10 Thursday AM Read – The Big Picture

my morning the train WFH reads:

Bullard has become Wall Street’s go-to guy for hints at a Fed pivot: The St. Louis Fed boss, now a leading hawk, wasn’t always one. (Bloomberg)

Companies hoarding workers can be good news for the economy: Employers burned by labor shortages. Will they act differently if the economy slows down? (New York Times) see more What great resignation? Workers are staying: The median job tenure in the U.S. was unchanged from early 2020 to early 2022 and not much different than it was in the 1960s. (Bloomberg)

The emergence of a gilt market crisis : Ballooning pension fund surpluses and improved funding ratios — what’s not to like? (Financial Times Alphaville)

Despite everything, private equity dealmaking is still going strong: Take-private deals and add-on acquisitions have been particularly popular this year. (Institutional Investor)

If America needs starter homes, why are perfectly good ones being torn down? Many communities effectively ensure that the only viable replacement for a starter home is a new one that is much larger and more expensive. (upshot)

Do solar-powered EVs make sense? I ran a prototype to see how it might work A Dutch startup called Lightyear let us drive a pre-prototype of its 0 sedan, billed as the world’s first “solar electric car.” (drive)

One of the most important women in Apple history never worked for Apple: Margot Comstock took her winnings from a TV game show and bought a computer This led to a magazine, which became a major hub for a new community of developers and fans of one of the most important computers in history. (edge)

Pioneering quantum physicists won the Nobel Prize in Physics: Alain Aspect, John Clauser and Anton Zeilinger won the 2022 Nobel Prize in Physics for their groundbreaking experiments on entangled particles. (Quanta Magazine) see more How Bell’s theorem proved ‘spooky action at a distance’ is real: The core of today’s quantum revolution was John Stuart Bell’s 1964 theorem showing that quantum mechanics indeed allows for instantaneous connections between distant locations. (Quanta Magazine)

The inevitable accusations of Donald Trump: It is clear to me that Merrick Garland will bring charges against Donald Trump. It’s just a matter of when. (Atlantic)

It’s never too late to pivot from NFL safety to neurosurgeon: When Myron Rolle was cut from the Pittsburgh Steelers, he fell into a funk until his mother reminded him of two of his childhood dreams: play football, then become a neurosurgeon. It was time for Plan B. (New York Times)

Be sure to check out our Masters in Business this week with Tom Rampulla, Managing Director of Vanguard’s Financial Advisory Services division since 2002. He manages businesses that provide investment, services, education and research to more than 1,000 financial advisory firms. $3 trillion in assets.

If you’re a long-term investor, load up on small caps… (1979-2022 data; red line = 9/30/22)

Source: economic

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