10 Wednesday AM Reads

My back-to-work morning train WFH reads:

• The Stock Market is Our Mona Lisa: Apple is our Colosseum. Microsoft is our Taj Mahal. Google is our Sistine Chapel. Amazon is our Notre-Dame. Nvidia is our Eiffel Tower. (A Wealth of Common Sense)

• Black Investors Are the Biggest New Group of Stock Buyers: Mobile apps, social media and word-of-mouth are reshaping the makeup of the market.  (Wall Street Journal)

• Call it ‘Swiftonomics’: How Taylor Swift brought a gold rush to Kansas City. The Economic Development Corporation of Kansas City estimates that Taylor Swift’s Eras Tour this summer had an economic impact of $200 million. Then Swift kept coming back to the city because of her relationship with Travis Kelce. Local business owners and even the city’s tourism board say they’re reaping the benefits. (KCUR)

• Want to Understand 2024? Look at 1948. Americans were angry with Truman because of high prices in the aftermath of World War II, even as other economic signals looked promising. (New York Times)

• The Businesses That Rescued America From Inflation, Recession, Lost Jobs: From oil drillers to chip makers, businesses responded to soaring prices by boosting supply, which cooled inflation without a recession or high unemployment. (Wall Street Journal)

• The Hidden World of Undersea Cables: The internet largely runs beneath the oceans. Here’s how it works—and why it matters. (The Garden of Forking Paths)

• 7 Things A Happiness Scientist Taught Me About Finding More Joy: Happiness, in other words, isn’t something that just happens, or even purely circumstantial. It involves homework and awareness. Practice. So, let’s begin. (Vogue)

• New York City Is a Lot Safer Than Small-Town America: Rising homicide rates don’t tell the whole story. When you dig deeper into data on deaths, you’ll find the more urban your surroundings, the less danger you face. (Bloomberg)

• Why Wasn’t Trump Quickly Arrested in Classified Docs Case? We catalog the swift justice meted out to others caught hoarding secret documents, showing Trump’s unprecedented kindly treatment by the feds. (Spy Talk)

• ‘Doctor Who’ Welcomed Its 15th Doctor. Here’s How He Stacks Up. As Ncuti Gatwa makes his proper debut, we take a look back at the recent history of those to inhabit the TARDIS. (New York Times)

Be sure to check out our Masters in Business with Cathy Marcus, co-CEO, global COO of PGIM Real Estate. She develops and leads the company’s global strategy, and is responsible for overseeing business and investment operations globally. Marcus is also co-chair of the board of directors of RealAssetX, PGIM Real Estate’s innovation lab aimed at accelerating advancement in the real assets industry. Previously, she was Senior Portfolio Manager for PGIM Real Estate’s flagship core equity real estate fund. She was named one of Barron’s 100 Most Influential Women in U.S. Finance in 2023

Record-high $6T in money market accounts is a tailwind to equities, credit, and rates, and the economy

Source: Torsten Slok, Apollo Global Daily Spark

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