Economy

10 Tuesday Morning Readings: The Big Picture

With the odds on their side, they still couldn’t beat the market: In 2022, conditions largely favored stock pickers, but most have lagged the market. This year looks worse. (New York Times)

Scary economists and bad news: The news cycle is back to talking about a recession, even as inflation is falling and unemployment is at its lowest level in 50 years. Ask people what they’ve heard about the economy and they’ll tell you it’s bad. (Macro to stay at home) See also Stop sadness and doom. The economic recovery is strong. Americans remain deeply pessimistic about the economy: a large percentage mistakenly think we are in a recession or will be hit by one this year. As the recovery progresses, there is less and less justification for the drumming of negative reviews and bleak economic speculation from the media. The economic evidence paints a very different picture. (Washington Post)

Rumors of China’s Economic Demise May Be Wildly Exaggerated: From ‘miracle to disease’, but how bad is it really? (financial times)

35 Ways Real People Are Using AI Right Now. “It’s like collaborating with an alien.” “Everything is getting a lot easier.” “It feels like I’ve hired an intern.” “What used to take me about half an hour to write now takes a minute.” “It is fun”. (New York Times) See also ChatGPT can decode Fed speech and predict stock moves from headlines: First wave of research using AI chatbot in finance arrives Fed staff find technology can decipher mild and aggressive language. (Bloomberg)

How did solar power get cheap? Photovoltaic (PV) solar energy has become one of the cheapest sources of electricity. Lazard’s estimate of the levelized unsubsidized cost of energy (LCOE), the average cost of electricity generated over the life of a plant, makes utility-scale solar PV cheaper than anything else except natural gas plants completely depreciated and wind power in the windiest places. (construction physics)

2024 Ford Mustang Chief Engineer Learned To Drive On A Stick Mustang GT, Reveals The Future: As muscle cars fade into the sunset, America’s favorite pony is undergoing a technological transformation. At 59 years old on Monday, the iconic Ford Mustang is making a play for younger buyers while keeping current Mustang fans in the stable. (We’ll explain how shortly.) And all eyes are on Laurie Transou, chief engineer of the Mustang program. (Detroit Free Press) See also Only 10 EVs qualify for a full $7,500: US Tax Credit Eight electric vehicles, two plug-in hybrids are online for a profit of $7,500; The tax credit will be reduced or eliminated for buyers of most electric vehicles (Bloomberg)

Is Twitter finally dying? Say goodbye to the old Twitter and hello to the new normal: It’s been a year since Elon Musk started his acquisition of Twitter. The six months since he took office can only be characterized as chaotic, and quietly, in early April, Musk merged Twitter with a new shell company called X Corp. In other words, Twitter Inc. no longer exists. (vox)

The Day Book Banners Were Lost in Pennsylvania’s Culture Wars: A right-wing movement to keep a young adult climate change novel out of a Kutztown high school failed spectacularly. (philadelphia enquirer) But look Book banners are now trying to shut down public libraries ‘WIDE RANGE’ After a judge told a county to return 17 library books to shelves, local officials considered shutting down the entire library system. (daily beast)

return of kings: Playoff basketball is back in Sacramento for the first time since 2006. This season’s run has delighted a long-suffering and devoted fan base, but the Kings aren’t satisfied. Says All-Star guard De’Aaron Fox: “We want to be championship contenders year after year.” (Ringer)

If the Tennessee legislature seems broken, you’re not alone: Plagued by partisan divisions, non-competitive races and gerrymandering, state legislatures across the country reflect the current pressures on democracy. (New York Times) See also Red states are trying to make their own rules. The Tennessee evictions are just the beginning: The red states are trying to make their own rules. (the atlantic)

Be sure to check out our Master of Business next week with joe barattaglobal director of private equity at the giant PE black stone. In the 2000s, he helped establish the firm’s private equity business in Europe. He sits on Blacktone’s Board of Directors and its Management Committee and is a member of many of the company’s investment committees.

US rents fell 0.4% last month, marking the first year-on-year drop since the start of the pandemic

Fountain: Graphic

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