My back-to-work morning train WFH reads:
• The Fed Has No Good Options. The Risk of a Misstep Is Growing. The Federal Reserve is struggling to cool inflation further without damaging the economy. The easy part is over. (Barron’s)
• The Bear Market’s Survivors Share Their Biggest Lessons: With the S&P 500 in the longest bear market since 1973, individual investors maneuver differently from just months ago. (Wall Street Journal)
• How Druckenmiller Does It: He Hates To Lose: Druckenmiller dispensed some handy tips. The first was don’t lose money. “I’m a sore loser,” he said. “I don’t like to lose.” But most of all, it was just simple maths according to Druck. If you go down 50% you have to go up 100% just to get back to even. I’ve always thought the way to build a long term track record, is when you really see the ball — swing really big. And when you don’t see the ball, don’t swing. You can build a record when in terrible years you’re up zero to five (per cent) and then throw a couple of 50s and 60s and the numbers look pretty good over time … (Financial Times)
• The Line Is Blurring Between Remote Workers and Tourists: Economic development has fundamentally changed. Cities that figure out how to make visitors’ and residents’ lives easier are going to have a major competitive advantage. (CityLab)
• Shipping Has Largely Relied on One Fuel. It Now Needs Many: Sparklines Shipowners and operators know they must decarbonize, but the industry must be ready to handle not one but many alternatives to petroleum products – from liquefied natural gas to nuclear. (Bloomberg)
• The Computer Scientist Peering Inside AI’s Black Boxes: Cynthia Rudin wants machine learning models, responsible for increasingly important decisions, to show their work. (Quanta Magazine)
• Why More Americans Are Using Fake License Plates and Getting Away: With It The old system of traffic control is breaking down. (Slate)
• ‘A Large Portion of This Base Is Going to Be Underwater’: U.S. Military Hub Adapts to Climate: Virginia’s Hampton Roads region, including Norfolk, is preparing for higher sea levels amid debates on strategy and costs. (Wall Street Journal)
• How did chess pieces get their names? One player’s pawn is another’s farmer. And at one time, the queen was a rather powerless virgin. (Big Think)
• ‘I was decadent, I was stupid, I was a fool’: the dark days of Donna Summer. In public she oozed glamour, but in private the disco star battled depression, self-loathing and suicidal thoughts. Her daughter speaks about the film she made to understand Summer’s silent struggle (The Guardian)
Be sure to check out our Masters in Business next week with Ben Clymer, founder & chairman of Hodinkee, and Jeffery Fowler the firm’s CEO. Fowler and Clymer (dubbed the “High Priest of Horology“) discuss all things wristwatches and timepieces, including their experiences at the 2023 Watches & Wonders, why the marketplace has exploded over the past few years, and what are their favorite grail watches.
Bets Offering 2,400% Payout on US Default Lure Growing Crowd
Source: Bloomberg
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