My end of week morning
train WFH reads:
• New York City Has Once Again Defied the Doomsayers. Here’s Why. By far the most densely populated metropolis in the country, Gotham offers a kind of urban living no other U.S. city has been able to replicate. (Bloomberg)
• America’s Inflation Story Is Entering a New Phase Idiosyncratic price spikes due to reopening and troubles in the motor vehicle supply chain are fading or reversing. But keep an eye on housing, health care, and restaurants. (The Overshoot)
• Future Returns: Navigating the Municipal Bond Market The benefits of owning the highest quality of these tax-free securities relative to Treasuries or investment-grade corporate bonds have diminished as the rush to munis has pushed prices higher, and yields lower. But high prices, and low yields, haven’t quashed investor interest in munis. (Penta)
• The housing theory of everything Western housing shortages do not just prevent many from ever affording their own home. They also drive inequality, climate change, low productivity growth, obesity, and even falling fertility rates. (Works in Progress)
• How a key Biden tax idea got crushed: The president was forced to retreat on the key issue of step-up basis (Full Stack Economics) see also Very wealthy people can afford very good lobbyists Across a host of issues, powerful lobbyists are prevailing over the interests of average Americans. (Popular Information)
• If Your CEO Talks Like Kant, Think Twice Before Investing Quantitative research by Nomura shows companies whose executives use the most complex language on earnings calls produce lower returns. (Bloomberg)
• It’s getting harder for people to believe that Facebook is a net good for society A new series of reports from the Wall Street Journal, “The Facebook files,” provides damning evidence that Facebook has studied and long known that its products cause measurable, real-world harm — including on teenagers’ mental health — and then stifled that research while denying and downplaying that harm to the public. Perhaps the latest Facebook scandal might stick. (Recode)
• Occam’s razor and the limits of simplicity This—widely misunderstood—theoretical touchstone has guided our scientific and philosophical enquires for centuries. But is complexity always such a bad thing? (Prospect)
• What’s Behind the Wave of Immersive Van Gogh Exhibits There are nearly 40 Impressionist-ish installations across the U.S., thanks to “Emily in Paris.” Do the exhibitions live up to the hype? (Bloomberg)
• How Chandler Bing and Jerry Seinfeld Became 2021’s Biggest Fashion Icons During their 1990s heyday, Must-See-TV characters were seen as dowdy. Today, they’ve become unlikely style influences for high-fashion brands and Gen Z. Why their normcore looks are resonating. (Wall Street Journal) see also An interview with Mary-Kate and Ashley Olsen The sisters, who by then needed no introduction as childhood stars turned tween idols, started The Row at just 18 years old. Their backgrounds were unexpected training grounds for a career in fashion. Not that they would ever talk about that time in too much detail. (i-D)
Be sure to check out our Masters in Business interview this weekend with Campbell R. Harvey, professor of finance at Duke University’s Fuqua School of Business. He is a partner and senior advisor at Research Affiliates. He is best known for his work on Yield Curve Inversion & Recessions. His most recent publication is a new book on crypto and blockchain: “DeFi and the Future of Finance.”
Global IPO Index is down 1% since the beginning of the year while the MSCI World has gained 18%.
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