10 Thursday AM Reads

My morning train WFH reads:

‘Stonks’ Aren’t the Only Reason Why Businesses Should Know Their Memes: Know Your Meme, a leading online encyclopedia for memes, wants to turn its huge database into a profitable software tool for tracking internet trends. (Bloomberg)

How passive are markets, actually? How much of the stock market is owned by passive investors, such as index funds? The answer is a lot more complicated than you might think, but some academics have had a good stab at finding out. (Financial Times) but see also Actively Managed Money Dwarfs Passive: Ignore the hype. Actively managed money dwarfs the assets in low-cost index funds. (The Big Picture)

So Are ESG Investments Lousy, or Not? Governor Ron DeSantis and other GOP pols seek to stamp out sustainability-minded investing, charging that it delivers poor results. (Chief Investment Officer)

The Period of Abundance Is Over: Jeffrey Gundlach, CEO of DoubleLine, worries that the Federal Reserve is overreacting in the fight against inflation. He expects a severe slowdown of the economy and says how investors can navigate today’s challenging market environment. A conversation with the Bond King. (The Market)

A Job Market Anomaly Begins to Correct: After diverging for awhile, business and household surveys of employment are headed in the same direction again: Up. (Bloomberg)

San Francisco Braces for Epic Commercial Real Estate Crash: The properties most at risk are mid- to lower-tier buildings purchased near the peak of the market (San Francisco Standard)

Few Wordle Players Use Consistent Starting Words, but When They Do, It’s ADIEU What the data tells us about how people play the game. (New York Times)

Russia Privately Warns of Deep and Prolonged Economic Damage Confidential document contrasts with upbeat public statements Report says key sectors face sharp drop in output, brain drain. (Bloomberg) see also Russia buying millions of rockets and shells from North Korea, US intelligence says Official says deal shows Russia continues to face supply shortages as invasion of Ukraine grinds on. (The Guardian)

The Long Unraveling of the Republican Party: Three books explore a history of fractious extremism that predates Donald Trump. (The Atlantic)

In Montauk, Big Money Moves In On a Surfers’ Paradise: The acres overlooking a prize stretch of Long Island’s East End were empty for years. Now they’ve been sold in multimillion-dollar deals. It’s been the talk of the beach all summer. (New York Times)

Be sure to check out our Masters in Business next week with Kristen Bitterly Michell, Head of North America Investments for Citi Global Wealth. She is on various “Most Powerful Women in Finance lists” including American Banker, Crains Rising Stars in Banking & Finance 2020. Citi Global Wealth manages more than $800B in Client Assets, and North America accounts for about half of that business.


Change in climate BC-2021

Source: Weather and Climate @ Reading


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