My morning La Jolla WFH reads:
• The new buttresses of the dollar system.Triggered by the sanctions imposed on Russia’s central bank there is a lot of excited talk right now about the possibility of major holders of reserves diversifying away from the dollar. The main lesson from Russia’s experience is that there is nowhere else to go. (Tooze)
• War in Ukraine: what explains the calm in global stock markets? Amid surprise that the financial system has not been dealt a more severe blow there are warnings of systemic risks still to be uncovered. (Financial Times)
• The Worst Part of Working From Home Is Now Haunting Reopened Offices. Hybrid schedules are supposed to provide the best of both worlds: all the benefits of working from home (no commute, more focus, hanging out with the dog, whatever it may be) plus the benefit of in-person collaboration with colleagues. The problem is … much of the time, it isn’t happening that way.(Slate)
• America’s inflation problem is weirdly hard to fix America’s inflation problem, explained to the extent it is possible.(Vox)
• More Private Jets Take to the Skies, Creating Gridlock on the Ground Developers are rapidly expanding hangar space at airports across the country to keep up with a growing demand for places to park private planes. (New York Times)
• Signed, Sealed, Snatched A Georgia State professor and his students are tracking a thriving underground market for stolen checks (Businessweek)
• Inside the Fight Over the Future of New York City’s Outdoor Dining: Outdoor dining has been a lifeline for NYC’s restaurant industry during the pandemic. Soon, it’s going to look different. (CityLab)
• An Argument for Requiring Americans to Vote E.J. Dionne Jr. and Miles Rapoport on Voting as Public Responsibility. (Literary Hub)
• The female problem: how male bias in medical trials ruined women’s health. Centuries of female exclusion has meant women’s diseases are often missed, misdiagnosed or remain a total mystery. (The Guardian)
• Watch as a million galaxies form in the first billion years of the cosmos Dramatic simulation shows light emerging at the beginning of the cosmos. (Syfy Wire)
Be sure to check out our Masters in Business interview this weekend with Bill Gross PIMCO co-founder who managed the Total Return Fund, which at $293B was the world’s largest mutual fund. Gross advised Treasury on the role of subprime mortgage bonds, and was named Morningstar’s Fund Manager of Decade in 2010.
Historically, mid-cycle transitions lead to P/E contractions of 20%
Source: Isabelnet
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