my weekend morning train WFH says:
• Most stocks negatively affect your wealth: A new paper by Bessenbinder finds that 58.6% of US stocks since 1926 have reduced rather than increased shareholder wealth. He also updated his own global efforts in March. What percentage of stocks have lost over the last 30 years? In about half the markets, more than half the stocks have lost their owners’ money to long positions through dividends and reinvestments. At least, owning most stocks did worse than keeping an equivalent amount of US dollars stashed under your mattress. (financial times)
• Global household wealth falls for first time since 2008: Financial crisis Inflation and a strong dollar reduce assets by $ 11.3 trillion North America and Europe were hit hardest by the increase in wealthy people in Russia. (bloomberg) But look US housing market recaptures $3 trillion lost in recent slowdown: U.S. housing value hit a record $47 trillion in June Redfin’s Zhao says housing shortage is supporting house prices (bloomberg)
• Is good economic news really that amazing? People are still blinded to the resilience of private consumption growth. Retail sales rose 0.7 percent to $696.4 billion in July, according to Census Bureau data. As many news headlines show, the pace has beaten many economists’ expectations. “For the past 18 months, the media has been flooded with articles about ‘consumers are exhausted by inflation.’ That never happened.”Teaker)
• Too Many Vacant Lands, Not Enough Homes: The U.S. Real Estate Puzzle: In areas of Chicago, Pittsburgh, and Detroit where homes are surrounded by vacant lots, authorities are beginning to bulldoze obstacles to development. (WSJMore)
• How will Elon Musk get away with it all? The heroic image of this billionaire is built on media acclaim, breathtaking fans, and… romance novel tropes. (vox)
• Inside Russian effort to build 6,000 attack drones with Iranian backing: Leaked documents show Moscow is moving toward a goal of mass-producing unmanned aerial vehicles that can be used to attack Ukrainian cities. (washington post)
• Psychological Immune System: 4 ways to strengthen your immune system and live a happier, calmer life: We all experience pain and stress, but our brains have some smart ways to protect us. Here are some ways to prepare for times of adversity. (Guardian)
• The living history of rustic paper planes: For centuries, paper planes have unlocked the science of flight, and now they could inspire drone technology. (popular mechanism)
• A Field Guide to America’s Great Hot Dog: From kosher classics in New York to reindeer-driven renditions in Alaska, here are 15 of the best local versions to show off the richness contained in buns. (new york times) see also The battle between Sam’s Club and Costco started with a $1.38 hot dog combo: The price cut has again expanded its business using a rival’s strategy of targeting upscale shoppers. (business week)
• Courts are about facts.that’s bad for trump. President Trump-appointed Third Circuit Judge Stefanos Vivas rejected the Trump campaign’s efforts to disenfranchise millions of Pennsylvania voters, calling for a “free and fair election.” Elections are the lifeblood of our democracy.The crime of unfairness is serious.However, it is not necessarily the case that an election is unfair.Indictments require specific allegations and proof.here has neither.” (time)
Be sure to check out next week’s master’s degree in business from legal scholar Kath Sunstein, founder and leader of Harvard Law School’s program on behavioral economics and public policy. He became a best-sellerNudge: Improve Decision Making About Health, Wealth, and Happiness(co-authored with Nobel laureate Richard Thaler) and New York Times bestseller “world by star wars‘ His new book is ‘Decisions About Decisions: Practical Reasons in Everyday Life”
Prices of container shipments from China at pre-pandemic levels
Source: Torsten Slok, Apollo Global