My morning train WFH reads:
• 4 Common Sense Rules of Investing: Almost 60% of all calendar years have seen gains in excess of 10%. More than one-third of all years have experienced returns of 20% or more. So you’ve been more likely to gain 20% or more than experience a down year in that time. (A Wealth of Common Sense)
• The Inflation Reduction Act: They can be forgiven their irreverence because this act is indeed a big deal. It is an astonishing cap to the legislation the Democrats have passed with their squeaky thin majority in Congress. They have passed the American Rescue Plan, the Bipartisan Infrastructure Law, the CHIPS and Science Act, and now this, the Inflation Reduction Act. (Heather Cox Richardson) see also Hidden inside the Inflation Reduction Act: $20 billion to help fix our farms Farming often harms the environment. Biden’s inflation bill could help blunt its impact. (Vox)
• Five Not-Quite-Impossible Things the Market Believes The two month rally in bonds and stocks—even putting the Nasdaq back into bull market territory—rests on a lot of people being wrong. (Wall Street Journal)
• Why the 1 Percent Buyback Tax Doesn’t Scare Investors: Democrats hope the tax will encourage companies to spend more on workers and operations, but strategists think it’s unlikely to deter corporations from repurchasing their stock. (New York Times)
• These Six Cities Are Emerging as New Expat Hot Spots As foreign workers flee places like Hong Kong, which are the destinations drawing the next generation of expats? (CityLab)
• Why Is Airline Travel So Miserable? Blame Florida: The state’s obstacle course jams up airspace over some of the U.S.’s most popular vacation spots, and the problems cascade across the country (Wall Street Journal)
• Defamation Suit About Election Falsehoods Puts Fox on Its Heels: The suit, filed by Dominion Voting Systems, could be one of the most consequential First Amendment cases in a generation. (New York Times)
• How many Russian soldiers have been killed in Ukraine? What we know, how we know it and what it really means: The estimates range from 1,351 and 43,000, but this much is clear: Russia has a manpower problem. (Grid) but see also The Squeeze on Russia Is Loosening: The latest numbers from the major manufacturing powers suggest that exports to Russia are rising. Exports to Russia from the major manufacturing economies have been rising rapidly since April. If the allies do not act swiftly to tighten the enforcement of sanctions and export controls, the Russian military may be able to replenish its losses of equipment and advanced ammunition—and prolong the war. (The Overshoot)
• Gavin Newsom’s plan to save the Constitution by trolling the Supreme Court: A new California gun law should force the Supreme Court to confront the enormity of its worst decision in decades. (Vox)
• LeBron James extension means the Lakers need to do whatever it takes to win now: The Lakers and LeBron James agreed to a two-year, $97.1 million contract extension, sources told The Athletic’s Shams Charania. The deal keeps James under contract with Los Angeles through at least the 2023-24 season. James has a player option for 2024-25, according to ESPN. His extension is worth up to $111 million over two years based on salary-cap rises. (The Athletic)
Be sure to check out our Masters in Business interview this weekend with Bill Browder, founder of Hermitage Capital Management, and author of Red Notice: A True Story of High Finance, Murder, and One Man’s Fight for Justice and Freezing Order: A True Story of Money Laundering, Murder, and Surviving Vladimir Putin’s Wrath.
A Detailed Picture of What’s in the Climate and Health Bill
Source: New York Times
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