My early morning train WFH reads:
• Get Ready for the Richcession: Well-off Americans could get hurt more than usual in the next downturn (Wall Street Journal)
• Why Markets Were Down in 2022: there was also an Occum’s razor answer for the losses in financial markets in 2022. Sometimes the reason asset prices fall is because they went up too much in the first place. (Wealth of Common Sense) see also Observations to Start 2023: From 2010 through 2021, The S&P500 Index gained 330% — a little over 13% annually (not including dividends). Historically, SPX averages about 8% with dividends. (TBP)
• How McDonald’s Won Russia—and Then Lost It All: For 30 years the fast-food icon turned meat, bread and potatoes into a display of capitalism that changed the way the country did business. Then Putin invaded Ukraine. (Businessweek)
• Amid a Dark Night of Hacks, Cybersecurity Stocks’ Prospects Look Bright: Network breaches are becoming all too common, so the defenders at the ramparts are now a must-have service. (Chief Investment Officer)
• A golden age for nonalcoholic beers, wines and spirits: Craft nonalcoholic IPAs. Kentucky 74 spiritless bourbon. Monday Zero Alcohol Gin. Luminara alcohol-removed chardonnay. Zero-proof margaritas. It doesn’t seem that long ago when O’Doul’s, a stodgy nonalcoholic beer, was basically the only buzz-free game in town. But now, if you like the taste of alcoholic drinks but don’t like the effects of alcohol, you’re living in a golden age. (NPR)
• Wait. Is New York Turning Into Los Angeles? Quintessentially Californian institutions are popping up all over Manhattan as New Yorkers embrace sound baths, mocktails and legal marijuana. (New York Times)
• The year EVs outgrew Tesla: The transition to electric vehicles hit several milestones in 2022. (Vox) see also With New EVs Arriving, Brand Loyalty Goes Out the Window: Willingness of drivers to switch opens opportunities for car companies (Wall Street Journal)
• The Most Hopeful Climate Stories of the Year: 15 climate stories you might have missed in 2022 (Distilled)
• Lisa in Emily in Little Paris: A piece of experiential marketing for a television show about experiential marketing. (N+1)
• How the NBA has tried — and mostly failed — to stop Luka Dončić: Let’s say you’re the unfortunate soul tasked with making this decision. To save you a sleepless night, we’ll provide you with a guide to stopping Dončić. If you follow these instructions, you’ll at least have a game plan. Just understand it’s probably not going to work. (The Athletic)
Be sure to check out our Masters in Business interview this weekend with John Mack, former CEO of Morgan Stanley. He was the architect of the firm’s merger with Dean Witter and then returned as CEO to lead the firm through the financial crisis. He is the author of a new autobiography, “Up Close and All In: Life Lessons from a Wall Street Warrior.”
2022 Was One of the Worst Years Ever For the Markets
Source: A Wealth of Common Sense
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