My back to work morning
train WFH reads:
• No Longer in Russia: More than 400 companies have withdrawn, at least temporarily, from Russia since it invaded Ukraine. Some have been there since the fall of communism — symbols of the enduring power of Western culture and commerce. (New York Times)
• Biotech Blues: Their Stocks Tank as Newly Public Firms Find Trouble Biotech has long been a boom-and-bust stock sector, and lately is in bust mode. The SPDR S&P Biotech exchange-traded fund is down 18% this year, three times worse than the S&P 500’s skid. This follows another down year for the biotech ETF, which lost 20% in 2021. (CIO)
• Bitcoin’s Lockstep March With Stocks Raises Thorny Questions About Its Usefulness: The cryptocurrency hasn’t worked as the “digital gold” it was touted to be. Should institutional investors even bother with it? (Institutional Investor)
• Investors Are Irrational by Nature. They Can Be Trained to Be More Rational. “Sometimes the best way to get us to act in our long-term best interest is to not let our short-term interest participate,” says behavioral economist Dan Ariely, who spoke with Barron’s about investing during volatile times, retirement spending and saving, and our irrational impulses. (Barron’s)
• Car dealers are charging buyers more because that’s capitalism, baby Car dealers are charging way over sticker price — and consumers are paying. (Vox)
• Nothing’s first smartphone is aimed at Apple, not OnePlus Nothing will launch its debut smartphone this summer, its CEO and former OnePlus co-founder Carl Pei announced today during a live stream. It’ll be called the Phone 1, run Android, and be powered by a Qualcomm Snapdragon processor. And yes, it was this phone that Carl Pei was photographed showing Qualcomm CEO Cristiano Amon — albeit wrapped in a privacy-protecting case. (The Verge)
• What Pleas to Protect the Immunocompromised Keep Missing: Keeping those with weakened immune systems safe truly helps all of us. (Slate)
• The Poorest Super-Emitter Needs a Different Path to Net-Zero India’s journey to carbon neutrality by 2070 will likely rely on homegrown measures that have already boosted energy efficiency and cut living expenses for millions of people (CityLab)
• How American Culture Ate the World A new book explains why Americans know so little about other countries. (New Republic)
• ‘Covid ruins storytelling!’: Judd Apatow and David Duchovny on lockdown comedy The Bubble The first mainstream film to tackle the pandemic appears to take aim at actors’ vanity. The director, star and cast members explain why they might actually be heroes. (The Guardian)
Be sure to check out our Masters in Business interview this weekend with Samara Cohen, BlackRock’s Chief Investment Officer for ETFs & Index Investments. BlackRock manages over $10 trillion in assets, and Cohen’s Index / ETF group is responsible for $6 trillion of it.
How Long Can the Commodities Rally Last?