The morning of my return to work the train WFH reads:

Is the stock market gaslighting us? Market downturns do not always precede economic downturns. Yes, the stock market is visionary, but sometimes it sees things that aren’t there. At its low, the S&P 500 was 25% below its high. It’s hard to completely dismiss this as a leading indicator, and I’m not here to do so, but while most drawdowns of this magnitude have led to economic contraction, they haven’t always. (irrelevant investors)

Incremental versus cyclical knowledge: Increasing knowledge in some areas. In other cases it is circular (best). (Associative Fund) see more There is nothing as reliable as a bicycle in the market: Nothing is more reliable than cycles as market psychology, fundamentals, risk appetite and investor sentiment are constantly changing. Strategies, asset classes and securities go in and out of style partly because the pendulum is always swinging back and forth between fear and greed but also because the future is unknown. (Common Knowledge Resources)

Why the stock multiple says the market may continue to drop: History says the current bottom of the stock market will be the “most expensive bear market low”. (Shukatara)

The home-improvement boom isn’t over yet: The housing market has gone from hot to freezing cold, but spending on home renovations now seems well-heated. (Wall Street Journal)

The front trunk is the electric car’s most divisive feature: The “frank” that comes standard with most electric cars is proving to be the best kind of marketing engine: one that runs itself. (green)

How will Twitter change as a private company?: The social media company went public in 2013. But Elon Musk is taking it personally as part of his acquisition of the firm. Here’s What It Means (New York Times)

China’s GDP blackout isn’t fooling anyone Confidence is waning in the few economic indicators that have seen the light of day after years of obscurity. (Financial Times)

How genes can jump from snakes to frogs in Madagascar: Discovery of a hot spot for horizontal gene transfer draws attention to the potential role of parasites and ecology in such changes. (Quanta Magazine)

It’s a bad time to be a booster slacker: Americans are not getting the new bivalent Covid shot. What does that mean for the looming winter wave? (Atlantic)

“Thank you, and goodbye” On October 30, 2002, cancer-stricken Warren Zevon returned to the ‘Late Show with David Letterman’ stage for one last performance. Twenty years later, Letterman and many others remember the gravity and emotion of that stunning night. (The Ringer)

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.

The Fed is losing billions, wiping out the profits that financed the spending

Source: Bloomberg

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