My back-to-work morning train WFH reads:
• The 18 hours that changed Trump’s mind on trade: From Tuesday evening to Wednesday afternoon, Trump and his trade advisers spoke to several Republican lawmakers and top foreign leaders who raised concerns about the faltering global markets. (Washington Post)
• When the Bond Market Panics Like This… Trump’s global tariff war has wiped out more than $5 trillion in equity-market value. But, as always, the most reliable clue about what’s heading our way is the bond market. Buckle up… (Puck) see also The Fed Isn’t Rushing to Save the Markets… This Time With stocks in a steep decline and tariffs inducing recession jitters, the patience of investors may be tested. (New York Times)
• Misbehaving in a Volatile Market: Volatility is heightened right now. We have volatility in markets, government policy, trade and supply chains, which translates into emotional volatility. (Wealth of Common Sense)
• Vertigo: Preparing for Equity Drawdowns. Drawdowns are inevitable. They will hurt. Five ruminations ahead of time to remove (a bit of) the sting. (Man Group)
• Tim Cook’s ‘Long Arc of Time’ Prepared Apple for the Trade War: The CEO managed to help the iPhone avoid another U.S. battle with China. (Wall Street Journal)
• As new real estate listings rules take effect, will buyers and sellers benefit? It allows owners to offer their homes for sale in more limited, private ways than simply listing on the broad marketplaces known as multiple listing services. NAR says it was developed in response to seller demand for such an approach. But many industry professionals say very few sellers actually ask for such an option but are instead steered to it by brokers, who stand to benefit from keeping listings semi-private and shared among their own client networks. (USA Today)
• Good Explainer: Trump’s Focus on Trade Deficit Bewilders Economists. Behind Trump’s new tariffs is a goal that is as ambitious as it is unrealistic: eliminating the bilateral trade deficit with every U.S. trading partner. (New York Times)
• PR campaign may have fuelled food study backlash, leaked document shows: Eat-Lancet report recommended shift to more plant-based, climate-friendly diet but was extensively attacked online. (The Guardian)
• The West is bored to death: Our nihilistic politics are a product of the crushing ennui and spiritual vacancy of modern life. (New Statesman)
• ‘The White Lotus’: Walton Goggins Knows It Had to End This Way: (Spoilers!) “I realized that there was really no other conclusion,” the actor said in an interview on Monday about the season finale. (New York Times) see also Why Wasn’t Anyone Traumatized in the ‘White Lotus’ Finale? After a violent climax to the third season of the hit HBO show, everyone seems A-OK. Was it a Hollywood ending, or a natural trauma response? Listen.(New York Times)
Be sure to check out our Masters in Business this week with Tony Yoseloff, Managing Partner and Chief Investment Officer at the $35 billion Davidson Kempner. He is Chairman of the New York Public Library’s endowment, sits on the Board of Trustees of Princeton and the Board of Directors of its endowment, and is Vice Chair of the investment committee at New York-Presbyterian.
Crisis Consensus: The Mandate-Overreach Cycle
Source: Bruce Mehlman
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