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

Big investors are moving into the mainstream of the crypto market: Bitcoin hasn’t worked for investors as a portfolio diversifier Crypto ‘won’t find a home in institutional asset allocation’ (Bloomberg)

Good news is good news: Good News (Irrelevant Investors) But see also Move over, inflation: here comes the income crisis: While markets are buoyed by the prospect of a small rate hike from the Federal Reserve, earnings are becoming more of a threat. (Wall Street Journal)

10 Reasons Why ESG Shouldn’t Be Stopped: Although demonized, ESG and sustainable investment will survive the reaction. (Sunset)

These stocks have taken investors by surprise — even surprising the experts: Dividend stocks have outperformed the market by more than 20 percentage points so far in 2022. (Institutional Investor)

Americans have $5 trillion in cash, thanks to federal stimulus: Money can help people deal with inflation, but it can make the Federal Reserve’s job harder. (Business Week)

‘Jingle Mail’ Redux? Goldman Sachs explores mortgage default risk. (Financial Times)

The age of social media is coming to an end It should never have started. (Atlantic)

A Climate Count for US Housing: Too Many Homes in Damage Path, ‘Too Zero’ in Costs: As the effects of climate change become more dire, the dangers for Americans in floodplains, coastal wetlands, wildfire-prone areas and vast swathes of land struggling with drought are increasing. When disaster strikes U.S. communities, taxpayers often pick up the tab. Some experts see a future in which people gradually move away from high-risk areas. Some think a more severe correction is coming. (USA Today)

Election denialists lose every 2020 battleground state race for key state office: Candidates could gain power in conducting elections. Voters rejected them in six of the most important states. (Washington Post)

Dragonfly 44 is the galaxy’s enduring mystery: A growing catalog of massive but dim galaxies like Dragonfly 44 is forcing astronomers to invent new theories of galactic evolution. (Quanta Magazine)

Be sure to check out our Masters in Business interview this weekend with VettaFi’s financial futurist Dave Nadig. The ETF industry pioneer has over 25 years of ETF experience. As Managing Director of ETF.com, he was a key participant in the growth of the passive and ETF industries. Prior to this, he was Managing Director of Barclays Global Investors. He is the co-author of the definitive book on ETFs, “A comprehensive guide to exchange-traded funds,” for CFA Institute.

Bear markets are relatively rare, and they often precede recessions (updated).

Source: Refinitiv; Jordanian research; The New York Times

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