My end-of-week morning train WFH reads:
• Why Does Everything Feel Like a Scam?: Hanna Horvath on the corrosive effect of price opacity. When you no longer know what anything is supposed to cost, every transaction starts to feel like a con. (Hanna Horvath)
• The bond market is signaling trouble ahead. This is why you should pay attention: Bond prices are falling these days because investors are mainly concerned about two things. First, that rising inflation is making the bonds they are holding worth less. And second, that the U.S. government, under successive presidents, has had a habit of spending more money than it collects in taxes. Imagine suffering a pay cut without trimming back your expenses. (NPR) see also The Treasury Market’s Coveted Status as a Safe Haven Is Fading: Two new studies find signs investors aren’t as willing to accept low yields because of Treasurys’ safety. Greg Ip on two new studies finding that investors are no longer as willing to accept low yields in exchange for the safety of Treasurys. Treasurys are used to price, hedge, and collateralize countless transactions in unrelated markets — which is why the erosion matters well beyond the bond desk. (Wall Street Journal)
• The Index Fund Turns 50: How Jack Bogle Changed Investing Forever: Vanguard’s pioneering S&P 500 fund was once mocked as ‘Bogle’s folly.’Allan Roth marks the August 31 anniversary of the first publicly available S&P 500 index mutual fund, launched in 1976 by an upstart named Vanguard. All share classes of that fund now hold $1.67 trillion. (Morningstar)
• Read the Minutes, Fade the Presser: Warsh’s explanation of the July hold was not the Committee’s. Heading into September, the FOMC minutes have the reaction function that matters. Claudia Sahm on the gap between the July FOMC minutes and what was said in the press room three weeks ago. With the statement, the presser, and now the minutes, we have a fairly complete picture of Kevin Warsh’s second meeting as Chair — and it is an unusual one. (Claudia Sahm)
• When “Serving the Seller” Means Serving Yourself Twice: Commission capture over seller preference, consumer be damned. Jonathan Miller on Compass’s “Three Phase Marketing Plan” and Robert Reffkin’s August 4 earnings-call remark about agents getting their own buyers. Compass’s own data reportedly shows dual agency happens 72% more often off-market. (Housing Notes)
• Silicon Valley Executives Are Tech Fans. Just Not for Their Own Kids. At home, moderation and restraint are the rule for tech parents. Boredom is exalted. Maybe they’re onto something. David Streitfeld on the blunt verdict from court cases in California, Kentucky, and New Mexico. One of the Valley’s signature products now carries all the allure — and the lawsuits — of cigarettes circa 1990. (New York Times)
• New Drone Unit to Be Phased Out as Hegseth’s Army Pick Makes His Mark: Gen. Christopher LaNeve takes aim at a cutting-edge drone unit, one of several moves he has made since taking over the Army. The Army is dismantling the drone assault battalion it stood up in Europe in January, one of several moves by Gen. Christopher LaNeve since taking over. (Wall Street Journal)
• ‘With All My Heart, Natalie.’ Trump’s Most Devoted Aide Emerges: Maggie Haberman on Natalie Harp, always at the president’s side, and the unanswered question of what exactly she does. (New York Times) see also How Trump’s Ever-Present Executive Assistant Became the Talk of Washington: The 35-year-old aide has become an object of fascination and a target of political debate on both the left and the right. (Wall Street Journal)
• Stolen Masterpieces Worth $10 Million Discovered in a Cardboard Box, Months After Thieves Snuck Into a Museum and Whisked Them Away Into the Night: The artworks by Cézanne, Renoir and Matisse disappeared in a three-minute heist earlier this year. Now, police have arrested five suspects in connection with the burglary in northern Italy Ellen Wexler on the Cézanne, Renoir, and Matisse that vanished from a northern Italian museum in a three-minute heist earlier this year. Five suspects are now under arrest. (Smithsonian)
• A Monday With Brad Pitt: The dogs are shoving their noses through his knees and clawing at the glass door, and the entryway is all plate glass, so the whole scene is visible from outside. The 62-year-old has lived a singular life. He resides in the top 1 percent of the top 1 percent of all movie stars, not only today but ever, as measured by any metric you like, including intrigue. What does he have to say about all of it? (Esquire)
Video of the day: The Lexus LS 400 Happened When The Government Tried To Protect Detroit
Be sure to check out our Masters in Business this weekend with Alex Morris of TSOH Investment Research. He is the author of “Buffett and Munger Unscripted: Three Decades of Investment and Business Insights from the Berkshire Hathaway Annual Shareholder Meetings.” The book was named one of Amazon’s “Best Books of 2025.” To write it, he reviewed every Berkshire annual meeting from 1994 through 2024 — 100s of hours of video covering more than 1,700 shareholder questions over 31 years — after Berkshire released the meeting archives.
Stock-Picking Funds Are Performing as Poorly as Ever
Source: Wall Street Journal
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