My mid-week morning
the train WFH reads:
• A Fed-induced recession is a medicine worse than a disease: Actions to tackle inflation and protect workers should not be based on old economic thinking (Financial Times)
• Why was your house so expensive?: Material-cost inflation, anti-construction regulations, NIMBY attitudes, and barriers to innovation have created a housing-affordability crisis (The Atlantic) see more Low-cost cities with strong economies remain attractive as the housing market slows Remote workers willing to relocate push small, affordable areas to top of latest WSJ/Realtor.com index. (Wall Street Journal)
• I beg to differ Howard Marks’ latest memo argues that investors must have the courage to break away from the pack to outperform, even if doing so means accepting the risk of being wrong. Thinking differently and better than others is the key to outperformance because it is not enough to be right when it comes to investing. You have to be most accurate. It means being able to tell when the investment crowd is focused on all the wrong things. (Oaktree Capital)
• What if inflation is really temporary? The Case for a Return of Disinflation/Deflation (The Capital Spectator)
• The myth of ‘free’ checking costs consumers $8 billion a year: US consumers who frequently overdraft account for more than half of mass-market checking account gains. (Bloomberg)
• The Spectacular Return of American Farmers Markets: Once ubiquitous, farmers’ markets nearly disappeared by the mid-20th century—until a group of forces converged to spark their modern-day renaissance. (reason to be cheerful)
• Spreadsheets are hot—and cranking out complex code: The venerable (and yes, super dull) piece of Officeware is being reinvented as a tool for non-coders to automate and simplify their lives. (of wire)
• Older millennials have less time for fun: A new report on how Americans spend their days shows that 35- to 44-year-olds have less free time than anyone else, and less than two decades ago. (Bloomberg)
• The Clermont Institute triumphed during the Trump years. Then comes January 6. After Trump helped revolutionize Claremont from a small academic outfit into a major player in Washington, the think tank was jolted to side with lawyer John Eastman after he advised Trump on overturning the 2020 election. (Washington Post)
• Richard Lewis on his sports bond with Larry David and life as an Ohio State fan: The comedian, long known as the “Prince of Pain,” enjoys joy, especially when Ohio State University beats Michigan in football. or any sport. (athletic)
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.
The Fed is poised to inflict more pain on the economy as it prepares for big rate hikes
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