My Two-for-Tuesday morning train WFH reads:
• The Office Monsters Are Trying to Claw Their Way Back to 2019 Some corporate leaders are grasping at whatever they can to get back to the way things were. But they might find themselves fighting a culture shift beyond their control. (New York Times) see also Brrr! Air-Conditioned Offices Give Chilly Reception to Returning Workers Employers beware: People who once put up with thermostats set to deep freeze now want the kind of climate control they had working from home. (Wall Street Journal)
• The Worst Years Ever For a 60/40 Portfolio: The 13% loss in the S&P 500 year-to-date would be the 8th-worst calendar year return since 1928, it’s even worse for the 60/40 right now. If the year were to end today, the current year-to-date return of -12.1% for a 60/40 portfolio would be the sixth-worst annual return over the past 100 years or so. (A Wealth of Common Sense)
• Ready to Buy a House? Just Wait a Few Weeks The market is cooling, but buyers should bide their time before jumping in. (Bloomberg) see also Twilight of the NIMBY Suburban homeowners like Susan Kirsch are often blamed for worsening the nation’s housing crisis. That doesn’t mean she’s giving up her two-decade fight against 20 condos. (New York Times)
• Russian Yachts and Money Are Going Where US Influence Has Waned: American allies in the Middle East have emerged as magnets for Russia’s wealthy. (Bloomberg)
• SPACs Were All the Rage. Now, Not So Much. For a time, SPACs were the preferred way for companies to go public. But changing market conditions and the threat of regulation are making Wall Street lose its appetite. (New York Times) see also Why Most SPACs Suck: The vast majority of “products” that can be stuck in a portfolio are not worth the cost relative to the performance they provide. Main Street investors realize this, evidenced by money flows away from expensive, complicated, under-performing products toward inexpensive, simple, market-performing ones. (The Big Picture)
• Welcome to the Great Reinfection A repeat encounter with Covid used to be a rarity. But now that Omicron has changed the game, expect reinfections to be the new normal. (Wired)
• Are Workers More Productive at Home? A conversation with Stanford economist Nick Bloom on a surprising find from the pandemic: remote work is fueling economic growth. (Bloomberg) But see also Why Isn’t New Technology Making Us More Productive? (New York Times)
• It’s Not Just You… The World Is Becoming an Uglier Place by the Day Our World Is Being Overtaken by Hate, and Each and Every One of Us Should Stop it in its Tracks. (Eudaimonia)
• Polling is clear: Americans want gun control: A vast majority of Americans supports universal background checks, keeping people with serious mental health issues from buying guns, bans on assault-style weapons and high-capacity magazines, and so-called “red flag laws” that would allow police and family members to seek court orders to temporarily take guns away from those considered a risk to themselves and others. (Vox) see also Gallup Poll: Most Americans identify as pro-choice and believe abortion is ‘morally acceptable’ Gallup found 55% of those surveyed identify as pro-choice – the highest percentage since 1995. (49% used that label to describe themselves last year). Those identifying as pro-life fell from 47% to 39%, the gap between both groups jumped from 2 to 16 percentage points. 58% oppose the Supreme Court overturning Roe v. Wade. (USA Today)
• The oral history of ‘Encino Man,’ Brendan Fraser’s caveman cult classic: “I don’t think anybody thought it would be successful.” (Inverse)
Be sure to check out our Masters in Business interview this weekend with Dan Chung, CEO and Chief Investment Officer at Alger Management, which manages $35.3 billion in client assets. After graduating Harvard Law Review, he served as law clerk for the Honorable Justice Anthony M. Kennedy, United States Supreme Court. The firm lost 35 people, including its CEO, on September 11th and donates profits from its Alger 35 ETF in their memories.
Upholding Roe v. Wade Is Supported by Most Americans, WSJ Poll Finds
Source: Wall Street Journal
