My back-to-work morning train WFH reads:
• October Almanac: Bear-Killer, Bargain Month, Turnaround Month: Seasonally Speaking, October is the time to buy stocks, especially late October and especially tech stocks and small caps. October can evoke fear on Wall Street as memories are stirred of crashes and massacres. We use the term “Octoberphobia” to describe the phenomenon of major market drops occurring during the month. Market calamities can become a self-fulfilling prophecy, so stay on the lookout. (Almanac Trader)
• This Time Really Is Different for the Economy. Just Look at the Job Market’s Confounding Strength. Unemployment remains near historic lows even after the Fed’s aggressive rate hikes. What’s behind the job market’s resilience—and why it could last. (Barron’s)
• What China’s economic problems mean for the world: There is a saying that when the United States sneezes, the rest of the world catches a cold. But what happens when China is unwell? (BBC)
• Perceived Value: When essentially the same item is sold at different prices, framing matters — a lot — to how it is perceived. But there is more than quantity demanded and quantity provided. Perceived value (in the eye of the buyer) is one example, as Thaler’s thought experiment illustrates: in town, people might walk past the posh hotel until they find a more affordable beer, but on a hot summer’s day on the beach, they are prepared to dig deep into their pocket, because the perceived value of cold beer in that situation is high. (Medium)
• A $12 Million Request to Cover a Crypto Scam Sank a Bank: CEO Shan Hanes ran Elkhart’s Heartland Tri-State Bank. When he asked to borrow a hefty sum from a wealthy farmer, it was the beginning of the end. (Businessweek)
• New York is breaking free of Airbnb’s clutches. This is how the rest of the world can follow suit: The company is calling it a ‘de facto’ ban – and it could reshape the housing market in residents’ favour. (The Guardian)
• Conspicuous Destruction: Two new books argue that the private equity industry has created an economic order in which getting rich quickly preempts every other value, undermining companies and evading the law. (New York Review of Books)
• Drones Everywhere: How the Technological Revolution on Ukraine Battlefields Is Reshaping Modern Warfare: New systems eliminate surprises, make it harder to gain ground in armored assaults. (Wall Street Journal)
• Nothing’s the Matter With Antimatter, New Experiment Confirms Consider it good news, physicists say: “The opposite result would have had big implications.” (New York Times)
• The End of Privacy is a Taylor Swift Fan TikTok Account Armed with Facial Recognition Tech: A viral account is using off-the-shelf facial recognition tech to dox random people on the internet for the amusement of millions of viewers. One victim said they “felt a bit violated really.” (404 Media)
Be sure to check out our Masters in Business with Gary Cohn, Assistant to the President for Economic Policy and Director of the National Economic Council from 2017-2018; he was President and Chief Operating Officer of The Goldman Sachs Group from 2006-2016. Currently, he is Vice Chairman of IBM.
The Federal Government’s Direct Payroll Hasn’t Grown Much in 50+ Years
Source: Chartr
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