My Two-for-Tuesday morning train WFH reads:
• The Economic Risks from Anti-Vaxxers The risk here is regions selectively shutting down stores, restaurants, offices, and local businesses. Worse, once people in a local high infection area realize what has happened, they will engage self-impose “Shelter at Home.” Even without a quarantine lockdown, local economies might crash again. (The Big Picture) see also Unvaccinated Americans Are Behind Rising Covid-19 Hospitalizations Some hospitals in regions where vaccination rates are lower prepare for surges rivaling pandemic peaks (Wall Street Journal)
• Meet the Man Who Started the $11 Trillion Index Revolution The unsung hero of modern investing spends his days on the sunny vineyards of Sonoma, California — a world away from Wall Street. John “Mac” McQuown never helmed a big bank, crafted policy from Washington D.C., nor enjoyed name recognition like his kindred spirit Jack Bogle. (Bloomberg)
• What’s the Future for Bond and Stock Returns? The outlook for bonds is clearer than that for stocks. (Morningstar) see also The Peak of the Presidential Cycle Incumbent presidents have had an effect on the stock markets. They work to make the economy peak by election day. The rally lasts for a few months before it stalls out. The market eventually bottoms around the mid-term elections. (Crossing Wall Street)
• ‘To The Moon’ How did a bunch of amateurs take Wall Street by surprise? Our five-part podcast series goes inside the GameStop saga. (Wall Street Journal)
• The pandemic-induced renaissance of malls For the last decade or so, malls have been dying. Surprisingly, the pandemic may save them. A year and a half of isolation has reignited a desire to gather in public spaces — and spruced-up, futuristic malls could make billions off of a cooped-up America. (Axios) see also An ‘Airbnb for Pools’ Is Making a Splash This Summer Swimply reports surge in demand amid pandemic, rising pool-chemical costs (Wall Street Journal)
• Bitcoin Miners Navigate Extreme World of Crypto Power-Hunting A crypto crackdown sent them in search of cheaper, greener power sources (Bloomberg)
• How Internet and TV providers get away with jacking up your bill Service providers use their lock on neighborhoods — and a lack of rules — to take advantage of us. Here’s how to spot their tricks. (Washington Post) see also America’s monopoly problem stretches far beyond Big Tech Feeling squeezed by corporate America? Monopolies have something to do with it. (Vox)
• How Kissinger’s Secret Trip to China Transformed the Cold War 50 years ago, the U.S. dealt a blow to the Soviet Union, but also helped create a geopolitical monster. (Bloomberg)
• The Paradox of Trumpist Patriotism: Claiming to love America while believing that it is broken and that many of your fellow citizens are your enemies. (The Bulwark) see also Trump’s Cult of Animosity Shows No Sign of Letting Up With all his histrionics and theatrics, Trump brought the dark side of American politics to the fore: the alienated, the distrustful, voters willing to sacrifice democracy for a return to white hegemony. (New York Times)
• Grill Makers Are the Hottest Things in Post-Pandemic IPOs Companies that thrived on lockdown lifestyles are rushing to cash in. (Businessweek)
Be sure to check out our Masters in Business interview this weekend with Matt Ishbia, CEO of United Wholesale Mortgage. UWM is the number 1 wholesale lender and the number 2 overall mortgage lender in the nation. The firm went public in the biggest SPAC ever (UWMC) this year. Ishbia is also the author of “Running the Corporate Offense: Lessons in Effective Leadership from the Bench to the Boardroom.”
On the origin of systemic risk
Source: Bank Underground
