This free daily email blast will no longer accepts polluting bitcoin as payment for deez morning reads:
• Americans Up and Moved During the Pandemic. Here’s Where They Went. Big cities lost residents and the suburbs gained after 2020 lockdowns and low mortgage rates supercharged shifts in where people want to live (Wall Street Journal) see also They moved for in-person school during the pandemic. Now they must decide: Stay or go? As one academic year draws to a close — and registration looms for the next — many are faced with a choice. Do they return to their former life? Or embrace one radically different from anything they ever envisioned? (Washington Post)
• Europe’s Venture Capital Finally Flowers, Luring Institutional Investors Why big allocators on this side of the Atlantic, like CalSTRS, CPPIB, and OMERS, are seeding Old World newbie companies. (Chief Investment Officer)
• The SPAC King Is Doing Just Fine Even as the Bubble Starts to Burst Chamath Palihapitiya—tech billionaire, Golden State Warriors co-owner, and all-around meme lord—has a sure-thing, 100%, can’t-miss investment for you that will definitely, absolutely pay off for him. (Businessweek)
• Inflation is Here. But is it Here to Stay? The bad news is prices are rising. The good news is we can explain why. The largest price increases are happening in areas that were directly impacted by the pandemic. This table from Michael McDonough breaks it down. Used cars and trucks, which climbed 10%, were the biggest contributor to the 0.9% rise in core CPI.(Irrelevant Investor)
• Looking to Buy a Used Car? Expect High Prices, Few Options Secondhand auto prices have hit a record as both new and preowned vehicles are harder to come by (Wall Street Journal)
• If California is such an ‘anti-business’ state, why is its economy booming? How can we reconcile these contradictory facts? The answer isn’t hard to find. It’s that these surveys don’t actually measure a state’s business climate or economic potential. Rather, they’re concerned with a state’s conformity to right-wing shibboleths concerned with what makes a business-friendly environment. (LA Times)
• Where Covid’s Car-Free Streets Boosted Business Yelp data shows greater consumer interest at restaurants on pedestrian-friendly “slow streets” that limited vehicle traffic during the pandemic. (Bloomberg)
• Keeping Active Managers From Underperforming May Be This Simple Stock pickers who received “nudges” to reduce the behavioral biases hardwired into their brains left their benchmarks in the dust. (Institutional Investor)
• A Closer Look at the DarkSide Ransomware Gang The FBI confirmed this week that a relatively new ransomware group known as DarkSide is responsible for an attack that caused Colonial Pipeline to shut down 5,550 miles of pipe, stranding countless barrels of gasoline, diesel and jet fuel on the Gulf Coast. (Krebs on Security) but see The Ransomware Superhero of Normal, Illinois: Thanks to Michael Gillespie, an obscure programmer at a Nerds on Call repair store, hundreds of thousands of ransomware victims have recovered their files for free. (ProPublica)
• ‘Batman & Robin’ at 20: Joel Schumacher and More Reveal What Really Happened Nine people behind the most infamous comic book movie of all time look back at the good (pickup basketball games with George Clooney), the bad (battery acid leaking into Arnold Schwarzenegger’s mouth) and the ugly (those reviews). (Hollywood Reporter)
Be sure to check out our Masters in Business interview this weekend with Danny Kahneman, winner of the 2002 Nobel Memorial Prize in Economic Sciences and author of Thinking, Fast and Slow. His empirical findings with Amos Tversky challenge the assumption of human rationality prevailing in modern economic theory, and established a cognitive basis for human error. His latest book is Noise: A flaw in human judgment cowritten with Oliver Sibony and Cass Sunstein.
With Hugs and Haircuts, U.S. Epidemiologists Start Returning (Carefully!) to Everyday Life
Source: New York Times
To learn how these reads are assembled each day, please see this.