My end-of-week morning
train WFH reads:
• Why Inflation Took Off in 2022—and What Happens Next: The year was a stress test of the Fed’s new framework, and the cracks were apparent. (Wall Street Journal)
• Elon Musk’s Twitter Is a Shakespearean Psychodrama Set in Silicon Valley: He’s ruling his newest acquisition the way he rules the rest of his empire: impulsively, erratically, vindictively, loudly. It really doesn’t need to be this way. (Businessweek) see also QAnon, adrift after Trump’s defeat, finds new life in Elon Musk’s Twitter: Among some QAnon devotees, Musk has become a figure of prophecy on par with Donald Trump. (Washington Post)
• Everyone Wants to Know What Private Assets Are Really Worth. The Truth: It’s Complicated. Plummeting stock prices spark debate over the veracity of private market valuations. (Institutional Investor)
• What’s up with wages? Hourly wages of workers rose 0.6 percent in November. That was higher than expected and stoked fears of more inflation. Not so fast [literally] there’s more to this story. (Stay-At-Home Macro)
• What Happened When the Bay Area Rejected Growth: In the 1960s and 1970s, the region went from welcoming development to opposing it at every turn. How has that worked out? (Bloomberg)
• Bloomberg 50: The people who defined global business in 2022: Business, politics, science and technology, finance and entertainment accomplishments that deserve recognition. There are familiar names doing new things (Serena Williams), new names doing historic things (Ketanji Brown Jackson) and inanimate objects doing mind-blowing things (the James Webb Space Telescope). One name, with the initials SBF, also did some mind-blowing things, which helped land his successor (John Ray III) on the list. (Businessweek)
• BMW’s Discontinued i3 Is Already an EV Cult Classic: As bigger electric cars take precedence, some lightweight models are disappearing from the market — and few little EVs are as beloved as the i3. (Bloomberg)
• The World-Changing Race to Develop the Quantum Computer: Such a device could help address climate change and food scarcity, or break the Internet. Will the U.S. or China get there first? (New Yorker)
• ‘People think I’m stupid’: the story of the man who shot himself 192 times: The wild new documentary 2nd Chance explores the story of Richard Davis, the eccentric and reckless creator of the modern-day bulletproof vest (The Guardian)
• The best science images of 2022: An almighty eruption, the cosmos remastered, swirling cells and more. (Nature)
Be sure to check out our Masters in Business this week with Robert Koengisberger, founder and CIO of Gramercy Funds Management, which manages $5.2 billion in distressed Emerging Markets Debt. Gramercy’s chairman is (previous MiB guest) Mohamed A. El-Erian; the firm is a sponsor of the Greenwich Economic Forum.
How Often is the Market Down in Consecutive Years?
Source: A Wealth of Common Sense
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