My Tuesday morning train WFH reads:
• The Stock Market Has a Real Problem—a Real Yield Problem: Real yields—adjusted for inflation—have been steadily climbing as rates rise and inflation decelerates. The yield on 10-year U.S. Treasury inflation-protected securities was negative until May of last year. It touched 2% on Friday, its highest level since 2009. That’s an attractive-enough after-inflation yield for many investors, and it presents more competition for stocks, especially those with high valuations. (Barron’s) see also The Real Ownership Economy: bring back baby bonds (Kyla Scanlon)
• Jackson Hole Is Powell’s Big Moment. What to Expect. The chairman’s speech must walk a fine line between optimism and caution in assessing the central bank’s inflation flight—and the future. (Barron’s)
• New York and California Each Lost $1 Trillion When Financial Firms Moved South: For the first time, hard data shows the scope of the upheaval (Bloomberg) see also A Bright Spot in Commercial Real Estate: Retail Shops: New store openings remain strong, overcoming inflation and interest-rate challenges. (WSJ)
• Letter to a Young Crypto Enthusiast (or the Merely Curious): An ever-growing number of young people, males in particular, have bought cryptocurrencies. Here’s some advice, without the finger-wagging. (New York Times)
• Why China’s economy ran off the rails: A short, simplistic, but fairly reasonable story. (Noahpinion) see also The End of China’s Economic Miracle: How Beijing’s Struggles Could Be an Opportunity for Washington (Foreign Affairs)
• Next slide, please: A brief history of the corporate presentation: From million-dollar slide shows to Steve Jobs’s introduction of the iPhone, a bit of show business never hurt plain old business. (MIT Technology Review)
• A study on “honesty pledges” became famous. Its data was fake: Big Think covered the 2012 study shortly after it was published. We are now correcting the record. (Big Think)
• The ‘World’s Happiest Man’ Shares His Three Rules for Life: Matthieu Ricard is an ordained Buddhist monk and an internationally best-selling author of books about altruism, animal rights, happiness and wisdom. His humanitarian efforts led to his homeland’s awarding him the French National Order of Merit. (Ricard’s primary residence is a Nepalese monastery.) He was the Dalai Lama’s French interpreter and holds a Ph.D in cellular genetics. In the early 2000s, researchers at the University of Wisconsin found that Ricard’s brain produced gamma waves — which have been linked to learning, attention and memory — at such pronounced levels that the media named him “the world’s happiest man.” (New York Times)
• Abortion Is Inflaming the GOP’s Biggest Electoral Problem: Ohio showed how abortion is weakening the Republican Party’s position in the nation’s largest metro areas. (The Atlantic) see also It’s Not Reagan’s Party Anymore: Ronald Reagan’s “three-legged stool” coalition supported the G.O.P. for decades. Our latest poll leaves little doubt that Donald J. Trump has put an end to that era. (New York Times)
• Arnold Schwarzenegger and the Art of Re-Invention: The icon’s greatest financial film success came from his riskiest bet: the comedy “Twins”. (SatPost by Trung Phan)
Be sure to check out our Masters in Business with legal scholar Cass Sunstein, who founded and leads Harvard Law School’s program on behavioral economics and public policy. He authored several books, including the bestselling “Nudge: Improving Decisions About Health, Wealth, and Happiness.” (written with Nobel Laureate Richard Thaler) and the New York Times best-seller “The World According to Star Wars.” His new book is “Decisions about Decisions: Practical Reason in Ordinary Life.”
Linear TV Viewing Drops Below 50% of U.S. Television Usage for First Time, Streaming Hits Record High
Source: Variety
