my two tuesday mornings train WFH wrote:

• Nasdaq days like this used to be common.During the dot-com bust The Nasdaq has not erased its nearly 5% loss since early 2001; the late rally is the latest in a volatile market this year. (Bloomberg) see also Is this the end of the Go-Go year? We humans are pattern-seeking creatures, so it makes sense that we constantly look back to the past to help us explain the present or the future. Even though we all know that predicting the future is impossible, assuming we know exactly what is going to happen based on what has already happened helps to relax our minds. (a wealth of common sense)

• Four-day work week and freedom to move anywhere: Companies are rewriting the future of work (again) As the popularity of omicron grows, more and more companies are taking creative approaches and using technology to help alleviate workplace inequalities (Washington post)

• intangible value One of the reasons traditional value investing has struggled over the past few years is the incomplete way it measures businesses. It relies on what is shown in financial statements, such as revenue or PP&E. But a lot of value is generated on the balance sheet. That’s what Kay focuses on. Get a more complete picture of a company’s value by quantifying intangible assets; brand equity, human capital, intellectual property and network effects. (irrelevant investor) see also Why is Silicon Valley still waiting for the next big thing? The tech industry has been made richer by the big ideas that came out more than a decade ago. New things like quantum computing and self-driving cars may take a while. (New York Times)

• Reddit’s WallStreetBets is GameStop’s king, but longtime users say the excitement is gone The group used to be a powerhouse for rookie traders, but now senior members say there are only tired thoughts left. (Wall Street Journal)

• To keep inflation in check, the Fed needs to get inside your head: The theory that expectations are a key driver of price increases will be tested in 2022 (Work Week) see also Powell’s legacy at stake as Fed pivots to curb inflation Seeking soft-earth economy to define Fed chair’s second term; critics urge open door for more rate hikes: every meeting is live (Bloomberg)

• Why is the Ukrainian economy such a failure? An obvious culprit is the war itself, which since 2014 has cooled foreign investment and forced the government to redirect resources to the military. In my overview of post-Soviet countries, I concluded that the first rule of economic development is not to anger Vladimir Putin. But looking at the chart above, it’s clear that this can’t be the whole story, as Ukraine’s problems started way back in 2014. (Noapignon)

• Americans are feeling exhausted – personally and politically Survey after survey shows Republican voters don’t understand — or just don’t like — Democrats, and vice versa. But there seem to be more voters like me now: fed up with the current state of division, but pessimistic that the ongoing political hatred will soon subside. (five thirty-eight) see also How do we tackle our pandemic fatigue? There needs to be a way to talk about what we’ve lost, both by acknowledging the real risk of an unmanaged virus and an injustice that hasn’t been brought back in two years. (new statesman)

• Google AI Research: Topics for 2021 and Beyond Over the past few decades, we have witnessed many changes in the fields of machine learning (ML) and computer science. Early approaches often failed, resulting in very successful modern approaches. Following this long arc of progress, expect many exciting advancements in the coming years that will ultimately benefit the lives of billions more than ever before. (Google AI Blog)

• There are 40 quintillion black holes in the observable universe. More or less. Astronomers calculated the evolution of black holes during the universe’s existence. (Saifeisi) see also First, the ‘atomic fountain’ measures the curvature of spacetime Atomic interferometry uses time-dilation effects to reveal subtle changes in gravitational strength (scientific american)

• Four classics, all with off-the-grid endings, offering the best NFL playoff weekend ever In 25 hours of the greatest playoff weekend in pro football’s 102-year history, the headlines keep going beyond the last 🙁NBC Sports)

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.

Retail traders bail on market ahead of rally

source: Bloomberg

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