My Winter Solstice morning train WFH reads for the shortest day of the year:
• 2020: The year bitcoin went institutional Bitcoin is on a tear. The move is now being widely interpreted as the beginning of a major portfolio diversification trend into bitcoin. It seems institutional money can no longer afford to ignore it. And bitcoiners are understandably overjoyed. Price moves since certainly could be indicating some sort of pragmatic acceptance of bitcoin in investment circles. And this time, the hyper valuations might stick. (Financial Times)
• This is Not the Way This cannot continue. It just cannot. I’m not even talking about Tesla. I’m talking about the ease with which people are making money in the stock market. I hate to sound like an old grump, I’m sorry, but this is not the way. (Irrelevant Investor)
• Clueless About 2020, Wall Street Forecasters Are at It Again for 2021 Despite a horrendous record in forecasting, Wall Street is making bullish predictions for the stock market next year. Ignore them but invest anyway, our columnist says. (New York Times)
• Here Are the 17 Ways You Make Illogical Decisions Nice to have them all in one place—not that it will make us any more logical (Bloomberg Businessweek) see also We are all Behavioral, More or Less: A Taxonomy of Consumer Decision Making We examine how 17 behavioral biases relate to each other, to other decision inputs, and to decision outputs. Most consumers exhibit multiple biases in our nationally representative panel data. (NBER)
• What Happens When the 1% Go Remote It doesn’t take very many ultra-wealthy Americans changing their address to wreak havoc on cities’ finances. (Bloomberg)
• How to Improve Your Work-Life Balance Think about what schedule makes sense for you when it comes to your work life and home life. It won’t be the same for everyone. Set boundaries for yourself. Try blocking out your time and communicate with your supervisor. Take a closer look at the division of labor in your household. (Wall Street Journal)
• From Fixing Potholes to Managing Billions: Is Buttigieg Ready to Be Transportation Chief? As the former mayor of a town with an 18-route bus system and a giant pothole problem, Buttigieg will now have to shepherd Biden’s national infrastructure plan. (Politico)
• Why The Suburbs Have Shifted Blue Suburbs have also become increasingly well-educated — and that may actually better explain why so many suburbs and exurbs are turning blue than just increased diversity on its own. (FiveThirtyEight)
• The ‘Red Slime’ Lawsuit That Could Sink Right-Wing Media Voting machine companies threaten “highly dangerous” cases against Fox, Newsmax and OAN, says Floyd Abrams. (Media Equation)
• The Rise of the Messy Advice Column Why has advice become a safe bet in an otherwise precarious media landscape? (Study Hall)
Be sure to check out our Masters in Business interview this weekend with Tom Slater, head of the US equities team at Baillie Gifford, which has over $370 billion in assets under management. He serves as a decision-maker on Long Term Global Growth portfolios, and the U.S. Equity Growth Fund which is up +113% year to date. He also co-manages the Scottish Mortgage Investment Trust, which Baillie Gifford has been managing since 1908.
The Heyday of Globalization Is Behind Us
Source: Paul Kedrosky
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