My morning train WFH reads:
• Day Traders as ‘Dumb Money’? The Pros Are Now Paying Attention Last year, an army of day traders turned markets upside down. This year, professional fund managers are finding that they had better keep tabs. (Wall Street Journal)
• Wall Street’s Pandemic Bonanza Most Americans have missed out on the asset-price boom created by the policy response to the pandemic. Not so the big banks. (New Yorker) see also Wall Street Traders Muscle Into the Middle of Crypto: It’s called decentralized finance, but the established pros still want a cut (Businessweek)
• 13 Top Takeaways From BlackRock CEO Larry Fink’s Annual Letter Fink’s been addressing CEOs for some time now with his suggestions. He offers it as the head of a company with many investments in other businesses. His letter takes on a tone that reminds CEOs that their shareholders are long-term investors to be listened to. (Investor place)
• In an Inflationary Environment, Value Stocks Offer a Refuge Persistent inflation and rising interest rates are giving value stocks an edge over growth equities. (Institutional Investor)
• The Intel Split Fast forward three decades and Intel is no longer on the cutting edge; instead the leading chip manufacturer in the world is TSMC, a company built on the idea that it does not do design; Morris Chang told the Computer History Museum: (Stratechery)
• When N.F.T.s Invade an Art Town Marfa, Texas, is known for its highbrow arts scene. A new gallery is unsettling that image. (New Yorker)
• How Norway Popularized an Ultra-Sustainable Heating Method No other country has more heat pumps per capita, a cheap, highly efficient tool to keep homes warm — and carbon footprints small. (Reasons To Be Cheerful)
• People Are Hiding That Their Unvaccinated Loved Ones Died of COVID With the arrival of vaccines, compassion for COVID deaths began to dry up, sometimes replaced by scorn. (The Atlantic)
• We Booped the Sun For such a familiar celestial body, the sun is still very mysterious—but we’re getting closer to it than ever before. (The Atlantic)
• Misinformation and the saga of ‘Paul is Dead’ In October 1969, the western world was swept by a story that Paul McCartney had died in an automobile accident three years earlier, been secretly replaced by a double chosen in a lookalike contest, and that clues to this were strewn throughout recent Beatles albums. The story had amazing specificity: the date of the accident (just ten weeks after the last concert), the manner of death (decapitation); the clues were everywhere, from stray comments on or lyrics in some songs. (Columbia Journalism Review)
Be sure to check out our Masters in Business interview this weekend with Tina Vandersteel, head of GMO’s Emerging Country Debt team and serves as portfolio manager for GMO’s external and local currency debt portfolios. Prior to joining GMO in 2004, she worked at J.P. Morgan in fixed income research developing quantitative arbitrage strategies for emerging debt and high yield bonds.
Citadel and TCI drive top 20 hedge fund managers to bumper $65bn gains
Source: Financial Times
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