10 Thursday AM Read – The Big Picture

My morning train reads:

Day traders go back to their day jobs as the stock market rumbles: Individual investors are trading short in Charles Schwab, Morgan Stanley and Robinhood. (Wall Street Journal)

Americans reclaim 60 million commuting hours through remote-work: Instead of being stuck in traffic, workers are getting more rest and spending extra time with family. (Bloomberg) see more What have workers done to free up time by commuting less? Although individuals may have increased working hours in specific time-slots used for commuting, overall paid work hours have decreased due to the substitution of other activities throughout the day. Second, we see significant increases in leisure time and sleep. (Liberty Street Economics)

Endure market opportunities for every generation of investors: A powerful chart showing the probability of a stock market rebound in 3, 5 and 10 years. (Common Knowledge Resources)

The stock market had a terrible year. These Americans don’t bother. Some say they can’t put money into the market while others think there are better avenues for wealth. (Wall Street Journal)

Every asset manager wants more alts. Here’s how Wellington is achieving it. The firm is not new to alternatives, but there is a new urgency behind its business lines. (Institutional Investor)

Bill Gross: Bond-Fund Taxonomist: Bond-fund classification can be an arbitrary exercise. This is also very important. And Bill Gross has some thoughts. (Financial Times)

Oops, we forgot to fix the supply chain: Some experts say that it doesn’t really break. (Vox)

The new Patek Philippe Nautilus models have been released in a very tempting lineup: Dear Ref. The 5711A isn’t making a comeback, but among the many new watches announced today are three variations on the Nautilus theme. (Bloomberg)

Ukraine war: Russia begins to move south from Kherson: Thousands of civilians and Russian-appointed officials are being evacuated from Ukraine’s southern Kherson region ahead of an invasion, a Russian-installed local leader said. (BBC)

This is uncharted territory: If one of the two main political parties does not believe in free and fair elections, how will democracy function? (Atlantic) see more Here’s what Republicans really thought on January 6: The president seemingly turned his back on everyone. McConnell was stunned. For the first time in more than two centuries, the Capitol was under siege.. (Atlantic)

Be sure to check out our Masters in Business interview with Marta Norton, Chief Investment Officer of Morningstar Investment Management, this weekend. The firm directly manages or advises $249.4B in client funds. He began his career as a BLS economist, and prior to his current role, he was head of US outcomes-based strategies for Morningstar.

The availability of mortgage credit has never been greater during the recent housing boom

Source: Calculated Risk

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