My mid-week morning plane reads:
• The Fed Matters Less Than You Think: Listen, I’m not saying the Fed’s rate hikes had no bearing on inflation. It certainly helped slow hot sectors of the economy like the housing market. But their actions have mattered far less than you think during this bizarre pandemic-induced economic cycle. (A Wealth of Common Sense)
• The Takeaways Two Years After ‘Transitory’ Timed Out: Whether or not you choose to use that word, price pressures weren’t permanent. (Fisher Investments) see also Transitory Is Taking Longer than Expected. Most CPI price increases are less likely to be structural, and more likely part of the “Demand Shock” caused by the combination of momentary stimulus, a 4 trillion dollar fiscal stimulus, and the supply snarls due to increased goods consumption and post-lockdown re-openings. (The Big Picture)
• Home Prices Are Historically High Next to Rents. Don’t Panic. The ratio is well above the levels that preceded the last housing crash. But there might be extenuating circumstances. (Bloomberg)
• Vibes vs. data It’s asymmetric warfare out there. (Noahpinion)
• The first results from the world’s biggest basic income experiment: Money always helps, but for the very poor, one lump sum can last a long time. (Vox)
• Why Private Credit Is So Darn Popular: Yields are high, and well-fixed institutions back them, but what happens in a recession? (Chief Investment Officer)
• It Could Be a Vast Source of Clean Energy, Buried Deep Underground: In eastern France, and in other places around the world, deposits of natural hydrogen promise bountiful power. But questions remain. (New York Times)
• ‘How do you reduce a national dish to a powder?’: Inside the surprisingly secretive world of crisp flavours: Why can you buy lasagne flavour snacks in Thailand but not in Italy? Which country can cope with the hottest chilli? And why do Germans like paprika so much? (The Guardian)
• ‘In the Court of the Crimson King’ Review: 50 Years of Off-Kilter Rock: Toby Amies’s documentary dives into the history of the British progressive rock band King Crimson and its chief disciplinarian, Robert Fripp. (New York Times)
• He Plays the NFL’s Least Valued Position. He’s Never Been More Valuable. San Francisco 49ers running back Christian McCaffrey is defying modern thinking—and explains why his team is the favorite to win the Super Bowl. (Wall Street Journal)
Be sure to check out our Masters in Business interview with Michael Fisch, CEO and co-founder of American Securities, a $27-billion dollar private equity firm that traces its roots to the Sears IPO. The firm uniquely partners with acquisition targets, retaining management for the duration.
The Pursuit Of Happiness
Source: Chartr
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