10 Friday AM Read – The Big Picture

My weekend morning the train WFH reads:

For diving FAANG stocks, it’s the end of an era: Five FAANG stocks are on track for their worst concurrent losses ever, far from their late-2021 highs. Stocks—Facebook’s core meta platform, Apple, Amazon, Netflix and Google parent Alphabet—posted double-digit declines for the first time this year. The latest batch of earnings results revealed their changing fortunes and in some cases dragged them down for the year. (Wall Street Journal)

Which asset class is more attractive right now: stocks or bonds? Losing money but I like to see bear markets as an opportunity. And with both stocks and bonds down big this year, there’s no shortage of opportunities right now. (Common Knowledge Resources)

Home prices are finally starting to come down – especially in California: No one is sure why home prices are falling so fast west of the Rockies (full stack economy)

What the Bank Stock Rally Says About Wall Street: A strong batch of earnings has driven bank stocks in recent days, but investors are more cautious about the outlook for Goldman Sachs and Morgan Stanley. (New York Times)

Multi-strategy hedge funds are the new, superior fund-of-funds: One style rules them all, and alpha binds them. (Financial Times)

Britain’s productivity problem: “The British are among the world’s worst slackers,” they wrote. “We work minimal hours, we retire early and our productivity is poor. Where Indian children want to be doctors or businessmen, the British are more interested in football and pop music.” (NPR)

Imploding the fantasy of instant delivery: Gopoff was supposed to break Silicon Valley’s longstanding obsession with one-hour delivery. Instead, the $15 billion startup risks the next Kozmo.com-size flameout. (Business Week)

How food is your body’s metabolic energy, which brings energy to what you eat, may be nature’s most electrifying invention. (The New Yorker)

Is a new anomaly affecting the entire universe? Early debris and late-time objects give inconsistent results for the expanding universe. This independent discrepancy exacerbates the problem. (big thoughts)

50 years ago, Stevie Wonder heard about the future: On the anniversary of the landmark 1972 album “Talking Book,” those who made it and those who cherish it share their stories. (New York Times)

Be sure to check out our Masters in Business interview this weekend Jeremy! Wharton professor Jeremy Siegel and Jeremy Schwartz, chief investment officer of $75 billion Wisdom Tree Asset Management. Siegel is the author of Stocks for the Long Run; Schwartz is his research partner/editor. The two discuss the Sixth Edition of SFTLR, the latest and most extensively expanded edition of the investment classic.

What is the rate of inflation? This is a surprisingly difficult question to answer

Source: Wall Street Journal

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