My leak-free, two-for-Tuesday, morning train reads:
• Undue Burden How abortion restrictions have become obstacles for women across the U.S. (fivethirtyeight)
• Jack Bogle Was a Punk: The new book The Bogle Effect shows just how radical Vanguard’s founder was—and that his true legacy is the company’s mutual ownership, not its beloved index funds. (Bloomberg) see also Was Jack Bogle The 5th Sex Pistol? Vanguard slashed fees to the bone. They were calling out the investment poseurs and making them play their game. Firms entered the new arena kicking and screaming. They had no other choice. (A Teachable Moment)
• 10-Year Treasury Yield Hits 3% for First Time Since 2018 Prices for Treasurys, corporate bonds, municipal debt have slumped in response to Federal Reserve moves to rein in inflation (Wall Street Journal)
• The Extraordinary Wealth Created by the Pandemic Housing Market Rarely have so many Americans gained so much equity in so little time, but it’s also inseparable from the housing affordability crisis. (New York Times) but see also As Home Sale Prices Surge, a Tax Bill May Follow: Single sellers can exclude $250,000 from their taxable profit and married sellers $500,000. The amounts haven’t changed in 25 years. (New York Times)
• One Reason for Warren Buffett’s Success May Not Outlast Him The CEO’s ability to move quickly has been key to building his Berkshire Hathaway empire, but he probably won’t be able to pass that luxury on to his successor. (Bloomberg)
• Apple’s Not-So-Secret Plan to Take Another Gigantic Bite of the Microchip Market Apple now designs the ‘brains’ of its computers and phones in-house. Its attempt to do the same for the chips that connect them to the internet could have a big impact on the company’s plans. (Wall Street Journal) see also Apple just launched its first self-repair program. Other tech companies are about to follow. Under pressure from shareholders, Big Tech is finally making device repair easier. (Grist)
• The Big Lie that keeps the Uber bezzle alive A credulous press continues to report massive losses as profitability. (Medium)
• U.S. intel helped Ukraine shoot down Russian plane carrying troops U.S. intel helped Ukraine protect air defenses, shoot down Russian plane carrying hundreds of troops Ukrainian forces have used specific coordinates shared by the U.S. to direct fire on Russian positions and aircraft, current and former officials tell NBC News. (NBC News) see also The Secret of Ukraine’s Military Success: Years of NATO Training Soldiers, plus military brass and overseers in parliament, have been transformed from a rigid Soviet-style force into a modern army that thinks on the move (Wall Street Journal)
• Covid deaths no longer overwhelmingly among the unvaccinated as toll on elderly grows Experts say numbers show importance of boosters — and the risks the most vulnerable still face. (Washington Post)
• Why Is It So Hard to Predict the Next Great Quarterback? Derek and David Berri discuss the complicated process behind finding the most important position in football (The Ringer) see also When Draft Pundits Are Right, and N.F.L. Teams Wrong An analysis shows that teams usually misfire when they ignore analysts and make a surprise pick early in the first round. (New York Times)
Be sure to check out our Masters in Business interview this weekend with Michael Lewis. We discuss Season 3 of his podcast Against the Rules. We also delve into the 30th anniversary of Liar’s Poker: Rising Through the Wreckage on Wall Street, and his new audio recording of the book. He is also the author of Undoing Project, Moneyball, Flashboys, The Big Short, and so many others.
The U.S. city where renters get the most space on average for a monthly outlay
Source: Statista
