My morning train WFH reads:
• Rising Bond Yields Rattle 2023 Stock Rally: The 10-year Treasury yield has surged higher, erasing an element of support for U.S. share indexes. (Wall Street Journal)
• The five-day workweek is dead: The calls for something better are just getting louder. (Vox)
• Pension Risk Transfers: What to Watch Out For: Will the PRT be financially solid? Will the sponsor be left worse off? How will transferred beneficiaries fare? (Chief Investment Officer)
• Tax Breaks Threaten Remote Work If Cities Start Enforcing Them: Many tax incentives hinge on employees coming to the office. Officials are deciding whether to enforce them as downtowns bear the cost of hybrid work arrangements. (CityLab)
• Tesla Undercuts Average US Car by Almost $5,000 in EV Shakeout: Elon Musk’s latest US price drop brings Tesla’s electric-vehicle premium to a record low. (Bloomberg) see also Just How Good for the Planet Is That Big Electric Pickup Truck? Electric vehicles are starting to look more like the rest of America’s automobiles: Big. (New York Times)
• How lithium gets from the earth into your electric car: Lithium has never been more in demand the soft silvery metal gives batteries more life and allows them to hold the charge longer a lithium ion battery is likely powering the device you’re using right now to use these words and if you own an electric vehicle these batteries make it go. (Washington Post)
• Dalio Exits: Hedge Fund Founder Retires: Bridgewater’s founder, Ray Dalio, retired last year after months of negotiations that guaranteed him a gigantic exit package. (New York Times)
• If Nietzsche Were a Narwhal: The problem with human intelligence. (The Guardian)
• Why isn’t Joe Biden getting credit for the economic recovery? The job market is booming. Inflation is falling. But you’d never know it by looking at President Biden’s poll numbers. (Vox)
• A Jeff Koons balloon dog shattered. Now collectors want to buy the shards. But where aghast guests saw the loss of a $42,000 artwork, Stephen Gamson, an artist and collector who witnessed the sculpture’s fall, saw an invaluable piece of art history. He’s now hoping to add each fraction of the smashed “Balloon Dog (Blue)” — a 2021 work that stood a little over a foot tall — to a personal collection of ephemera that includes Roy Lichtenstein’s ruler, Kenny Scharf’s refrigerator door and “multiple paint brushes from famous artists.” (Washington Post)
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.
How Much Do Investors Say They Need to Retire? At Least $3 Million
Source: Bloomberg
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