Mon-Tuesday morning form The WFH reads:
• When will interest rates really start to matter? For a very long time, experts predicted that interest rates would go up, but they only went down year after year. Then, when rates hit 0%, it seemed like everyone thought we would see lower rates forever…just in time for rates to rise more than anyone thought possible in such a short time. The same goes for markets. (A wealth of common sense)
• Five Ways the Bull Market Attracts Investors: Nervous investors can’t help but look over their shoulder at the major risks looming over the markets. (the wall street journal) see also Five revealing images: Professional fund managers do well on their “slower” buy decisions (actually well enough to beat benchmark portfolios!). It is on their “faster” sell decisions that fund managers significantly underperform (smart capital)
• Howard Marks on taking temperature“You know, looking back, I think my market calls were about right.” The answer: “It’s because you’ve done it 5 times in 50 years.” It struck me as an epiphany: these five instances the markets were either wildly high or massively depressed, and as a result, I was able to recommend going more defensive or more aggressive with a good chance of being right. (Capital of Oaktree)
• Taylor Swift is halfway through her re-recording project. It’s well paid: Swift’s revamped debut discography, which includes her first six albums, has so far met with success, with fans eager to hear her new voice, unwrap her various Easter eggs and buy new ones goods. Speak Now (Taylor’s Version) is set to debut at No. 1 on the Billboard 200 chart, giving Swift the third No. 1 album of all artists of all time, surpassing Barbra Streisand and Bruce Springsteen. (Time)
• How Fossil Fuel Owner Alt Managers Became Green Energy Leaders: Companies like Brookfield and Carlyle are buying up polluters and promising to clean them up (Institutional investor)
• 2024 Rolls-Royce Specter EV: RR introduces its first all-electric vehicle, as it plans to phase out ICE by 2030. (The big picture) see also Best electric vehicles of 2023 and 2024: We’ve picked out the best electric cars you can buy today, including a wide range of SUVs, hatchbacks, hatchbacks, and even pickup trucks. (Car and driver)
• Elon Musk makes Mark Zuckerberg cool again: Facebook co-founder seizes moment with victory after years of tumult (the wall street journal)
• The last place on earth any tourist should go: Take Antarctica off your to-do list. All of these attractions are increasingly difficult to find in the rest of the world. They are also disappearing in Antarctica. The continent is melting; whole pieces fall prematurely into the ocean. And more people than ever are in Antarctica because tourism is booming. (Atlantic)
• Investors have bought nearly a billion dollars of land near a California air base. Officials want to know who they are exactly. Flannery Associates’ purchases near Travis Air Force Base alarmed local and federal authorities. (the wall street journal)
• Turner Classic Movies is a National Treasure: The channel has a staggering degree of control over a crucial part of American cinema. It must become a public resource accessible to all. (New Yorker)
Be sure to check out our Masters in Business this weekend with Jenny Johnson, CEO of Franklin Templeton, which manages $1.5 trillion in client assets. She has been with FT since 1988 and has held senior positions in investment management, distribution, technology, operations and high net worth clients. Franklin Templeton oversees more than 9,000 employees and 1,300 investment professionals. Johnson is on the list of the most powerful women (Barron’s, Forbes, American Banker, etc.). She has been CEO since February 2020.
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