10 Monday AM Reads

My back-to-work morning train WFH reads:

How to Print Money: Cash may seem old-fashioned these days — but in much of the world, cash is still king. The process of making money requires teams of experienced designers and engravers who etch the plates with portraits, vignettes, lettering and ornamentation. The designs are crafted with both aesthetics and security in mind. (New York Times)

Apartment Rents Fall as Crush of New Supply Hits Market: Declines signal tenants may be maxed-out on how much income they can devote to rent. (Wall Street Journal) see also US Housing Market Posts $2.3 Trillion Drop, Biggest Since 2008: San Francisco and New York are slumping as the pandemic boom fizzles out, but migration to Florida has boosted Miami. (Bloomberg)

Does Long-Term Investing Work Outside of the United States? The MSCI World ex-USA dates back to 1970. These were the annual returns1 from 1970 through January 2023: S&P 500: 10.5% MSCI ex-USA: 8.4% (Wealth of Common Sense)

I’m not Sure Speculation Is Gone: Jim Chanos, president and founder of Chanos & Company, believes the level of silliness and speculation seen in 2020 and 2021 marked an important moment for valuations. He talks about the biggest fraud which is hiding in plain sight and why he believes Tesla has a long way to go down. (The Market)

• Welcome to the 5% World, Where Yield Chases You: The dark cloud of rising interest rates comes with some significant silver linings (Wall Street Journal)

What You Can Learn From Warren Buffett’s Mistakes: The incessant talk in Berkshire’s shareholder letters about what went wrong may have a purpose.  (Bloomberg) see also To the Shareholders of Berkshire Hathaway Inc. The disposition of money unmasks humans. Charlie and I watch with pleasure the vast flow of Berkshire-generated funds to public needs and, alongside, the infrequency with which our shareholders opt for look-at-me assets and dynasty-building. Who wouldn’t enjoy working for shareholders like ours? (berkshirehathaway)

Awards are meaningless: From the Oscars to best in business, why do we do awards for adults? “Plenty of things are deeply wrong with America today; being nice to 6-year-olds isn’t super one of them…” (Vox)

How inflammation in the body may explain depression in the brain: Inflammation is a pathway to depression — and a potential avenue for treatment, research suggests. (Washington Post)

We’re living in an age of small creatures: 340-pound penguins were once normal—and maybe they will be again someday. (Slate)

The 20 best time-travel movies – ranked! As Adam Driver accidentally winds up 65m years ago, facing not just dinosaurs but an asteroid, we count down the best films about going backwards, or forwards, through the ages (The Guardian)

Be sure to check out our Masters in Business interview this weekend with David Layton, CEO of Partners Group. The firm is the largest listed PE/Buyout firm in Europe, managing $135 billion in assets in Private equity, infrastructure, real estate and debt.


Data from satellites reveal the vast extent of fighting in Ukraine

Source: Economist


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