my morning train WFH wrote:

• Day traders are “dumb money”?Professionals are watching now Last year, a horde of day traders upended the market. This year, professional fund managers have found that they are better off paying close attention. (Wall Street Journal)

• Wall Street’s Pandemic Bonanza Most Americans have missed out on asset price gains from policies to tackle the pandemic. Not so with big banks. (New Yorker) see also Wall Street traders enter the middle of cryptocurrencies: This is called Decentralized Finance, but established professionals still want to cut (Work Week)

• 13 takeaways from BlackRock CEO Larry Fink’s annual letter Fink has been giving his advice to CEOs for some time. He offered it as the head of a company with many investments in other businesses. The tone of his letter reminds CEOs that their shareholders are long-term investors who deserve to be listened to. (where the investor is located)

• In an inflationary environment, value stocks offer a safe haven Persistent inflation and rising interest rates give value stocks an edge over growth stocks. (corporate investor)

• Intel split Fast forward three decades and Intel is no longer in the lead; instead, the world’s leading chip maker is TSMC, a company built on the idea of ??not doing design; Morris Chang told the Computer History Museum:(strategy)

• When NFTs invaded the art town Marfa, Texas is known for its high art scene. A new gallery is disrupting that image. (New Yorker)

• How Norway is promoting an ultra-sustainable heating method No other country has more heat pumps per capita, an inexpensive, efficient tool for keeping homes warm — and with a small carbon footprint. (reason to be happy)

• People hide unvaccinated loved ones dying of COVID With the advent of a vaccine, sympathy for COVID deaths began to dry up and was sometimes replaced by contempt. (atlantic organization)

• we bask in the sun For such a familiar celestial body, the sun is still very mysterious — but we’re getting closer than ever. (atlantic organization)

• Misinformation and the ‘Paul is dead’ saga In October 1969, a story swept the western world: Paul McCartney, who died in a car accident three years earlier, was secretly selected for a similar contest, and clues to this event were scattered in the Beatles’ most recent on the album. The story is surprisingly specific: the date of the accident (just ten weeks from the last concert), the manner of death (decapitation); clues are everywhere, from stray comments or lyrics in some songs. (columbia journalism review)

Be sure to check out our Master of Business interview Portfolio Manager this weekend with Tina Vandersteel, Head of GMO’s Emerging Countries Debt Team GMOsforeign currency and local currency debt portfolio. Before joining GMO in 2004, she worked in fixed income research at JP Morgan, developing quantitative arbitrage strategies for emerging debt and high yield bonds.

Citadel and TCI propel top 20 hedge fund managers to massive $65 billion gains

source: Financial Times

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