My end-of-week autumnal morning reads:
• Navigating the Pain of Your First Bear Market: In the coming 40-50 years I’m planning on experiencing at least 10 or more bear markets, including 5 or 6 that constitute a market crash in stocks. There will also probably be at least 7-8 recessions in that time as well, maybe more. (Wealth of Common Sense)
• Your City’s Housing Boom Could Go Bust: A national decline in home prices is unlikely, but markets that have experienced outsized increases over the past few years may be hit harder than most by rising mortgage rates. (Wall Street Journal) see also After Years of Low Mortgage Rates, Home Sellers Are Scarce: Homeowners wearing the ‘golden handcuffs’ of low mortgage costs are reluctant to sell their homes now that rates are much higher. (Wall Street Journal)
• The $8.6 Billion Startup That Helps Governments Trace Crypto: Chainalysis software puts the lie to the idea that Bitcoin guarantees anonymity. (Businessweek)
• The Tiger That Was a Wolf: Lessons From Julian Robertson As Jim Chanos observed, “If I had had to give my own money to any of them, I would have given it to Robertson. He knew stocks better than anyone.” (Neckar’s Minds and Markets)
• Why is a small Swedish automaker a decade ahead of the rest of the industry? “I didn’t believe we could survive just doing what everyone else is doing.” (Ars Technica)
• The Sneaky Genius of Apple’s AirPods Empire: AR/VR headsets are a small market by Apple standards, but Tim Cook’s massive headphones division shows just how big the company can make a niche product. (Businessweek)
• Pentagon opens sweeping review of clandestine psychological operations: Complaints about the U.S. military’s influence operations using Facebook and Twitter have raised concern in the White House and federal agencies. (Washington Post)
• The Mysterious, Vexing, and Utterly Engrossing Search for the Origin of Eels: To save endangered eels, researchers have been working for decades to figure out where they reproduce. (Hakai Magazine)
• Can Ukraine Break Through Again? A surprise advance this month exposed deep vulnerabilities in Russia’s overstretched military. As Russia calls for more troops, can Ukraine keep gaining ground? (New York Times)
• Roger Federer Isn’t Going Anywhere: At 41, the Swiss icon retires from professional tennis. But his presence and impact will continue to shape the sport. (Wall Street Journal)
Be sure to check out our Masters in Business interview this weekend with Steve Case, co-founder of America On-Line (AOL), founder of investment firm Revolution, Char of the Smithsonian, and author of The Rise of the Rest: How Entrepreneurs in Surprising Places are Building the New American Dream.
Housing Market Update: Typical Home Now Sells For Less Than Asking Price
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