10 Thursday AM Reads

My morning train WFH reads:

The Stock Market Is Usually Right Things got worse while stocks were recovering. They got so much worse. But the market saw that things would eventually get better. The stock market always sees things before we do. And the stock market is usually right. at least most of the time. (Irrelevant Investor)
Coinbase Is a $100 Billion Crypto Cult The largest U.S. digital-asset exchange is an odd business with many unusual risks. (Bloomberg) see also Bitcoin, 11-years in What is now apparent is bitcoin was never a monetary phenomenon, it is a new sort of financial betting game. It is a digital, global, highly-secure, and fairer version of the old-fashioned chain letter. (Moneyness)
BUZZ & The Portnoy Problem If Portnoy is one of the most influential voices on Stock-Social-Media, how can he also be economically involved with an index that is supposed to track the very thing he personally influences, and quite dramatically at that? (ETF Trends)
Return-to-Office Plans Are Set in Motion, but Virus Uncertainty Remains Many employers are not making a decision until many workers are vaccinated. And some are making plans for “hybrid” work arrangements. (New York Times)
The path to a recovery for all: The risk of an uneven recovery far exceeds the risk of uncontrollable inflation. Data and research show that the inflation hawks are wrong again. Congress must do more. (Stay At Home Macro)
How to ensure electric cars aren’t just for rich people As automakers ramp up EV production, U.S. car buyers are increasingly making the switch themselves. More than a dozen new electric cars + SUVs set to hit U.S. showrooms this year. Sales are poised to reach record levels in 2021.The challenge is figuring out how to make these accessible to everyone. (Grist)
Many Businesses Support a Minimum-Wage Increase—Just Not Biden’s $15-an-Hour Plan While Congress debates higher national wage floor, many large employers have already raised wages (Wall Street Journal)
The Truthtellers: Censorship in China China created a story of the pandemic. These people revealed details Beijing left out (CNN)
A brain researcher on what Freud got right For Freud, dreams are, at their core, manifestations of wishes. What Freud got right, and what modern brain science will soon embrace, is the importance of drive and desire in our mental life. Throbs of pleasure and pain guide our interactions with the world, making it possible for us to navigate a sea of uncertainty. (Washington Post)
Mars: Nasa’s Perseverance rover sends stunning images A selection of pictures sent back from the mission, as Perseverance hunts for signs of past microbial life, seeks to characterize the planet’s geology and past climate, and collects Martian rock. It has sent back some amazing images from around its landing site, Jezero Crater, a 49km (30-mile) wide impact depression just north of the Red Planet’s equator. (BBC)

Be sure to check out our Masters in Business interview this weekend with William J. Bernstein, Ph.D., M.D., retired neurologist, and principal in the money management firm Efficient Frontier Advisors. He is the author of several best-selling books on finance and history. Bernstein’s new book The Delusions Of Crowds: Why People Go Mad in Groups was just published.


What’s Missing in the Electric-Vehicle Revolution: Enough Places to Plug In

Source: Wall Street Journal


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