My back-to-work morning train WFH reads:
• The Cascade: The war’s secondary effects have crossed a threshold. They are no longer consequences. They are independent crises with their own momentum, and most of them will not stop when the bombing stops. (The Omission) see also Why isn’t the stock market freaking out more over the Iran war? Here’s why: History tells us that geopolitical events like the launch of military actions tend to rattle the securities markets in the short term, investors eventually shift to the long view, assuming that these conflicts will eventually be resolved and the door reopened to bullish sentiment. (Los Angeles Times)
• The State of the (Bonkers) ETF Market: The ETF industry just had its wildest quarter ever—new launches, record flows, and a geopolitical backdrop that scrambled every playbook. Bonkers is the right word. (ETF.com)
• In Batteries We Trust: Krugman argues that oil futures are still too cheap given where energy markets are headed. The battery revolution is real, but the transition is messier than anyone wants to admit. (Paul Krugman)
• Microsoft closes worst quarter on Wall Street since 2008 on AI concerns: ‘Redmond is in a pickle’ Concerns about the company include the return on investment for artificial intelligence build-outs and the adoption of Copilot. Microsoft’s earnings multiple hasn’t been this low since the fourth quarter of 2022, when OpenAI introduced ChatGPT. (CNBC)
• Dispatch from the permanent underclass, April 3rd, 2029. Jack Raines takes a hard look at the Americans who’ve been left behind by every recovery. The permanent underclass isn’t a bug in the system—it’s a feature. Come with me on a journey… (Young Money)
• How the Midwest Became the Place to Move: Flyover country is becoming move-to country. As the Sun Belt cools off and housing costs surge on the coasts, the Midwest is having its moment. It’s (mostly) about affordability. (The Atlantic) see also Private equity house views 2026. Uncertainty surrounding inflation, economic growth, and interest rates remains high. (Stepstone)
• America Now Has an EV Rust Belt. High Gas Prices Won’t Rescue It. GM supplier Magna is stuck with a plant built to churn out parts for battery-powered pickups; the $575 million EV parts factory in Michigan sits mostly empty. The auto industry’s pullback on EV investment has created a new kind of industrial wasteland; ‘the magnitude of uncertainty is unparalleled.’ (Wall Street Journal)
• I broke up with my Kindle. My new e-reader treats me better. After Amazon’s Kindle removed my ability to download and back up my own e-books, I went in search of an alternative. (Washington Post free)
• How A.I. Helped One Man (and His Brother) Build a $1.8 Billion Company: Who needs more than two employees when artificial intelligence can do so many corporate tasks? It’s super efficient — and a little bit lonely. (New York Times)
• Iran War Showcases Strength of South Korean Defense Sector: Missile interceptors made by the South Korean firm LIG Nex1 are said to be performing well, at a small fraction of the cost of U.S. interceptors. The Iran war is turning Seoul into the world’s defense industry darling. (New York Times)
Be sure to check out our Masters in Business next week with Songyee Yoon, founder and managing partner of Principal Venture Partners, an AI-focused investment firm established in 2024, and since 2025 a member of the board of directors of HP.
Energy’s share in consumer spending was just 4% as of Jan 2026
Source: Aditya Bhave, BofA Research
Sign up for our reads-only mailing list here.
