My Two-for-Tuesday morning train WFH reads:
• The Fiscal Arsonists: Please stop playing weird political games with the U.S. fiscal system. (Noahpinion) see also Janet Yellen Dismisses Minting $1 Trillion Coin to Avoid Default: Treasury Secretary says the Federal Reserve would likely not agree to such a scheme. (Wall Street Journal)
• Stocks usually recover before earnings do: Last summer, when stocks first reached bear market territory, pundits everywhere said analysts needed to slash earnings expectations before stocks could bottom and a recovery could begin. Expectations for Q4 S&P 500 earnings have plunged from 4.8% y/y growth in late September to a -4.9% decline now, as earnings season dawns, one of the biggest swings on record. This is the “pessimism of disbelief” that underpins new bull markets. (FI)
• Dot-Com Redux: How to invest after valuation risk strikes (Verdad)
• Netflix’s New Chapter: Netflix’s moment of greatest peril is, in retrospect, barely visible in the company’s stock chart: (Stratechery)
• Fed Sets Course for Milder Interest-Rate Rise in February: Officials could begin weighing whether and when to pause rate increases this spring. (Wall Street Journal)
• Who really pays for your rewards? When it come to reward credit cards, not everyone’s a winner. (Financial Times Alphaville)
• Weed Legalization Supported By Most U.S. Voters: Support for recreational weed legalization at the federal level is growing among voters across the political spectrum. (Kiplinger)
• Bosses are obsessed with returning to the office. Here’s why it’s already out of their hands: Your boss is capital-O obsessed with returning to the office. Why? (Fortune) see also How top CEOs from Elon Musk to Tim Cook tackled the big return-to-office in 2022: The world edged closer to learning to live with COVID-19 in 2022, and as it did, an increasing number of pandemic restrictions were lifted. In many countries, that meant returning to the office for the first time in two years. (Fortune)
• “Died Suddenly” Is Anti-Vaxxers’ New Favorite Phrase: The theory has no scientific evidence to support it, the “died suddenly” rhetoric has gained a lot of traction on social media. What makes COVID misinformation so spreadable, and how can public health officials combat the rumors? (Slate)
• These dogs ride a bus like humans ‘and now the internet is in love’ ‘The puppy bus just took off,’ said Mo Thompson, who runs a dog walking business in Skagway, Alaska. (Washington Post)
Be sure to check out our Masters in Business interview this weekend with Steven Klinsky, Founder and CEO, New Mountain Capital. Prior to founding New Mountain Capital in 1999, he was co-founder of the Leverage Buyout Group of Goldman Sachs, where he did $3+ billion of transactions before joining Forstmann Little as a partner, where he oversaw $10+ billion in capital.
LEI for the U.S. Declined Sharply Again in December
Source: The Conference Board
