My back to work morning train WFH reads:
• The Boss Wants You Back in the Office. Like, Now. Companies are starting to summon workers back, though many employees prefer more flexible office schedules (Wall Street Journal)
• Stock Bulls Look Toward $17 Trillion Burning a Hole in Pockets Among all the economic stories of the pandemic, the one about money piling up in people’s accounts has been the most significant in the stock market, where the S&P 500 just notched its seventh gain in nine weeks. Money market accounts, viewed in some circles as a “dry powder” reserve for equity deployment, sit at just under $4.5 trillion. A more obscure balance, the Federal Reserve’s count of money on deposit with commercial banks, has risen 33% from 2019 to $17 trillion. (Bloomberg)
• Why Investors Can’t Kick the ‘Past Performance’ Habit Market history never repeats itself exactly. Trying to convince people otherwise can backfire. “The human habit of pretending that a rearview mirror is a crystal ball is almost incorrigible.” (Wall Street Journal)
• Randomness Rules: We tend dramatically to underestimate the role of randomness in the world. (The Better Letter)
• Building an investing career based on writing: Jack Bogle did it. Warren Buffett did it. Ben Horowitz too. And Chris Dixon. So did Fred Wilson. So did Howard Marks. And David Einhorn. Gross and El-Erian. Fisher and Edelman. Gundlach and Grantham. They all did it. Many others too. Did what? Built investing careers and raised billions of dollars based on the ideas expressed in their writing – books, columns, memos, annual letters – their words. (Reformed Broker)
• A New Secondary Market Is Rising Out of Pandemic-Fueled Changes to Real Estate The secondary market for stakes in private real estate funds is getting a push from investors looking to restructure their portfolios and reflect the new realities of where people live, work, and shop. (Institutional Investor)
• What Will Happen to My Music Library When Spotify Dies? If your entire collection is on a streaming service, good luck accessing it in 10 or 20 years. (The Atlantic)
• The West is burning. Climate change is making it worse. Almost 1.5 million acres of the US are on fire right now. (Vox)
• The American Right Hits Its Hippie Phase As Democrats embrace authority and Republicans push countercultural revolution, we’re reenacting the 1960s with the roles reversed. (National Review)
• Play Is Serious Business for Elephants: Young dogs, apes and other animals develop skills needed to survive and reproduce (Scientific American)
Be sure to check out our Masters in Business interview this weekend Brian Deese, the 13th Director of the National Economic Council, and the Assistant to the President for Economic Policy. Previously, he was Global Head of Sustainable Investing at Blackrock, and was President Obama’s senior advisor for climate and energy policy. He was newly named as Chairman of The White House Competition Council.
A Key Gauge of Future Inflation Is Easing
Source: WSJ
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