My back-to-work morning train WFH reads: • The impact of the AI capex boom on S&P 500 return on equity: Record profitability has been one of the factors supporting high S&P 500 valuations. S&P 500 ROE has surged by 150 bp during the past four quarters, driven by a boost from the mega-cap technology stocks…
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My back-to-work morning train WFB reads: • Why the Enormous IPOs Won’t Sink the Market. This is a potential stock market sea change. For the past 23 years, the supply of shares has been shrinking. Companies have bought back gobs of stock while turning stingy on dividends—they like that buybacks don’t require an ongoing commitment.…
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My back-to-work morning train WFH reads: • The Math Behind a $100 Million Home? Spoiler: It Doesn’t Always Add Up.: Mansion Global on the comps, carrying costs, and discount that explain why most nine-figure listings sit. The trophy-asset market is mostly trophies, not assets. When sales data is too scarce for a conventional appraisal, brokers…
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Welcome to June! Kick off your back-to-work with our expertly curated morning reads: • The Lowest Consumer Sentiment EVER: We are currently sitting at the lowest level of consumer sentiment in the past 75 years!. Lower than the Great Financial Crisis when the stock market crashed almost 60%, the financial system nearly imploded and the…
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My back-to-work morning train WFH reads: • Trump’s More Than 3,700 Trades Astonish Wall Street Insiders: President Donald Trump’s latest financial disclosures show that he or his investment advisers made more than 3,700 trades in the first quarter, a flurry totaling tens of millions of dollars and involving major companies that have dealings with his…
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My back-to-work morning train WFH reads: • Trade court rules Trump’s replacement tariffs illegal: A divided three-judge panel on the U.S. Court of International Trade concluded that Trump’s 10 percent global tariffs are unlawful. Same trade-court ruling, second take. Watch the appeal closely — this one could rewrite the playbook on executive trade authority. (Politico)…
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Our May the Force (May 4th) back-to-work morning train reads: • Sell in May and Go Away? Not This Year. The S&P 500 Just Had Its Best Month Since 2020. Don’t let sell in May’ spook you. Stocks have been on a tear. The Dow Jones Industrial Average DJIA -0.31% has risen 0.9% this past…
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My back-to-work morning train WFH reads: • Don’t Fret the War. Why ‘Big Money’ Investors Are Bullish—and Where They’re Investing Now. Barron’s twice-yearly survey of professional money managers finds bulls firmly back in charge, with small-caps, international stocks, and energy as the consensus picks for the next leg up. Weighing the impacts of the Iran…
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My back from SF morning train reads: • America’s New Tax Mantra: ‘The IRS Isn’t Going to Catch Me’ Gut IRS staffing, watch tax compliance collapse. The battered Internal Revenue Service shed thousands of enforcement employees—and more taxpayers appear eager to cheat. This isn’t a surprise — it’s a choice, and the honest taxpayers pay for…
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My morning train reads: • The Era of Free Seas Is Unraveling—and Now Everyone’s Going to Pay: America led a maritime system that enriched the world for decades. Iran’s “toll booth” shattered it. (Wall Street Journal) • Private Equity’s Great Escape: The industry bought companies for too much money and made a bunch of bad loans.…
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My back-to-work morning train WFH reads: • The Cascade: The war’s secondary effects have crossed a threshold. They are no longer consequences. They are independent crises with their own momentum, and most of them will not stop when the bombing stops. (The Omission) see also Why isn’t the stock market freaking out more over the…
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My back-to-work morning train WFH reads: • The Epstein Class: The real scandal isn’t that a billionaire cabal runs the world—it’s that there’s a billionaire class whose members are functionally above the law. A sharp structural analysis. (Dissent) • Now and forever, a stockpicker’s market: Bessembinder’s data shows the median stock still underperforms T-bills. Only two-fifths…
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My California morning reads: • AI and the Fable of the ATMs: Contrary to the usual story, ATMs did reduce teller demand. (Paul Kedrosky) • Jamie Dimon Sees an End on the Horizon. But Not Yet. After two decades, JPMorgan Chase’s CEO says he has three or four more years on the job, or maybe more.…
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My back-to-work morning train WFH reads: • Barron’s 100 Most Influential Women in U.S. Finance: Our annual list honors women helping their companies, clients, and country through volatile markets and challenging times. Meet this year’s 28 new additions. (Barron’s) • Why Private Market Funds Are Dangerous for Retail Investors. Private market practices have developed without…
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My back-to-work morning train WFH reads: • Why Daylight Saving Time Is Worse for Your Body Than Standard Time: The Washington Post’s interactive explainer on the biological case against springing forward. The circadian disruption isn’t just annoying — it’s measurably bad for your health. Timely, given we just lost an hour. (Washington Post) • ‘Is This…
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My snowed-in-Nor’easter-Blizzard WFM morning reads: • Amazon takes the No. 1 spot on the Fortune 500, ending Walmart’s 13-year run. Amazon finally overtook Walmart atop the Fortune 500, a coronation for the company that essentially invented e-commerce and now dominates 40% of U.S. digital retail. It figured out how to develop a practical, easy way…
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My back-to-work morning train WFH reads: • You’ve Never Seen Super Bowl Betting Like This Before: Prediction markets are turbocharging America’s obsession with sports gambling. (The Atlantic) • The Coming Crypto Apocalypse. The future of money and payments will feature gradual evolution, not the revolution that crypto-grifters promised. Bitcoin and other cryptocurrencies’ latest plunge…