (Quartz)
• How Asset Balancing Has Gotten More Complex: Public pension plans are going lighter on stocks and bonds, as their alt exotica ownership has almost quadrupled. (CIO)
• Stephen Schwarzman Hung Out a Shingle. Then He Waited. (Institutional Investor)
• The bias that can cause catastrophe: The outcome bias erodes your sense of risk and makes you blind to error, explaining everything from fatal plane crashes to the Columbia crash and the Deepwater Horizon oil spill. (BBC)
• The Seven-Year Auto Loan: America’s Middle Class Can’t Afford Their Cars (Wall Street Journal)
• California Takes Righteous Aim at the NCAA Cartel (National Review)
• Silicon Valley billionaires’ strange new respect for Elizabeth Warren. (She refuses to reciprocate) (Vox)
• Eric and Don Jr. Have Sold More Than $100 Million Of Trump’s Real Estate Since He Took Office (Forbes)
• Why Lefties Should Watch Fox News (New York Times) see also How the Right Covered Watergate vs. How the Right is Covering Trump: The conservative media environment Nixon faced was fundamentally different from today’s (Arc)
• Tesla motors make classic Ferraris (+ other classic cars) go faster (BBC)
Be sure to check out our Masters in Business interview this weekend with Nobel Laureate Robert Shiller, professor of economics at Yale, and author of a new book, Narrative Economics: How Stories Go Viral and Drive Major Economic Events.
Are Millennials Ready to Save the Economy?
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