My back-to-work morning train WFH reads:
• 6 Rules to Know Before Hanging an American Flag This July 4: Did you know that the MLB and NFL routinely violate one of them? (Wall Street Journal)
• The multibillion-dollar lawsuits that could radically reshape how we buy and sell homes forever: As the money makes its way to all the players in the transaction, you may wonder: Why does it work this way? According to the plaintiffs of two massive class-action lawsuits, this circuitous method of paying real-estate agents is all part of a far-reaching scheme that is bilking home sellers out of billions of dollars every year. (Business Insider)
• ‘Funflation’ and the Pessimism of Disbelief: Why splurging on high-priced tickets and hotels isn’t an economic horror story. (Fisher Investments)
• The Legacy of Harry Markowitz: Reflecting on the man who built investing’s foundation: Modern Portfolio Theory. (Morningstar)
• ‘Hot Money’ Is Piling Up at Banks and It’s Starting to Take a Toll: Investors scrutinize cost of surging brokered deposits and FHLB loans as midsize banks bear brunt of higher interest rates. (Bloomberg)
• The Bank Robbers Who Are Stealing Their Own Money: Lebanon’s central bank has plunged the country into a financial crisis that’s left millions of depositors without access to their savings. Some are turning to extreme measures—and becoming folk heroes in the process. (Businessweek)
• Those insisting the pandemic was human-made are ignoring the known facts: People who believe the novel coronavirus was the result of a lab experiment don’t have any evidence to support their theory. (MSNBC) see also What Do You Believe? Why? All good investors must regularly — even constantly! — ask themselves these questions: What do I believe in, and why? How can I tell when I am wrong? What will I do about it? (The Big Picture)
• People Hire Phone Bots to Torture Telemarketers: AI software and voice cloners simulate distracted saps willing to stay on the phone forever—or until callers finally give up. (Wall Street Journal)
• Why Canada’s wildfires will affect air quality for weeks to come: Canada’s fire season is especially bad, and it could lead to smoke drifting southward for the rest of the summer. (Vox)
• The Man Who Broke Bowling: Jason Belmonte’s two-handed technique made him an outcast. Then it made him the greatest—and changed the sport forever. (GQ)
Be sure to check out our Masters in Business interview with Ilana Weinstein, founder and chief executive officer of IDW Group, the top recruiter of fund managers and traders for many of the largest hedge funds. She previously worked at Goldman Sachs and Boston Consulting Group, and holds degrees from the University of Pennsylvania and Harvard Business School.
A $100 Billion Wealth Migration Tilts US Economy’s Center of Gravity South
Source: Bloomberg
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