My back-to-work morning train WFH reads:
• Too darn f*****g hot: Hybrid Economics on the economics of extreme heat — the productivity losses, infrastructure strain, and adaptation costs that are becoming a permanent line item in the global economy. Unusually hot weather is bad for you, your temper, your economy and your business. Climate change means you’re going to get lots more of it. (Half Macro Half Climate)
• Warsh: “We’re Sticking With It” … Until January: Stay-At-Home Macro decodes the Fed chair’s latest — the commitment language has an expiration date, and the January pivot is already being priced. (Stay-At-Home Macro) see also Bond markets flinch at Fed’s non-guidance: Semafor on the market reaction — the refusal to guide is itself a signal, and the bond market doesn’t like what it’s hearing. (Semafor) see also Trying to make sense of Warsh: Abdicating responsibility or fortifying the markets with anti-fragility serum? (Financial Times free)
• When and How Asset Location Matters: New Vanguard research finds that strategically placing assets across account types can add up to about 0.3% annually in after-tax returns — meaningful, though still secondary to allocation itself. (Vanguard)
• Almost nobody wants this SEC change: Individual investors overwhelmingly oppose the Securities and Exchange Commission’s proposal to ease the requirement that companies release quarterly financial reports.. (Axios)
• Here Comes the Next Wave of GLP-1s. They’ll Treat a Lot More Than Obesity. This blockbuster class of drugs is shattering all sales records. Which stock will do better—Eli Lilly or Novo Nordisk? (Barron’s)
• Could the Most Radical Plane Design Since the Concorde Take On Boeing? JetZero’s blended-wing aircraft just got a major boost from Washington: a $3 billion preliminary deal to help start production. The blended-wing body is finally getting a serious commercial shot. The Wall Street Journal on the startup betting it can break the Boeing-Airbus duopoly with physics. Since the Concorde Take On Boeing? (Wall Street Journal)
• Character Study: The burgeoning field of fiction character biographies. The Los Angeles Review of Books on the strange genre of fictional character biographies — the books that treat Shakespeare’s creations, Hannibal Lecter, and Juliet as subjects with lives beyond their texts. Lee Konstantinou on the burgeoning field of fiction character biographies — full-dress lives written for Juliet, Hannibal Lecter, and Bigger Thomas. (Los Angeles Review of Books).
• A Small Band of Socialists Is Sowing Panic in the Democratic Party: Once a fringe wing, the movement is wielding surprising political power, capitalizing on popular discontent. Mainstream Democrats see a ‘fundamental threat.’ The Wall Street Journal on the DSA wing’s midterm leverage — Mamdani’s coalition is small, but it’s terrifying the party establishment out of proportion to its size. (Wall Street Journal)
• Donald Trump Holds The White House Press Corps Hostage: As an AI Thomas Jefferson delivered a lecture on the freedom of the press, Trump warned journalists “When I’m gone, you’re all gonna be broke.” Vanity Fair on the Correspondents’ Dinner aftermath — the press corps’ impossible position between access journalism and complicity. (Vanity Fair)
• Breakfast is Included: On the hotel breakfast buffet: This is why the breakfast room is the most honest place in any hotel. (Scott Monaco)
Video of the day: The Key CEO Traits Investors Are Missing | Kara Swisher
Be sure to check out our Masters in Business interview this weekend with Som Seif, founder/CEO of Purpose Unlimited, a Toronto-based asset manager launched in 2012. He grew his first firm, Claymore Investments to $8B in assets by creating 34 ETFs in Canada over 6 years, including the creation of the first bitcoin ETF, establishing it as Canada’s leader in low-cost exchange-traded funds. Claymore was sold to BlackRock in 2012. He co-founded Wealthsimple that year, which became the default investing app for a generation of Canadians. His current wealth management firm, Purpose, was founded at the end of 2012, and manages $31 billion in ETFs, mutual funds, alternatives, private assets, and digital assets. Som was named to Canada’s Top 40 Under 40 in 2011.
The Dollar’s Hidden Dependence on the AI Trade
Source: Apollo
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