My morning train WFH reads:
• Bullard Becomes Wall Street’s Go-To Guy for Hint of a Fed Pivot: St. Louis Fed boss, a leading hawk now, hasn’t always been one In interview he cites Volcker influence, bike-inflation shock. (Bloomberg)
• Companies Hoarding Workers Could Be Good News for the Economy: Employers have been burned by a labor shortage. Will that make them act differently if the economy slows down? (New York Times) see also What Great Resignation? Workers Are Staying Put: Median job tenure in the US was unchanged from early 2020 to early 2022, and it isn’t much different from what it was in the 1960s. (Bloomberg)
• The upside of a gilt market crisis : Ballooning pension fund surpluses and improved funding ratios — what’s not to like? (Financial Times Alphaville)
• Despite Everything, Private Equity Dealmaking Is Still Going Strong: Take-private deals and add-on acquisitions have been especially popular this year. (Institutional Investor)
• If America Needs Starter Homes, Why Are Perfectly Good Ones Being Torn Down? Many communities effectively ensure the only viable replacement for a starter home is a new one that’s much larger and more expensive. (Upshot)
• Do Solar-Powered EVs Make Any Sense? I Drove a Prototype To See How It Could Work A Dutch startup called Lightyear let us drive a pre-production prototype of its 0 sedan, which is billed as the world’s first “solar electric car.” (The Drive)
• One of the most important women in Apple’s history never worked for Apple: Margot Comstock took her winnings from a TV game show and bought a computer. It led to a magazine, which turned into a major hub for the nascent community of developers and fans of one of the most important computers in history. (The Verge)
• Pioneering Quantum Physicists Win Nobel Prize in Physics: Alain Aspect, John Clauser and Anton Zeilinger have won the 2022 Nobel Prize in Physics for groundbreaking experiments with entangled particles. (Quanta Magazine) see also How Bell’s Theorem Proved ‘Spooky Action at a Distance’ Is Real: The root of today’s quantum revolution was John Stewart Bell’s 1964 theorem showing that quantum mechanics really permits instantaneous connections between far-apart locations. (Quanta Magazine)
• The Inevitable Indictment of Donald Trump: It’s clear to me that Merrick Garland will bring charges against Donald Trump. It’s just a matter of when. (The Atlantic)
• It’s Never Too Late to Pivot From N.F.L. Safety to Neurosurgeon: When Myron Rolle was cut from the Pittsburgh Steelers, he fell into a funk until his mother reminded him of his two childhood dreams: Play football, then become a neurosurgeon. It was time for Plan B. (New York Times)
Be sure to check out our Masters in Business this week with Tom Rampulla, managing director of Vanguard’s Financial Advisor Services division since 2002. He runs the business that provides investments, services, education, and research to more than 1,000 financial advisory firms representing more than $3 trillion in assets.
Load up on small caps if you’re a long-term investor… (1979-2022 data; red lines = 9/30/22)
Source: EconomPic
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