My two-for-Tuesday morning
the train WFH reads:
• The Fed’s Brainard said the pace of rate-hikes could soon slow: The central bank’s No. 2 official argues that previous and expected rate hikes will slow the economy in ways not yet observed. (Wall Street Journal) but see more No, not what Jerome Powell told you! JPMorgan’s Bill Eigen warns investors not to turn to fixed income. “All I do is listen to the Fed, and I trust them,” says the manager of the Strategic Income Opportunities fund. (Institutional Investor)
• KPMG: Pandemic housing bubble bursting – US home prices down 15% look ‘conservative’ It was an epidemic-induced bubble, fueled by the work-from-home trend: high-wage workers moving downward into the second-tier middle market for more space. We went through a peak of WFH-stimulated housing demand, but it ended abruptly. The reason you’re seeing housing prices fall is because local incomes don’t support these home values.” (Luck)
• As watch sales boom, watch flippers face a bust: While sales of brand-new watches are still healthy, speculative purchases for profit in the secondhand market are becoming less attractive. (Wall Street Journal) But look The richest art auction season in history continues this week: New York November market sales pick up where Paul Allen’s sales left off, possibly over $3 billion after all hammers fall. (Bloomberg)
• The Death of a Wrecking says: Sentiment, Volatility, and Momentum thrusts have each suggested an end to the US dollar wrecking ball. (All Star Chart)
• H’wood FTX Frenzy as Michael Lewis reveals he spent 6 months with founding writer Sam Bankman-Fried: Binance’s CZ to ‘Luke Skywalker and Darth Vader’ email sent by CAA (Ankler). see more How Sam Bankman-Fried’s Crypto Empire Collapsed: Mr. Bankman-Fried said in an interview that he expanded too quickly and failed to see the warning signs. But he shared some details about the management of FTX customers’ funds. (New York Times)
• Everyone’s retirement ends the same way: We are all waiting corpses. Unlike financial sellers, the Grim Reaper doesn’t care if you’re an HNW person. Decades of planning for retirement while ignoring the inevitable makes little sense. We believe that keeping the thought of death out of sight and mind will save us. It won’t. (a teachable moment)
• A verifiable mess: Twitter users wreak havoc by impersonating brands: The social media service, which is undergoing a transition from its new owner Elon Musk, has descended into a messy vortex of spoof messages and parody accounts. (New York Times) see more The Twitter worker who captured Elon Musk’s takeover in all its cartoonish glory: Cornet’s time on Twitter was brief but well-illustrated. Along with dozens of cartoons, Cornett depicted the inner feelings when Musk acquired the company. As the man behind some of the tech world’s most famous cartoons—including an all-timer on the Big Tech Org chart—Cornet was perfectly placed to document the wild 2022 Twitter experience. (slate)
• What does prolonged covid treatment for children look like? Very few clinics are trying to figure it out. Children may be at low risk, but the dozen or so dedicated long-term Covid clinics are not enough to meet demand. (grid)
• America has an anti-MAGA majority The election results show that while a large minority of Americans will never deviate from Trump, an even larger group seems equally determined to stop Trumpism. (Atlantic) See also The GOP’s midterm message to Republican voters: We don’t like your MAGA candidates and their agenda. (Atlantic)
• Trump kneels in Rupert Murdoch balls as he doubles over coughing up blood. The message from the Murdoch-owned New York Post, Wall Street Journal and Fox News is clear: Pack your bags, bitch. you did (Vanity Fair)
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.
In 2022, even the classic 60-40 investment strategy has no place to hide
Source: Wall Street Journal
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