My mid-week morning
train WFH reads:
• Interest Rates vs. Inflation The average yields savers earned in the 1980s were higher than inflation, including education, healthcare and housing prices. Average yields remained above healing CPI numbers throughout the 1990s and 2000s. (A Wealth of Common Sense) see also Your guide to ‘good news is bad news’ and ‘bad news is good news’ High inflation has made for unusual times. (TKer)
• The Obscure Economist Silicon Valley Billionaires Should Dump Ayn Rand For: He lived almost 200 years ago, but Henry George’s theories might have something to offer people who want to put their money to good use today. (Vanity Fair)
• The ESG Crown Is Slipping, and It’s Mostly the Fund Industry’s Own Fault: Plain-vanilla stock and bond funds are doing better than the socially responsible ones. (Businessweek)
• Classic Car Experts on What to Expect From the Market This Fall: If you want an affordable old Chevy or mid-level Jaguar you may be in luck—they haven’t been selling. In August alone, overall sell-through rates were 16.3% lower than in August 2021, according to data from Classic.com. (Bloomberg) but see also Americans Snap Up Teslas, Bentleys, Lamborghinis as the Luxury-Auto Market Booms The share of premium vehicles sold has risen, lifted by cash-rich buyers, growing affluence. (Wall Street Journal)
• Mark Cuban says pharma villain Martin Shkreli inspired him: The Shark Tank investor and Dallas Mavericks owner takes inspiration where he can get it. (Recode)
• Schools Are Back and Confronting Devastating Learning Losses: States direct billions to tutoring and other efforts to reverse pandemic declines in reading scores but have little sense of what works. (Wall Street Journal)
• One Data Point Can Beat Big Data: Complex algorithms work best in well-defined, stable situations where large amounts of data are available. Human intelligence has evolved to deal with uncertainty, independent of whether big or small data are available. (Behavioral Scientist)
• Three reasons why Taiwanese people are increasingly opposed to ‘reunification’ with China: Surveys show people in Taiwan are worried about what China might do to their democracy and liberal social values. (Grid)
• Sheep Are the Solar Industry’s Lawn Mowers of Choice The laborious job of clearing weeds in solar-panel fields has triggered a welcome boom for American shepherds and their flocks. (Wall Street Journal)
• Stephen Curry Said Davidson Changed His Life. He Changed Davidson. Curry, the N.B.A. superstar, returned to Davidson College, where he first showed how great he could be. The college, and its community, still feel his impact over a decade later. (New York Times)
Be sure to check out our Masters in Business interview this weekend with Lynn Martin, President of the NYSE, which is part of the Intercontinental Exchange. NYSE is the world’s largest stock exchange, with 2,400 listed companies and a combined market cap of ~$36 trillion dollars. She began her career at IBM in its Global Services.
Is the “S&P 490” cheap?