10 Wednesday AM Reads

My mid-week morning train WFH reads:

Eight key takeaways from 20 years of SPIVA data: Most active managers underperform most of the time. This conclusion originally came from examining U.S. mutual fund performance net of fees. Gross of fees, most active managers underperform most of the time. Most institutional managers underperform most of the time. After adjusting for risk, most active managers underperform most of the time. The tendency for underperformance typically rises as the observation period lengthens. (Evidence Based Investor)

Fed’s Aggressive Rate Hikes Are a Game Changer: Monetary policy usually acts on the economy with ‘long and variable’ lags (Wall Street Journal)

Why Office Buildings Are Still in Trouble: Hybrid work, layoffs and higher interest rates are leaving lots of office space vacant and hurting the commercial real estate business. (New York Times)

Inside the Disney Board’s Decision to Swap Bobs: While some directors were looking to fire Chapek as early as June, Chairman Susan Arnold was reluctant to pull the trigger. Now even those cheering the move call Chapek’s dismissal brutal: “No statement from him, no comment from him, no grace. It’s f***ing insane.” (Hollywood Reporter)

The unbearable lightness of BuzzFeed: The media firm BuzzFeed built a digital media empire in part by aggregating viral content from social media. A decade later, what’s next? (The Verge)

The incredible shrinking future of college: The population of college-age Americans is about to crash. It will change higher education forever. (Vox)

• Inside the Elite, Underpaid, and Weird World of Crossword Writers: Efforts to diversify the industry might be having the opposite effect. And although puzzles are an important part of The New York Times’ business strategy, only a handful of people actually make a living from crosswords. (New Republic)

A biography that may change your mind about J. Edgar Hoover: Beverly Gage’s ‘G-Man’ is a brilliant account of the life and controversial career of the longtime FBI director (Washington Post)

How the right’s radical thinkers are coping with the midterms: The New Right emerged to theorize Trumpism’s rise. Can they explain its defeat? (Vox)

How ‘The Lion King’ Got to Broadway and Ruled for 25 Years (So Far): A surprising collaboration between an entertainment giant (Disney) and an avant-garde artist (Julie Taymor) birthed the most successful musical in history. (New York Times)

Be sure to check out our Masters in Business interview this weekend with Marcus Shaw CEO of AltFinance, which seeks to increase diversity across alternative asset management. The firm was co-founded by Apollo, Ares, and Oaktree with a $90 Million seed funding for initiatives to recruit students at Historically Black Colleges and Universities.


Supply-side pressures are easing off rapidly, calling for a moderation in inflation

Source: BofA Global Proprietary Signals


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