My back to work morning train WFH reads:
• Ethereum Mining Is Going Away, and Miners Are Not Happy The shift from proof-of-work to proof-of-stake will cut power consumption sharply—and leave some expensive technology searching for new uses. (Businessweek)
• The Stock Market’s Rally Is Real. It’s Still a Bear Market. Even bear markets get bounces.The stock market had a terrific week, and for the first time in a long time, the rally feels like it can last. The Dow Jones Industrial Average DJIA rose 5.4%, the S&P 500 gained 6.4%, and the Nasdaq Composite climbed 7.5%. (Barron’s) see also How to Start Investing, Even in a Bear Market The immediate outlook is grim, but low-cost funds that track the entire market can help you prosper over the long term, our columnist says. (New York Times)
• When Bonds Do Not Hedge Stocks For the first time in decades, bonds haven’t protected balanced portfolios. What to do? (Morningstar)
• Sound Money: On Bandcamp, Neil Young Derivatives and the Financial Imagination of Music Production. (Bellona)
• The Open Secret of Google Search One of the most-used tools on the internet is not what it used to be. (The Atlantic)
• How Covid Tracking Apps Are Pivoting for Commercial Profit: In the pandemic’s early days, government-backed public health apps acquired millions of users—a ready-made audience developers are eager to tap. (Wired)
• Leaked Audio From 80 Internal TikTok Meetings Shows That US User Data Has Been Repeatedly Accessed From China “I feel like with these tools, there’s some backdoor to access user data in almost all of them,” said an external auditor hired to help TikTok close off Chinese access to sensitive information, like Americans’ birthdays and phone numbers. (Buzzfeed News)
• A Regional Rail Plan Aims to Reinvent New York’s Commuter Trains London, Paris and Berlin all have integrated regional rail systems that serve the entire metro area. One transit advocacy group asks: Why not New York City? (Bloomberg)
• China’s ‘Very Dangerous Trajectory’ The Communist regime has always been brutal, but it was at least predictable and, in its own way, practical. No longer. (The Atlantic)
• ‘Loot’ Review: Maya Rudolph Among the .001 Percent. In this Apple TV+ comedy from two “Parks and Recreation” veterans, a woman takes a journey of self-discovery with an $87 billion budget. (New York Times)
Be sure to check out our Masters in Business interview this weekend with Jonathan Miller, discussing real estate, home sales, rentals, and whether cities are dead or not. Miller is the CEO and co-founder of Miller Samuel, whose data and analytics on real estate have become the standard for the residential real estate appraisal and brokerage industry.
Nominal earnings growth often holds up well during periods of high inflation (1940s & 1970s).
Source: @TimmerFidelity
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