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My two in the morning on Tuesday train The WFH says:
• What happens after a bad year in the stock market? The year is still young of course, but there is an obvious divergence in price action between 2022 and 2023. This is a good reminder of what generally tends to happen in different market environments. Volatility is clustered in a downtrend, so you get both big down days and big up days, even when the overall market direction is down. In bullish markets, you don’t see as many major moves in either direction. You take the stairs at a measured pace and rush down the elevators. (A wealth of common sense) See also Here’s a better way to identify quality actions: According to new research, the annual return on a quality stock portfolio can be improved by an average of 0.60 percent when investors include intangible assets in their definition of quality. (institutional investor)
• The future of AI depends on a high school teacher’s free database: With over five billion images, LAION has become central to the future of artificial intelligence and a growing debate on how to regulate it. (Bloomberg)
• The iPhone settings thieves use to block you from accessing your Apple account: Recovery Key was designed to make Apple IDs more secure. Instead, these victims permanently lost family photos and other precious digital possessions. (Wall Street Journal) See also Apple’s new savings account makes iPhones more valuable to thieves: Apple is now paying you to have an iPhone! That’s how it is. Sign up for the savings account already available through Apple Wallet, managed by Goldman Sachs, and you’ll get an interest rate of 4.15%, Apple. (Information)
• The slow-motion restart of the global economy: We are now in the early stages of a slow process of markets, companies and governments adapting and readjusting to that reality. (Axios)
• Why Tucker Carlson’s departure from Fox News looks like an execution: The biggest cable news star couldn’t say a proper goodbye from his prime time perch. But will Carlson go quietly into the night? (vanity fair) but look also Tucker’s successor will be worse: The Fox News story shows that the network and its problems are bigger than any anchor. (the atlantic)
• Schizophrenia at the IMF: At last, the International Monetary Fund has begun to recognize that the best way to reduce sovereign debt is to boost economic growth, rather than insist on fiscal contraction. But this new understanding is being undermined by a persistent adherence to growth-inhibiting austerity policies. (Union Project)
• What was Twitter, anyway? Whether or not the platform is dying, it’s time to consider how exactly it broke our brains. (New York Times Magazine) See also How Elon Musk turned the blue check mark into a scarlet letter: A weekend master class on business failure. (Board)
• 5 great wine books to buy now and use forever: The reference guides our wine columnist draws on are ambitious, comprehensive, deeply researched, and enduringly relevant. These are the books, old and new, she gives the highest recommendation of hers. (Wall Street Journal)
• Court record undermines defense of Clarence Thomas in luxury gifts scandal: Republican mega-donor Harlan Crow was linked to a conservative group that had legal affairs while Thomas was in the dock. (The Guardian) See also The controversial article that Matthew Kacsmaryk did not reveal to the Senate: The judge who handed down a high-stakes ruling on abortion pills last week had his name removed from a law review article during his judicial nomination process, emails show (Washington Post)
• The wildest seat in the NBA is the one next to Steve Ballmer: Los Angeles Clippers owner goes viral for his on-court reactions, and no one is more aware of it than his game-day neighbors. (Wall Street Journal)
Be sure to check out our Master of Business interview this weekend with Brian Hamburger, founder of MarketCounsel and Burger Law Firm. He is an entrepreneur, lawyer, consultant, and advocate for independent investment advisers, which is a $97 trillion industry. MarketTip and the Hamburger Law Firm are the leading business and regulatory compliance consultancy for the nation’s preeminent corporate independent investment advisers in the securities and investment industry.
Once a staple of retail outlets across the country, Bed Bath & Beyond is finally retiring.
Fountain: Graphic
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The charge 10 Tuesday AM Readings first appeared in The panorama.
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