My two-for-Tuesday morning
the train WFH reads:
• Weak earnings reports aren’t confusing investors Bank of America shares rise after a brutal year, posting better results than Tesla and Netflix (Wall Street Journal) see more Why you should be wary of Wall Street’s bullish stock forecasts Amid rising inflation and the threat of recession, corporate earnings are coming under pressure. (New York Times)
• A giant confusion in the investment business: The average drawdown of the top 10 stocks since last fall is a decline of 30.1%. This compares rather unfavorably with the drawdown in the S&P 500 of -17.4%. Only two stocks have had drawdowns that have outpaced the S&P 500 – Apple and Visa. Eight of the top ten are down more than the market. The stocks of many of these have dropped significantly. (Common Knowledge Resources)
• Market route shows the dangers of margin lending, crypto style A borrower is stranded as the Celsius network suspends transactions. (Wall Street Journal) see more Debt can burn out start-up workers in a recession Tech workers have taken out loans based on the value of their start-up stock in recent years. That could come back to haunt them. (New York Times)
• The Future of Remote Work, According to 6 Experts Make the case for working remotely – but not so much that your work gets outsourced. (Vox)
• The US is exporting inflation, and Fed hikes will only make it worse: Pandemic spending on goods and a supercharged dollar boost inflation elsewhere, as the US trade gap—once a boon—becomes a headache. (Business Week) see more Inflation is worse if you measure it the right way Comparing price increases year-over-year is easy to understand but inevitably lags behind. And right now monthly core inflation is clearly accelerating. (Bloomberg)
• Stealth mode isn’t as stealthy as you might think: Private browsing (aka incognito mode) is a great way to prevent your web browser from saving everything you do. But calling it privacy-focused is a stretch, and while your browser or device doesn’t log your movements in its history and cookies, that doesn’t mean the sites you visit aren’t clocking your behavior. Despite its name, you’re not really incognito, and you might want to regain your confidence in what these mods actually do. (his cutter)
• The new Covid vaccine will be ready this fall. America will not. Respiratory-virus season begins soon, and our fall vaccine strategy is shaky at best. (Atlantic) see more Can you completely avoid catching COVID? There are these people. “NOVIDs” share their secrets. (slate)
• Joe Rogan called Trump a drugged-out ‘man baby’ The mega-popular podcaster laughed at Trump’s inability to focus on anything but himself in his latest episode. (Daily Beast)
• The three pillars of happiness Being happy isn’t just about getting the details right. Here are some truths that transcend circumstances and time. (Atlantic) see more How do you admit mistakes?: Admitting a mistake is not a failure, it is an opportunity. (Vox)
• Can pickleball save America? Sport, beloved for its democratic spirit, can unite countries – if it doesn’t divide itself first. (The New Yorker)
Be sure to check out our Masters in Business interview this weekend with Graham Weaver, founder and partner at Alpine Investors, a private equity firm in San Francisco that invests in software and services and manages nearly $8 billion. Weaver holds an MBA from Stanford GSB and a BS in Engineering from Princeton. He started Alpine in his dorm room at Stanford’s Graduate School of Business, where he is now a lecturer, teaching both management and entrepreneurship.
Are we witnessing the beginning of an earnings contraction, or is the rate of growth simply slowing?
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