My mid-week morning Plane reads:
• A Generational Change: People view bonds as competition for stocks as a bad thing. But it’s not.(Irrelevant Investor) see also Stocks Crush ‘Year of Bond’ in Biggest Sentiment Shift Since ‘99: Fixed income underwhelms as Teflon economy strands bears More than half of JPMorgan clients now see no recession. (Bloomberg)
• Local Malls, Stuck in ‘Death Spiral,’ Plunge in Value Crystal Mall in Connecticut, worth $150 million in 2012, recently sold for $9.5 million. (Wall Street Journal)
• India Shines as Investment Draw, at China’s Expense: The world’s most populous nation is enjoying a stock market surge and appears poised for further investment. (Chief Investment Officer)
• X will never be the “Everything App” but Uber might: “While Elon Musk fantasizes about the possibility of Twitter users turning over their financial information to his demented fighting pit circus, Uber has already laid the groundwork to actually become the “Everything App” that “X” will never be. Uber has a ten-year head start technologically, a massive user base (that is actually paying money) and a revenue base across which to spread the cost of this vision.” (Reformed Broker)
• A funny thing happened along the way to recession. Does Q2 GDP Cancel the Recession? (FI) see also Economist Behind Popular Recession Gauge Worries She Created a ‘Monster’ Claudia Sahm thinks her eponymous rule may fail this time, meaning the US may dodge a downturn even if unemployment goes up modestly. (Businessweek)
• Elon Musk Is Finally Cracking Tesla’s Invincibility Shield: Some drivers are expressing buyer’s remorse—if not by selling their Teslas, then at least with an apologetic bumper sticker. (Slate)
• New evidence that we’re solving more murders: Is the great decline in homicide clearance rates all a big misunderstanding? (Slow Boring)
• How Facebook does (and doesn’t) shape our political views: Four long-awaited studies paint a muddy picture of social media’s impact on public opinion. (Platformer)
• Ukraine war: ‘People call us the Ghosts of Bakhmut’ Ukrainian forces are trying to retake the city of Bakhmut in the country’s east. The BBC was given exclusive access to a team of elite snipers, referred to as “the Ghosts of Bakhmut”, who are conducting night raids nearby. (BBC)
• How ‘American Graffiti’ Invented Classic Rock (and Changed My Life) My favorite George Lucas film turns 50 today, and I love it for the soundtrack—but for a whole lot more. (Honest Broker)
Be sure to check out our Masters in Business this week with Liz Hoffman, Liz Hoffman, the Business and Finance Editor at Semafor. Previously, she was a senior reporter at Wall Street Journal covering finance, investment banking and M&A. Following a string of front-page articles on Goldman Sachs push into Main St, and the travails of the world’s largest VC, she moved to Semafor. Her new book is Crash Landing: The Inside Story of How the World’s Biggest Companies Survived an Economy on the Brink.
Lost returns from listening to esteemed, perennial doomsayers
Source: JPMorgan via Steve Kelly
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Note: Ritholtz Reads will be off the grid, traveling Thursday and Friday without access to internet; we will return this weekend…
