my morning train WFH wrote:

• Russian central bank chief wants to quit Ukraine, but Putin says no The Russian president has said he rejects Nabiulina’s resignation as the respected central banker faces legacy risks as sanctions hit. (Bloomberg) see also A Brief History of Economic Warfare The methods and mediums by which countries use this economic weapon have changed over time, but the goal of economic sanctions today is the same as it was in past centuries: to harm the enemy by hurting their economies and limiting access to financial lifelines. (Investor Amnesia)

• Here’s where active managers excel According to Investment Metrics, active fund managers outperformed their investments in large-cap stocks outside the U.S. (corporate investor)

• Fertilizer prices soar as Ukrainian war cuts supplies, alarming farmers Fertilizer prices were already high before the war. They are now at record levels amid a sharp drop in Russian supplies. As a result, fertilizers now cost three to four times what they were in 2020, with profound effects on farmer incomes, agricultural yields and food prices. (Wall Street Journal)

• Interest rates are getting weirder Yields are still dwarfed by inflation, but interest rates are now well above where they were a few months ago. From a size perspective, the biggest changes occurred at 2-year and 5-year maturities. Interestingly, the yield on the 5-year Treasury note is exactly the same as the 10-year bond. The 2-year yield is not far behind. (wealth of common sense)

• How Warren Buffett got the last laugh in ‘whitewashing…the old man’ “He’s getting old, he’s being washed out,” Barstool Sports founder David Portnoy said of Buffett. “He’s an old man, his time has passed. I’m better than him. It’s not a debate. I killed him. He died. He died,” Portnoy said. “I’m just printing money. Why profit when every airline is up 20% a day? Losers take profits. Winners push the chips in the middle. I should go up a billion dollars.” (Market Watch)

• Creators of Bored Ape Yacht Club Raise $450M to Build an NFT Metaverse The funding values ??Yuga Labs at $4 billion. (edge)

• Why advocacy works (“The illusory truth effect”): Free speech does not include the right to expand speech. (wide range)

• Trying to solve a new coronavirus mystery: Africa’s low death rate The coronavirus is expected to devastate the continent, but higher-income and better-prepared countries appear to be faring far worse. (New York Times)

• Democracy comes to Michigan: Voters in Michigan will finally choose their politicians this year — not the other way around, after a citizen-led campaign to map a fairer vote. (reason to be happy)

• Colin Kaepernick still wants to play. Does he really have a chance? The aggressive quarterback has been working out as part of a renewed push to sign after five years out of football. (Wall Street Journal)

Be sure to check out our Master of Business interview This weekend, Samara Cohen, chief investment officer of ETF and index investing at BlackRock. BlackRock manages more than $10 trillion in assets, of which $3.27 trillion is handled by Cohen’s index/ETF group.

Putin miscalculated potential impact of Russia’s invasion of Ukraine

resource: Melman Castagneti Rosen and Thomas

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