My morning train WFH reads:
• To The Brink and Back in 175 Days: The return to February high is faster than past bear markets in a lopsided recovery with gains dominated by tech stocks (Bloomberg)
• Warehouses and Data Centers, Market Favorites, Have Downsides: These real estate investments are pandemic investor front-runners, with high returns. But Wall Street euphoria masks weaknesses that can make the long term more chancy. (Chief Investment Officer)
• The Definitive Guide to the All Weather Portfolio: Since asset prices are determined by market participants’ collective expectations about the future, the only thing that can cause a major shift in assets prices is something unexpected. The key idea: find something that works no matter what the future holds (Of Dollars And Data)
• “Savings Glut” Fables and International Trade Theory: An Autopsy Former Fed chief Ben Bernanke’s theory that a “global saving glut” in 2005 was a prime cause of the Great Financial Crisis turns out to be sheer unadulterated bullshit (Institute for New Economic Thinking)
• Taxes, VPNs And Office Hours: The Ultimate Guide To Working From Home: Millions of employees could be in for a rude surprise next April when they find out their home office isn’t deductible and the states can’t agree on who gets their money. Time to put a tax pro on speed dial? (Forbes)
• American Cities Brace for a Future With Even Greater Inequality: The virus and the economic slump are likely to worsen inequality, leaving the rich largely unscathed while crushing the poor and working classes of America’s big and midsize cities. (Businessweek)
• Why Are Cars Still So Dangerous to Pedestrians? America’s roads are getting safer if you’re inside an automobile, and more deadly if you’re outside of one. (Bloomberg)
• Hot 50: The top rumors Snopes readers are checking out right now: These are the most popular current fact checks trending (Snopes)
• Pollution Is Killing Black Americans. This Community Fought Back. African-Americans are 75 percent more likely than others to live near facilities that produce hazardous waste. Can a grass-roots environmental-justice movement make a difference? (New York Times)
• The Scientific Benefits of Listening to New Music: A discussion of why it’s good for your brain to listen to music you haven’t heard before, on the latest episode of our podcast The Pitchfork Review (Pitchfork)
Be sure to check out our Masters in Business interview this weekend with Claudia Sahm, former Section Chief at the Board of Governors of the Federal Reserve System, and Senior Economist at the Council of Economic Advisers for the Obama Administration.
The Trade War Made the Pandemic Worse, and Nationalism Is Slowing Any Recovery
Source: Reason
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