My back to work morning train WFH reads:
• The Game Has Changed. Why has the long-term CAPE ratio been neutralized, if not rendered useless? Because so much has changed in the world since the inception of this data set. I guess where Research Affiliates and I disagreed was that I was open to the idea that higher multiples were justified. (Irrelevant Investor)
• Supply-Chain Issues Leave New Homes Without Garage Doors and Gutters: Home builders blame bottlenecks for huge backlog of uncompleted homes (Wall Street Journal) see also What We Learned About the Economy in 2021 For once, the government tried overheating the economy. For better and worse, it succeeded. (Upshot)
• Quitting is just half the story: the truth behind the ‘Great Resignation’ Workers left their jobs at historic rates, with a record 4.5m quits at the end of November – but it happened against an economic picture that remains difficult to interpret (The Guardian)
• U.S. Cities With the Most High-Density Housing Builders respond to market conditions when determining what types of structures to build. When demand—and prices—for single-family residences are high, builders are less likely to work on high-density projects. For most of the decade after the Great Recession, high-density units accounted for about one-third of new authorized units, peaking at 38.4% in 2015. (Construction Coverage)
• Bring a Trailer Sold $829 Million in Cars in 2021, Walloping Auction Houses BAT soundly beats the $578 million in total sales Mecum Auctions reported Dec. 28. It’s more than double the $407 million in total auction sales RM Sotheby’s reported for 2021. Further down the list, Barrett-Jackson confirmed annual sales of $191 million for 2021 while Gooding & Co. raked in $150 million. (Bloomberg)
• Gladwell: A Modest Proposal For the Future of Public Philanthropy You can donate the money and get the corresponding tax deduction. But if you chose to exercise the tax deduction for that gift, you cannot have the building named after you. (Oh, MG)
• YouTube is ground zero for fraudulent election audit advocacy YouTube has become the epicenter of fraudulent election audit advocacy, even though this content seems to violate the platform’s election misinformation guidelines. Fifteen right-wing YouTube channels are spreading videos that promote the Arizona audit — and sometimes advocate for more such audits in other states — in a push to justify the illegitimate process. (Media Matters)
• Electric cars aren’t just vehicles. They’re big batteries. To get more Americans in electric vehicles, we all need to realize they can do much more than just get us around. (Recode)
• The Threat Posed By Domestic Extremists Is Even Greater A Year After The Capitol Attack Far-right domestic extremists like those who attacked the US Capitol a year ago have faced criminal charges from law enforcement and crackdowns from social media companies. But they have not gone away. On the contrary, they have evolved and adopted new strategies while regrouping, recruiting, and muscling their way into the mainstream with worrying success, experts say. And their ranks are growing. (Buzzfeed)
• The Boundless Enthusiasm of Javier Bardem He’s played some of the most sinister villains in film history. Now the legendary Spanish actor tries his hand at something even more terrifying in Being the Ricardos: singing and dancing. (GQ)
Be sure to check out our Masters in Business interview this weekend with Ray Dalio, founder, co-chairman and co-chief investment officer of the world’s largest hedge fund, Bridgewater Associates. Dalio’s latest book, Principles for Dealing with the Changing World Order: Why Nations Succeed and Fail.
U.S. 10-year yields have risen to the highest levels in two years
Source: @lisaabramowicz1
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