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My back-to-work morning practice WFH reads:
• Is a Recession Coming? Higher Examine Males’s Underwear Gross sales. Champagne flows, lipstick gross sales, Eating out developments, library exercise, Lipstick gross sales and Males’s underwear, and French fry gross sales every present a bit perception. (Barron’s)
• Goodbye to the Prophets of Doom: The standard knowledge in regards to the world economic system is that the wealthy have been getting richer and the poor have been getting poorer. What if that isn’t true? (The Atlantic)
• Gradual-burning Minsky moments — Or Montier moments? We appear to reside in an period of rolling monetary disaster. I think that is the results of an enormous build-up of personal sector debt. Generally these build-ups are accompanied by very excessive charges of credit score progress, giving rise to a credit score bubble. On different events, these build-ups sit simmering within the background, largely unnoticed till the proverbial s**t hits the fan, after they all of the sudden act as an amplifier inflicting a a lot steeper decline than would in any other case have been the case. I name these systemic vulnerabilities “sluggish burn Minsky moments.” Sadly, most markets seem to hold the fingerprints of those moments as we speak. (Monetary Instances)
• HGTV is making our properties boring and us unhappy, one examine says: A pair of professors discovered that residence renovation media leads householders to brighten for the plenty, not for their very own happiness. (Washington Submit)
• Threads Is About to Make All of the Cash That Twitter Isn’t: Advertisers are already clamoring to spend huge on Meta’s new social community. (Slate) see additionally Does Threads Pose an Existential Risk to Twitter? Elon Musk’s Twitter isn’t enjoyable; Twitter’s swan music (possibly) (Younger Cash)
• Tortoise Property Planning—One Chore of Having a Pet That Lives 100 Years: Extra persons are placing their desert tortoises, and different long-living animals, of their wills. Can the grandkids take ‘Jebediah?’ (Wall Road Journal)
• Rebuilding Ukraine Is an Act of Resistance: Russia’s invasion has triggered $1 trillion of injury. Know-how can be on the coronary heart of Ukrainian restoration from the battle (Wired)
• Why Do So Many Folks Nonetheless Assist Donald Trump? Folks will vote for Donald Trump in 2024 for a lot of completely different causes, however foremost amongst them: They imagine he stands for what they need and he’s the very best individual out there to get it for them. That are completely good causes for voting for somebody. On this case, nonetheless, his enthusiastic supporters are keen to ship a vengeance-driven, delusional autocrat into the White Home to get what they need. A person who will know a lot better than he did in 2016 easy methods to wield the huge powers of the presidency to deprave and in the end destroy America’s democracy. And in so doing put the opposite democracies on the planet on quaking floor. (The Authoritarians)
• The Mango Is King of the Miami Summer time: Those that sweat and endure by means of June and July in South Florida are rewarded with mangoes blushing from timber in yards, streets and strip malls.. (New York Instances)
• If Shohei Ohtani Will get $600 Million, He Ought to Thank Satchel Paige: Black baseball gamers built-in White leagues and introduced with them a unique philosophy that helped shift the facility dynamics between groups and expertise. (Bloomberg)
Make sure to try our Masters in Enterprise subsequent week with Tom Wagner, Co-Portfolio Supervisor at Knighthead Capital. The $10 billion event-driven is a deep value-focused investor specializing in corporations that want monetary and operational restructuring. He’s a co-investor with soccer legend Tom Brady in a number of sports activities property, together with a Pickleball workforce, Birmingham Metropolis FC within the English Soccer League, and an endurance auto racing workforce. Wagner started his profession doing hedge fund accounting at Ernst & Younger.
Q2 2023 Bond Market Efficiency
Supply: Morningstar
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