My back-to-work morning train WFH reads:
• Charles Schwab Has Had a Terrible Year. The Surprising Reason the Brokerage King Won’t Be Dethroned. For some advisors, the move to Charles Schwab from TD Ameritrade didn’t go smoothly. Chances are, they’ll stick around anyway. (Barron’s)
• A Recession Is No Longer the Consensus: In WSJ survey, economists lower recession probability below 50% and say Fed is finished raising interest rates. (Wall Street Journal) but see Car Owners Fall Behind on Payments at Highest Rate on Record: The risk of vehicle repossession is rising for many Americans facing a budget crunch. (Bloomberg)
• The Trusted 60-40 Investing Strategy Just Had Its Worst Year in Generations: Higher interest rates and inflation are upending millions of Americans’ retirement planning. Wall Street’s boilerplate mix of stocks and bonds isn’t cutting it anymore. (Wall Street Journal)
• Investment Mistakes to Avoid Right Now: These popular investment areas today that may be treacherous. (Bloomberg)
• A Few Laws of Getting Rich: There are a million ways to get rich, most of which involve exploiting specific niches and one-off opportunities, to say nothing of luck. Universal rules about how to get rich are hard to come by. (Collaborative Fund)
• Before Goop, There Was Suzanne Somers: Long before influencers took over, the actress went from sitcom fame to cheerleader for supplements, exercise fads and sexual wellness, with great success. (New York Times)
• AI is learning from stolen intellectual property. It needs to stop. Books are copyrighted material, not free fodder for wealthy companies to use as they see fit, without permission or compensation. Many, many hours of serious research, creative angst and plain old hard work go into writing and publishing a book, and few writers are compensated like professional athletes, Hollywood actors or Wall Street investment bankers. Stealing our intellectual property hurts. (Washington Post)
• The Annoyance Economy: Data alone don’t capture how frustrating and stressful it is to be a consumer right now. (The Atlantic)
• It’s not just Paris. There’s a “global resurgence” of bedbugs. It’s a bedbug’s world now. We’re just sleeping in it. (Vox)
• The states that produce the most musicians, and more! States that produce the most musicians include South Carolina, Tennessee and New York. But when you take all of them together, an interesting trend arises. The places in America that produce the most working musicians tend to be the states with the largest Black populations. It’s not always true, but it’s one of the few clues we have. (Washington Post)
Be sure to check out our Masters in Business this week with Bethany McLean, contributing editor to Vanity Fair, and author of Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron. Her most recent book is The Big Fail: What the Pandemic Revealed About Who America Protects and Who It Leaves Behind, was coauthored with Joe Nocera.
U.S. payments on debt spike to $659 billion, nearly doubling in two years
Source: Washington Post
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