My morning train WFH reads:
• Trump’s First 100 Days Leaves S&P 500 With Worst Drop Since 1974: He promised a markets boom. 100 days in, Stocks have only seen damage. (Bloomberg)
• Traffic at the Port of Los Angeles set to plunge amid tariffs: Arrivals will drop by 35% as essentially all shipments out of China for major retailers and manufacturers have ceased, and cargo coming out of Southeast Asia locations is much softer than normal,” according to Executive Director Gene Seroka for the Los Angeles Board of Harbor Commissioners. (Los Angeles Times). see also Trump’s Tariffs Are Coming for Your Chili Crisp: What will happen to the Chinese grocery store? (The Atlantic) see also Product shortages and empty store shelves loom with falling shipments from China: Businesses have been canceling orders for products from China after Trump imposed a 145% tariff on most Chinese imports, risking product shortages for American consumers. (NBC)
• A Reckoning for the Magnificent Seven Tests the Market: Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla are collectively off to their worst start since the 2022 slide, worrying investors… even after a rally this past week, the Magnificent Seven are off to their worst start to a year since the 2022 slide… Each stock has fallen more than 6.5%, and they have collectively lost $2.5 trillion in market value.” • (Wall Street Journal)
• Who Will Be the Next Larry Fink? Fidelity and GSAM are among the managers using an emerging approach to active that could be as disruptive as BlackRock’s deal for iShares. (Institutional Investor)
• Star Stock Pickers Must Now Beat Their Clones: Investors today can pick low-cost ETFs that follow the strategies of successful fund managers such as Will Danoff. (Bloomberg)
• The bubble that created Trump is the reason he’s stumbling: The White House is now a bubble where loyalty, not ability, defines success. (Washington Post)
• Apartments for Rent in a Former Office, but You Have to Live in Midtown: The developer behind transforming Pfizer’s former headquarters in Midtown Manhattan into about 1,600 apartments is hoping young people won’t care about the area’s lack of a neighborhood. (New York Times)
• How to have friends past age 30: A quick and simple guide. Individual friendships are great. But most people don’t just want one-on-one interactions — we want a gang of friends who all hang out together. (Noahpinion)
• Which cities have the most trees? See how yours stacks up. Why some U.S. cities are so much greener than others. (Washington Post)
• Damian Lillard’s Cruel Injury Spells the End for the Bucks—and Giannis: A devastating injury has boxed Milwaukee into an unenviable corner. As painful as it might be, the writing is on the wall. It’s time to trade Giannis Antetokounmpo this summer. (The Ringer)
Be sure to check out our Masters in Business this week with Jeff Becker, Chairman and CEO of Jennison Associates (a division of PGIM). The firm was founded in 1969. Prior to joining Jennison in 2016 as CEO, Becker was CEO of Voya Investment Management.
Trump Promised a Markets Boom. 100 Days In, Stocks Have Only Seen Damage.
Source: Bloomberg
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