My morning train WFH reads:
• Russia Central Banker Wanted Out Over Ukraine, But Putin Said No Russian president said to reject Nabiullina’s bid to resign Respected central banker faces legacy at risk as sanctions hit. (Bloomberg) see also A Brief History Of Economic Warfare The methods and mediums through which countries wield this economic weapon changes over time, but the objectives of economic sanctions today are the same as those of centuries past: hurt the enemy by hurting their economy and restricting access to financial lifelines. (Investor Amnesia)
• Here’s Where Active Managers Outperform Active managers shine most in large-cap investments outside of the United States, according to Investment Metrics. (Institutional Investor)
• Fertilizer Prices Surge as Ukraine War Cuts Supply, Leaving Farmers Shocked Fertilizer prices were already high before the war. They have now reached record levels amid a precipitous drop in Russian supply. The result is that fertilizer is about three to four times costlier now than in 2020, with far-reaching consequences for farmer incomes, agricultural yields and food prices. (Wall Street Journal)
• Interest Rates Are Getting Weird Yields still pale in comparison with the inflation rate but rates are now much higher than they were as recently as a few months ago. The biggest moves from a magnitude perspective have come at the 2 and 5 year maturities. It’s also interesting to note the 5 year treasury has the same exact yield as the 10 year. The 2 year yield isn’t far behind. (Wealth of Common Sense)
• How ‘washed up…old man’ Warren Buffett is getting the last laugh “He’s old, he’s washed up,” Barstool Sports founder David Portnoy said about Buffett. “He’s an old man, his time passed him by. I’m better that he is. It’s no debate. I killed him. He’s dead. He’s dead,” Portnoy said. “I’m just printing money. Why take profits when every airline goes up 20% everyday. Losers take profits. Winners push the chips to the middle. I should be up a billion dollars.” (Marketwatch)
• Bored Ape Yacht Club creator raises $450 million to build an NFT metaverse The funding values Yuga Labs at $4 billion. (The Verge)
• Why Propaganda Works (The “Illusory Truth Effect”): Freedom of speech does not include the right to amplification of speech. (Range Widely)
• Trying to Solve a Covid Mystery: Africa’s Low Death Rates The coronavirus was expected to devastate the continent, but higher-income and better-prepared countries appear to have fared far worse. (New York Times)
• Democracy Comes to Michigan: After a citizen-led campaign to draw fairer voting maps, this year Michigan voters will finally choose their politicians — instead of the other way around. (Reasons To Be Cheerful)
• Colin Kaepernick Still Wants to Play. Does He Really Have a Shot? The activist quarterback has been conducting workouts as part of a renewed push to get signed after five years out of football. (Wall Street Journal)
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.
Putin Miscalculated the potential repercussions of Russia’s invasion of Ukraine
Source: Mehlman Castagnetti Rosen & Thomas
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