My two-for-Tuesday morning
the train WFH reads:
• Washout: If the leaders are falling, you know the rest of the bunch has already washed away. In fact, only 8% of the Nasdaq-100 is above its 200-day moving average. (irrelevant investors) see more Getting long-term bullish: My general investment philosophy is that the more bearish things feel in the short term, the more bullish I should be in the long term. If I’m taking my own advice right now I should be much more bullish long-term. (Common Knowledge Resources)
• Wall Street’s 2022 LOL Outlook for Stocks: A roundup of 14 forecasts for the S&P 500 for 2022, with highlights from strategist commentary. The target ranges from 4,400 to 5,300. (S&P closed 2021 at 4,766) which implies returns between flat and +22%: (TKer)
• The bond market massacre of September 2022: We’ve reached the point in the financial tightening cycle where things start to break. Truss and Quartet are clearly counting on the Bank of England to cushion market shocks by raising rates. And yields have certainly risen as UK bonds have sold off. (Adam Tooze)
• The office market is the real estate crash we need to worry about While a soft landing for housing and labor is still possible, it’s going to be ugly for the city’s business districts. (Bloomberg)
• The lights faded from Sun Belt cities as more contracts were cancelled: Nationally, 15.2% of homes under contract were traded in August. (Mansion Global) see more The Boomtown That Shouldn’t Exist (2017): Cape Coral, Florida, was built on a complete lie. A big storm could wipe it off the map. Oh, and it’s also the fastest growing city in the US. (politics)
• How the United States is doing a bottom-up recovery The lowest-income households are recovering better from the Covid-19 crisis than more affluent ones. (Wall Street Journal)
• Peak oil has finally arrived. not really: Those who called peak oil may eventually be proven right as sharp global rate hikes hurt consumption. (Bloomberg) But look I bring good news about hydrogen: Fourth Big Green Energy Technology (Noahpinion)
• The invisible art of maintenance: The noble but underappreciated craft of maintenance can help preserve the best achievements of modernity, from public transit systems to power grids, and serve as a useful framework for addressing climate change and other pressing planetary constraints. (NOEMA)
• There is a new wrinkle in the cheating scandal in the chess world: The cheating controversy gripping the world of elite chess was already mysterious — but deepened this week, when world champion Magnus Carlsen abruptly resigned after taking a single move in his highly anticipated rematch with Hans Niemann. (NPR) see more The question behind the Magnus Carlsen-Hans Niemann drama: How to cheat in chess? A cheating scandal has turned chess upside down—and put a new spotlight on how a player can cheat without being detected. (Wall Street Journal)
• All of Aaron Judge’s homers from 1 to 61: Judge, the slugging outfielder, is having an incredible year. We’re tracking his pursuit of the all-time greats. (New York Times)
Be sure to check out our Masters in Business interview this weekend with David McRaney, science journalist, blogger, podcaster and author. He created the You’re Not So Smart podcast based on his best-selling book of the same name. His new book “How Minds Change: The Surprising Science of Beliefs, Opinions, and Persuasion“
End of negative yields
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