My mid-week morning
train WFH reads:
• One Year Later: 5 Ways the Pandemic Has Changed Investing A suffering economy, a generous Washington, the homebound blues—all have played a role in scrambling the field over the past 12 months. (CIO)
• Forget GameStop. If You Want Real Risk, Invest in Supercars If you were prescient enough to buy a seminal 1954 300SL new for its $7,000 sticker price, lock it in a garage, and take good care of it, the machine would fetch roughly $1.4 million today, an annualized return of about 8%, not accounting for inflation, storage, and maintenance. You’d have been much better off in the Dow Jones index, which requires zero oil filters. (Bloomberg)
• European companies set to dominate psychedelics market European companies like Compass Pathways, Beckley Psytech and Atai Life Sciences are leading the race to dominate the new psychedelic market. (Sifted)
• The True Costs of Working From Home Remote workers spend more on rent and housing costs than those who stay in the office — a gap that might add up to $15 billion or more if commuters don’t return. (Citylab)
• Rupert Murdoch at 90: Fox, succession and ‘one more big play’ In his twilight years, the question of what happens to the Murdoch media dynasty still seems to involve a family struggle (Financial Times)
• How YouTube swallowed the world Google’s video site has room for everything, from everyone. Is that a feature or a bug? (Vox) see also The Whole Web Pays For Google And Facebook To Be Free Why is everything on the internet getting so expensive? Blame ad-supported search and social networking. (Bloomberg)
• How Green Are Electric Vehicles? In short: Very green. But plug-in cars still have environmental effects. Here’s a guide to the main issues and how they might be addressed. (New York Times)
• What 2020’s Election Poll Errors Tell Us About the Accuracy of Issue Polling Most preelection polls in 2020 overstated Joe Biden’s lead over Donald Trump in the national vote for president, and in some states incorrectly indicated that Biden would likely win or that the race would be close when it was not. The true picture of preelection polling’s performance is more nuanced than depicted by some of the early broad-brush postmortems, but it is clear that Trump’s strength was not fully accounted for in many, if not most, polls (Pew Research Center)
• Chinese vaccines sweep much of the world, despite concerns China’s vaccine diplomacy campaign has been a surprising success: It has pledged half a billion doses of its vaccines to more than 45 countries. With just four of China’s many vaccine makers claiming they are able to produce at least 2.6 billion doses this year, a large part of the world’s population will end up inoculated not with the fancy Western vaccines boasting headline-grabbing efficacy rates, but with China’s humble, traditionally made shots. (AP)
• Paul McCartney to publish 900-page lyrical ‘autobiography’ The Lyrics, a ‘self-portrait in 154 songs’, will look at the people, places and circumstances behind songs written in boyhood, with the Beatles and beyond (The Guardian)
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.
Are We In a Stock Market Bubble?
To learn how these reads are assembled each day, please see this.