Our weekday morning readings, which have an edit button since 1967:
• Bosses say remote work kills culture. These organizations disagree. Some business leaders worry that remote options could destroy their company culture. But companies that have worked remotely for years say that culture doesn’t come from a physical office. (Washington Post)
• Global bonds entered their first bear market in a generation: Bloomberg Bond Index down 20% from its January 2021 peak A new environment as bonds fall with stocks: Schroders Wood (Bloomberg) see more The world’s conservationists rejoice — the harvest is back You can’t exactly go to the beach and survive interest yielding 2-3% but it’s better than nothing, which is what savers have been able to earn over the past few years in a 0% interest rate world. (Common Knowledge Resources)
• What does ESG need to work? High returns for investors. Our authors argue that a different approach to ESG can create a better balance between environmental and social goals and profit. (Institutional Investor)
• Grantham: Entering the Final Act of The Superbubble: Only a few market events really matter in an investor’s career, and the most important of these is the superbubble. These are events unlike any other: while there is little in history for investors to study, they have clear characteristics. In the previous three cases, more than half of the market’s initial losses were recovered, tempting unwary investors just in time to send the market down again, only worse, and the economy weakened. This summer’s rally has so far fit the pattern perfectly. (GMO)
• Reducing inflation does not necessarily reduce wages and employment: To reduce inflation, policymakers must continue to use fiscal policy to focus support on struggling households, improve the economy’s productive capacity, create more resilient supply chains, and limit corporate profits. (cap)
• Porsche faces software problems, leaving VW a step behind Tesla Herbert Diess tried to match the technical prowess of the electric-car maker. New CEO Oliver Bloom now has more to do. (Bloomberg) see more This remote mine could foretell the future of America’s electric car industry: Ancient mineral deposits hidden thousands of feet below the earth’s surface in this part of the northern Minnesota swamps are believed to be important for fueling America’s clean energy future. (New York Times)
• Moviepass will work during this time* Footnote: *If by “work” you mean “don’t immediately blow millions of dollars of rich people’s money.” (slate)
• Rules of flying like a gentleman: From reclining in your seat to deboarding, we’ve got your guide to flying etiquette. (Washington Post) see more A 5-step checklist for handling air travel issues on the go: With planning and a well-stocked smartphone, you can devise a strategy to deal with flight disruptions (New York Times)
• NASA’s latest moon mission is the dawn of a new space age: A new NASA rocket is about to embark on a historic mission to the Moon The Artemis I mission will not land on the lunar surface, but the trip itself will be the farthest a spacecraft has traveled in space for human astronauts. (Vox)
• There’s a new underdog at the US Open: Serena Williams While many expected the 23-time major champion to lose in the first two rounds, she could open up an unexpected women’s draw if she survives. (Wall Street Journal)
Be sure to check out our Masters in Business interview this weekend with Lynn Martin, president of the NYSE, part of the Intercontinental Exchange. The NYSE is the world’s largest stock exchange, with 2,400 listed companies and a combined market cap of ~$36 trillion. He started his career in Global Services at IBM.
Biden’s economy has the best growth record since Clinton, but the worst inflation since Carter
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