My end-of-week morning train WFH reads:
• The scientific reason why you can’t stop going to Disneyland: To say a lot of people flock to Disneyland and Walt Disney World doesn’t do the mass migration justice. Each year, people descend upon the parks by the tens of millions, and many of them don’t fund the increasingly expensive experience by using their savings alone. Disney die-hard Maddy Thompson of Phoenix says her husband once got a second job to pay for her self-described “Disney addiction.” (L.A. Times)
• America’s Missing Empty Homes: Housing Vacancy Rates are at Historic Lows—Signaling an Extremely Supply-Constrained Market. (Apricitas Economics) see also America’s Biggest Landlords Can’t Find Houses to Buy Either: Higher rates and few properties for sale have slowed Wall Street’s home buying. (Wall Street Journal)
• AI is a turbo-charger for the $1.4tn side hustle economy, apparently: The future contains multitudes. (Financial Times)
• Can Private Equity Be … Nice? The incoming owners of Simon & Schuster are giving employees a stake in the publisher. Is it corporate whitewashing, good capitalism, or both? (Slate)
• Why permabears seem right even when they’re wrong: For many, it’s the same financial outcome regardless of whether the bears are right or wrong. (TKer)
• This Spanish city has been restricting cars for 24 years. Here’s what we can learn from it: Pontevedra, Spain, offers some of the best evidence available about what happens when a city is reconfigured to accommodate people, rather than cars. (Fast Company)
• The ocean is rising — and so is Miami’s skyline: The coastal city wants to build its way out of climate change. Is that smart? (Vox)
• Can’t Sleep? Try This Proven Alternative to Medication. Cognitive behavioral therapy for insomnia is considered the most effective treatment for people who continually struggle to fall or stay asleep. (New York Times)
• The Covid Bump: The coronavirus has long since lapsed as a primary concern for most Americans. Can we make progress on a problem when so few seem to care? (New Yorker)
• Deion Sanders Isn’t Just a Winning Coach. He’s a Merch Machine. ‘If you look good, you feel good,’ according to Coach Prime as he leads Colorado’s football team to a shocking undefeated start to the season. (Wall Street Journal)
Be sure to check out our Masters in Business this weekend with Armen Panossian, incoming Co-CEO and Head of Performing Credit at Oaktree Capital Management, where he oversees all performing credit 2019 at Oaktree. Previously, he was at Pequot Capital Management managing distressed debt strategy.
At this stage of the market cycle, there is a compelling risk-reward picture for owning bonds
Source: @TimmerFidelity
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