My Bot-free back-to-work morning train WFH reads:
• Active Funds Are on Top Again (Kinda). It Took a Bear Market to Put Them There. After more than a decade of chronic underperformance, more actively managed stock mutual funds and exchange-traded funds have been beating their passive peers: Just over half of U.S. stock funds outperformed the average passive portfolio through May, compared with 45% in 2021. It might have been even higher but for active growth fund managers—less than 30% of whom have managed to beat passive returns. (Barron’s)
• Abe Shinzo: A retrospective All the ways he defied my expectations. (Noahpinion) see also Shinzo Abe Made the World Better: The assassinated Japanese leader was the visionary architect of a vital security alliance in the Indo-Pacific region. (The Atlantic)
• What Smart Investors Do in Bear Markets: Since you can’t predict the unpredictable, you should control the controllable. (Wall Street Journal)
• Will US Allocators Stay the Course on Chinese Investments? China’s drawbacks are prompting some hard thinking among American institutions, but the country’s allure remains potent. (Chief Investment Officer)
• How will we know if we’re in a recession? These are the most important indicators economists and forecasters are watching. (Vox)
• Twitter Didn’t Seek a Sale. Now Elon Musk Doesn’t Want to Buy. Cue Strange Legal Drama. In trying to terminate his $44 billion takeover deal, Tesla boss sets stage for what could become one of the oddest courtroom battles in corporate-takeover history. (Wall Street Journal)
• Could Your Old Poop Cure You of Future Diseases? Fecal transplants can fix gut diseases, but finding the right donor stool is tricky. The solution, some scientists believe, is to keep a store of your own. (Wired)
• The Lost Art of Looking at Nature: While David Attenborough’s work rarely gives center stage to climate change, his project has always been to shift how humans relate to nature. (Dissent)
• Film offers inside look at Roger Stone’s ‘Stop the Steal’ efforts before January 6 Footage shows key moments of planning with fellow activist Ali Alexander to overturn election results in Trump’s favor. (The Guardian)
• Would you give up a lot for Kevin Durant? The player is great. The age and contract are trouble. (TrueHoop)
Be sure to check out our Masters in Business interview this weekend with Spencer Jakab, editor of Heard on the Street column at the Wall Street Journal, and author of the Ahead of the Tape column. He began his career as an analyst at Credit Suisse, where he eventually became Director of Emerging Markets Equity Research. He is the author of “The Revolution That Wasn’t: GameStop, Reddit and the Fleecing of Small Investors.”
On the Inevitability of Bear Markets
Source: A Wealth of Common Sense
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